Why international business is different | The Institute of Cost and ...

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An international business is a business whose activities are carried out across national borders. This differs from a domestic business because a domestic business is a business whose activities are carried out within the borders of its geographical location.
The first difference involves the dissimilarity in currencies. Countries involved in business may use different currencies; it may force at least one party to switch its currency into another. In other words, one of the parties would have to follow the prevailing market currency exchange rate to make its business transactions viable.

Why international business is different

Next you may face the difference in legal systems of countries; it may compel one or more parties to adjust their practices to comply with local law. Occasionally, the consent of the legal systems may act as a barrier and be irreconcilable, creating complications for international managers.

Difference in cultures is also considered as dissimilarity in domestic and international business. The cultures of the countries may vary according to the use of trading product and it may force each party to adjust its behavior to meet the expectation of the others. For example the difference in the use of pork and wine face different attitudes in western and Muslim cultures.

Last is the difference in availability of resources by country. One country may be rich in natural resources but poor in skilled labour, while another may enjoy a productive, well-trained work force but lack natural resources. Thus, the way products are produce and the types of products that are produced vary among countries. Currently, this is the major difference noticed in the
business between developed and third world countries.

Source: http://icmab.net/why-international-business-is-different/

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