What is globalization?

— Connecting technology to global markets and creating new markets —

Abstract

This paper, the second in a series of articles on global management strategies for SMEs, is titled "What is globalization?" and reports on the significance of globalization for Japanese SMEs, business globalization (creation of new markets), and examples of global business initiatives.

The significance of globalization for Japanese SMEs is that global management is required to create new businesses that can be accepted worldwide in order to maintain competitiveness and sustainable growth.

Global business requires three components: the ability to recognize the current situation, the ability to develop a business concept, and human resources.

The following is a summary of the seven processes that Japanese small and medium-sized enterprises (SMEs) must go through in order to conceptualize and develop new businesses when expanding overseas.