Lesson #18: What qualities do you admire of the former schoolteacher? The former schoolteacher possesses many admirable qualities; first and foremost, by taking early retirement from a successful career and deciding to set up a storage shed facility in order to pursue new challenges, the teacher shows how confident she is in making decisions. Secondly, the former schoolteacher is hardworking, creative and focused, for instance, she critically analyses the value of broadcasting equipment in her country and considers exportation of such equipment with her entire sales being exports.
More so, she is very flexible as she can operate just from a storage shed and not a luxurious office. This way, she informs individuals that one can succeed in doing whatever they wish without a comfortable and luxurious office provided they are work hard towards their achievement goal. Lesson #35: What do you think attributed to Norms success? Notably, Norm planned to supply the life support systems upon the construction of the world’s largest aquarium in Taiwan. Additionally, he intended to buy goods from different vendors and then arrange for their export and manage their installation in Taiwan, but his major worry was how to pay the manufactures.
Arguably, Norm’s success was enhanced by his ability to learn and understand about transferable letters of credit. Normally, this document transfers the rights of the beneficiary to a different person who is the producer in most cases. This letter is particularly necessary for those sellers who are act as intermediaries since when they hold this letter they will be able to complete the transaction successfully (Schaeffer, 214). The transaction developed successfully as Norm received a transferable letter of credit and requested the bank to transfer it to other parties involved.
This way, he was able to carry out transaction and pay all the vendors. Lesson #56: What is the single most important ingredient for companies to have success to go global? Arguably, global entrepreneurs are those individuals that who make use of their global knowledge to determine different opportunities worldwide and convert them into new value creating initiatives. The success in entering an international market depends on the company itself. The most important ingredient for companies to have success to go global is complete dedication of senior management.
The company’s senior management needs to offer full support and provide necessary resources to enable the company flourish in the global market. Therefore, the company’s global success demands complete commitment from its senior management. Lesson #58: Review the list of reasons for going global. Which one do you think is more important than the others? Some of the things that motivate a company to go global are first, the product does well domestically; the management is committed; the company has adequate cash flow; and they have excess capacity.
The important factor that motivates many companies to go global is the dedication and commitment of the senior management. The company can easily succeed in the global market if the management is fully committed and cooperate towards achieving that common goal. Lesson #40: What are the key elements to success in a foreign market? Penetrating and becoming successfully in a foreign market is a major challenge to many individuals or organizations. The key elements to success in a foreign market include having knowledge about the product or service and there is also need to have an experience in the market.
Most global traders become successful when they possess the two because with these, they will have the ability to successfully penetrate any foreign market and perform or carry out transactions effectively. Lesson #12: How did an assignment of proceeds aid the exporter to completing this transaction? An assignment of proceeds is a document that enables the bank to pay proceeds directly to other parties as soon as it receives payment on the letter of credit.
Without the approval of the buyer, the exporter may request the bank to issue such document as the best way to deal with delay payments. With the cooperation of other parties involved, an assignment of proceeds enabled the exporter to complete the transaction successfully as all agreed to this kind of payment arrangement. Work Cited Schaeffer, Mary S. International Credit and Collections: A Guide to Extending Credit Worldwide. New York: Wiley, 2001. Print.