Part 2: The Grand Challenges of a Global World.
If in the future International Business research receives more attention from business leaders who aspire greater international growth for their company than from other CEOs, both firms and universities will win. Managers will be more aware of the systemic challenges they are about to face in a world of increasing uncertainty. They will also receive more advice on their implementation of expansion and competitive strategies.
Instead of one big and divisive risk, a number of new smaller risks have emerged, which can result in considerable problems for the global stability of markets. The simultaneous occurrence of risks can magnify their impact, and poor management can then further exacerbate their danger.
New risk conditions increase the pressures on strategic planning and management capabilities. To identify opportunities and to react to crises earlier, a deeper knowledge of the local conditions is necessary. Also needed is open, dynamic corporate leadership, which responds sensitively and flexibly to changing or new conditions. It is significant that the most pressing future issues rated by CEOs are international capabilities that are outside of traditional academic subjects and disciplines.
CEOs are looking for help in coping with emerging problem areas, such as trade barriers (tariffs / quotas / standards), cultural shifts, governmental bureaucracy, and corruption and political uncertainty. They require solutions by scientists with a multidisciplinary orientation, who can bridge various fields of business with innovative approaches incorporating policy, law and language, culture and religion, geography, and geology.
This post is part of a series by Michael Czinkota of Georgetown University and Andreas Pinkwart of Handelshochschule Leipzig on international business research and the new role of universities. Find Part 1 here.