Exam 5 Flashcards
International business requires communication
between people from different countries and
cultures who often speak different languages
true
If you do business abroad, you will need to learn how
to give information and how to get information
t
The American way of “telling it like it is” and
“getting straight to the point” are often the wrong
approaches to doing business abroad
t
You will need an understanding of HOW people
deal with each other, WHY they say the things they
say and WHY they behave the way they do
t
Most executives agree that one of the biggest problems
in doing business internationally is the
language
Most people around the world do not speak English
t
Outside the major cities or in most project or field offices,
employees do not speak English other than in a rudimentary
way
They may be able to read or
write English at a very basic
level but they are thrown off
by accents, by people speaking
too fast or use of idioms
t
What Is an Idiom?
Words or phrases that have a meaning
which isn’t obvious from looking at the
individual words
American idioms often rely on analogies
and metaphors
If you are not familiar with idioms, it’s
almost impossible to understand them
When doing business internationally, you may be required to
communicate ideas, directions or information to employees,
suppliers, customers, the media and government officials who
may not speak English or understand the American style of English
Doing Business Abroad
- Your company has a partnership or joint venture with
a foreign company and you may need to have a conference call with the people in that company who do not speak English or who barely speak English - You may need to give a presentation to employees of
your company who work in another country – they may have only a very rudimentary understanding of English - You may have to attend a business dinner with people who are not familiar with English
In England, to “table” a topic means
to put it on the table for discussion
In America, to “table” a topic means
postponing discussion of the topic
t
How To Give
and Get Good
Information When
Traveling Abroad …
- Know Where Information Flows
- There is no point in
getting straight to the point - Make it easy for people
to understand you - Don’t mistake a courteous
answer for the truth - Silence is a form of speech,
don’t interrupt it - Learn the Nuances of Body Language
Some Tips for International Businesspeople …
- Be aware of where you are – what country am I in?
- Work hard to understand the other culture, language, customs, currency – your hosts will appreciate it – it’s a sign of respect
- Avoid American idioms - people won’t know what you’re talking about
- Be patient with the other side – don’t act like an “American” and try to reach agreement quickly
- Be honest – admit you’re not sure of what the other people are saying
- Enjoy the ride and keep a sense of humor!
In 2022, the average salary
of CEOs at the top 350 firms
in the U.S. was
$28 million
CEOs earn around ……….
what the average worker earns
399 times
The # 1 factor
that determines
what CEOs are
paid is …
performance
CEO Compensation Usually Includes:
Base Salary + Bonus Based on Performance + Stock Options
Walmart CEO Doug McMillon’s 2022 total compensation was
$25 million … including a base salary of $1.3 million, a $3.8
million bonus and …. in stock
$17.5 million
What Does a CEO Do?
- Sets strategy and direction for the company
- Determines how the company spends its money
- Keeps an eye on the market and the competition
- Makes sure the company is developing new products and services
- Hires (and fires) a senior leadership team that manages
day-to-day operations of the business - Responsible for short- and long-term profitability and
growth of the company
CEOs Must Manage Their Time & Make Decisions!
t
CEOs Have Many Stakeholders
Board of Directors, shareholders, customers,
employees, government agencies that regulate the
industry, the media, communities, competitors …
Characteristics of Great Leaders
- They have a vision for what the company is trying to achieve, not just in the next year or two, but 10 years down the road
- They make sure the entire organization is aligned and
rowing in the same direction - They help people understand that success means seeing beyond your own department or business unit and thinking of what the entire organization is trying to achieve
- They play well on teams they don’t lead (In other words, they’re good teammates!!!)
- Great leaders know how to develop other excellent leaders; they know how to groom their own replacement
(“True leaders don’t create followers. They create more leaders.”)
In 1970 – at the age of 20 – he opened a chain of record stores,
Virgin Records
The Virgin brand grew rapidly during the 1980s, and he eventually
expanded the Virgin Records music label and started Virgin Atlantic
Airlines
He now owns more than 400 companies
In 2004, he founded spaceflight corporation Virgin
Galactic, focused on space tourism
Who did this?
Richard Branson
Branson doesn’t believe he has all the best ideas; as a result,
he’s known as a great listener – he wants his employees to
come up with great ideas.
t
My Worst Boss
- “Don’t do anything until you are told to do it” – didn’t encourage initiative
- “You messed up” instead of “What did you learn from your mistake?”
- “Here’s what I think we should do” instead of “What do you think we should do?”
- Couldn’t make decisions – projects got delayed
- Often yelled and screamed – people avoided her
- Rarely said “Nice job!” or “Thank you!”
Al Dunlap Scott
- Named CEO by the Scott Paper company in 1994
- Abused His Power
*Fired 11,000 employees (1/3 of total)
*Fired a lot of people “on the spot” – lots of yelling and screaming – emotional intelligence? - Slashed R&D budget and closed manufacturing plants
- Eliminated all charitable activities
- Moved corporate HQ from Philadelphia to Boca Raton so he could play golf year-round
Al Dunlap increased shareholder value by…
225%
Mr. Stumpf must pay
17.5 million (of his own money) in fines
Steve Jobs once told a reported that…
taking LSD in college was “one of the two or three most important things” he had done in his life
Steve Jobs
introduced the personal computer to the world and
led Apple to become one of the most successful companies in
the history of business