The world is becoming smaller, with rapid globalisation, and the opening of international borders. The markets here have become competitive with several multinational corporations (MNC)’s setting up their operations worldwide. The favourable economic conditions in India also fostered the growth of several Indian MNC’s. Businesses have embraced this reality and have grown beyond regional and national interests. Globalisation is well and truly the template for business going forward.

Rapid growth has also resulted in a vast depletion of resources. The effect of global warming and climate changes, as witnessed, in the frequent occurrence of floods, should be considered as a wakeup call for businesses to become sustainable.  Managing enterprises in a V.U.C.A world, calls for diverse skill sets. Adding to this conundrum, Covid-19 pandemic, made enterprises critically evaluate their business operations.  

There is a greater need for integrated value chains and innovative business models. Business programs must be finetuned, to groom leaders who have a strong value system. An MBA program that focuses on international business, is a need of the hour. The cross-functional knowledge needed, and the cross-cultural orientation required can be imparted in such a program. A program on international business studies should focus on leadership and value creation. The courses must be designed, to help students, in understanding the need for and value of contribution beyond personal goals and achievements. 

Business schools play a key role in shaping the future leader’s and equipping them with the right skill sets. Business schools can be powerful proponents of corporate sustainability. The Principles for Responsible Management Education (PRME) is a United Nations-supported initiative founded in 2007. This platform helps in raising awareness about the need for sustainability education in schools. This initiative focuses on creating future leaders who can balance economic and sustainability goals. It will bring the much-needed focus back on environmental concerns. 

MBA as a course is offered with several specialisations. International business (IB), for a long time, remained just as an elective being offered. But today many B-schools offer it as a specialization. The schools use accreditation as a platform to network with other leading schools which helps them to offer more diverse subjects, under International Business specialisation. International accreditation also facilitates credit transfers between schools. All these often also lead to growth in research projects.

Cross cultural knowledge and orientation that is gained in this specialisation makes students truly ready to take up global assignments. It’s heartening to note that most leading schools also offer language training. The most preferred choices seem to be Mandarin, French, German, and Japanese languages. A student taking up IB specialisation should be open to learning a foreign language. Business acumen gained in courses, along with an expertise in foreign language will truly make them ready for opportunities across the world.

Link- https://timesofindia.indiatimes.com/blogs/voices/internationalising-business-studies/