Business Development in a Global Market Developing a business opportunity or introducing a new product to the global market is a risky business even in the best of times. Strong and precise business strategies coupled with in-depth market research are the keys to developing a successful global business. This essay will cover the fundamental fundamentals needed to best enter the global market while minimizing risks. Key fundamentals include identification of potential markets, product competition, risks involved, future growth potential, entry strategy, and costs involved in entering the market. When identifying potential markets we must consider the benefits, risks and costs associated with each market. There are several questions that need to be asked. The first is what is the political stability and economic growth rate of the country. This will determine how high the risks are to enter and the future profitability of the market. In less developed nations you will find that the risks are greater, the costs may even be greater as there is likely to be less infrastructure, more retrospective payments to the government for the rights to do business, etc. but the potential growth rate could be higher than in politically stable and well-developed nations. The product will offend or not be accepted by the religious or cultural environment of a nation. Once in, expansion into surrounding nations is accessible with free trade agreements. Is there any legal risk and at what cost? Available resources and product competition must be known. This information is crucial when it comes to making the final decision on entry mode and strategy. From these questions we can take a closer look at the associated risks in more detail… half of the paper… Advantage”.There are different entry modes that need to be considered and the most suitable mode for the market needs to be chosen and to the product for best future growth and profitability. These entry modes are export, turnkey projects, licensing or franchising to host domestic companies, joint ventures and wholly owned subsidiaries. All these methods have positive and negative aspects, the extent of which is determined by the risks related to the previous ones and the costs associated with the commercial activity. Costs Involved As discussed, there are many implications of doing business abroad, but that being said, the global market offers many business opportunities for new entrants. With a strong business plan and research on the above topic “business development in a global market” it would not be an unreasonable expectation to build a successful “global” business.