Challenges Of Business In The 21th Century Essay

Challenges of business in the 21th century essay.

Today business has a challenging time. In a single generation, business has had to challenge globalization, try to grow up the same fast as information technologies and social media and, that is to say, this became a really difficult task to manage. This is only two of the plenty challenges that business is fighting for in this century which I am going to review on this essay.

In my opinion, the globalization became a complicated issue for the business. Free trade was supposed to reduce taxes, set lower prices of imports, remove tariffs, improve economic growth. But there are still lots of obstacles for a free trade. Developed countries are more against to free trade because they try to protect their own gross national incomes, industry companies and working class.

On the other hand, globalization has advantages too. Despite the challenges for the companies to be attractive in different regions as well as cultures of the world, globalization, in the industry, helps to reduce costs on the working power, helps to the companies be more accessible and share a product or service in the worldwide market. Globalization is a beautiful idea to make a world more equal, but there are lots of development disadvantages, that have a giant impact for companies and countries.

Another big challenge for the business is enormous growth of information technologies and social media in the world. Innovations, in the technologies, changes revolutionary fast nowadays and it becomes a bother for the companies how to manage this. Many companies have started the business before super technologies have been chosen to use in the business. And now, they are hiring consultants to help manage the new world infrastructure. That said, decisions about the technologies that maintain the business can be tough. It’s a fast changing market – and IT and business managers need to follow the tempo and apply news in a company.