International Relations is a broad discipline and is interdisciplinary in nature. Blending the fields of economics, history, and political science; this field explore topics ranging from human rights and global poverty to issues about the environment – helping one understand the different political systems and governing policies in the world and how to connect them with a wide range of international matters.
The study of International Relations is not just important but essential to bringing peace and order in the world. The advantages of this field of study can be used (primarily) to better the communications and negotiations between countries and most importantly – to prevent wars. However, it is not only in the regulation of powers that International Relations can be of significant use – in fact, many other disciplines can benefit from it, including the business sector.
So, what are the benefits of an International Relations degree to business?
International Relations promotes effective trade policies between nations.
In terms of economic progress, someone who has earned degree(s) in International Relations can be of very big help. With an in-depth knowledge concerning the basics of financial theory, one can understand and assess financial risks, forecasting, capital structures, and many more.
Moreover, on an international basis, International Relations in business is very important when utilized as it will create more avenues of importing natural resources and finished products to other countries and open ways to have access to the larger market. Knowing how the economies around the world operate, the business is safe from unwanted problems – such as bankruptcy.
International Relations helps for a successful marketing.
Marketing strategies are one of the most crucial factors for a business success. Marketing plan in South Korea might not work in Singapore – therefore, knowing the background of different countries in terms of market is necessary to understand, plan, organize, and implement the right techniques to ensure success in a particular target region.
International Relations proves effective in providing businessmen with skills and international business ethics needed to properly introduce a product and target a customer base.
International Relations helps businessmen to understand international currency.
Changes in international currencies (whether small or big) have great economic impacts. When selling or buying products internationally, the exchange rate is a big factor to consider. In addition, foreign exchange rates are one of the indicators of a country’s relative level of economic health. And for someone who manages businesses – particularly the big ones – knowledge and understanding of the risks associated with fluctuating currencies and the policies of international banks – such as the Federal Reserve System and the Asian Bank – is necessary.
One who has obtained a degree in International Relations possesses the much-needed skills to adapt to these economic fluctuations and develop plans and strategies to save and prevent damages in the business – such as job loss.
International Relations can build strong international business relationships.
Having a strong relationship holds true –most importantly when it comes to business.
Building relationships internationally comes with its own challenges – unlike domestic partnership when you can go for a face-to-face meeting, you can’t have this luxury when working internationally. Furthermore, building trust is crucial particularly when trading with a rival country. For example, Japan and China, which present economic relations are still stained with ancient issues (i.e. issues on the World War II, Nanking massacre, and disputes over the Diaoyu islands) – certain strategies are needed to prove that you are trustworthy.
That is why, having the skills in interpersonal communication, strategies when dealing with difficulties (such as making corrective actions to certain issues), adapting to changes, and having the right attitude and business etiquettes in order to gain competitive advantage is a must.
An International Relations graduate will certainly have the right skills to make a business successful. Furthermore, because most of the International Relations students know foreign language, it will be easier for two parties to negotiate.