Green welcomes book on business blunders

BY BALFORD HENRY
Senior staff reporter
balfordh@jamaicaobserver.com

Tuesday, June 18, 2019

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Minister of state in the Ministry of Industry, Commerce, Agriculture and Fisheries Floyd Green says it is time a way be found to channel the results of research done by Jamaican tertiary students on g overnment policy.

He added it is time for the country to produce an economic ecosystem which can support local firms in dealing with errors that affect their development, instead of failing to make its way into the halls of policy.

“It stays inside the universities when often times they are researching the very problems affecting the society and finding the solutions,“ Green said.

“We have to develop a better framework to ensure that, consistently, those of us who make policy are guided by the research that happens inside the university,” he added.

Green also urged the university to work more closely with the government to ensure that its research forms part of policy formulation.

He was speaking at the recent launch of the book, International Business Blunders: Lessons for Future Managers, written by Densil Williams, professor of international business and pro-vice chancellor for industry/academic partnerships and planning at The University of the West Indies (UWI), Mona.

The launch took place at the Spanish Court Hotel in New Kingston.

The book provides detailed lessons for firms seeking to enter larger international markets.

Dr Williams said he was inspired to write it after noticing a glaring gap in literature addressing the mistakes firms from developing countries make when transitioning to larger markets in more developed countries.

This, he said, motivated him to take a closer look at cases involving firms from the Caribbean.

The book specifically targets managers in enterprises that are seeking to become international, but it is also useful for students of business and management, as well as other academics who are interested in studying issues in the international business arena.

Professor Williams noted that his most important finding was the inherent danger of applying a one-size- fits-all approach to international business transactions, especially when moving into unfamiliar markets.

His research also uncovered just how costly and damaging an incorrectly planned transition can be, especially for small, resource-poor firms from developing economies seeking to compete with firms from large and developed economies that have large amounts of cash and financial wealth.

“It is my wish that this book will be used as a reference/source for managers seeking to enter new markets in developed countries. I hope the lessons presented in the volume will become a useful source for managers to reflect on how they should approach international business activities, in order to avoid common mistakes that can erode shareholder value,” he suggested.


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