In my study abroad year in the U.S. as a Department of State’s scholar, I was extremely lucky to be placed by World Learning in the Washington D.C., the capital of the nation and also the center of economics and politics. It was during that time that i had the opportunity to learn about the Military Business and why it is a Big Business and a Solution to Solve Financial Crisis.
Military Business could Help Present Solutions to Financial Crisis
Although I was a Finance student in Marymount University, I took classes in political science such as the American Government. As the saying goes, most entrepreneurs are generalists.
They are very knowledgeable and basically know about a little bit of everything, even in stuffs not of their own fields. Apart from that, business is inseparable from politics. The current affairs such as political events or government policies affect directly to businesses.
On last February, I was selected to represent my school to attend a Town Hall meeting with NATO (North Atlantic Treaty Organization) Secretary General Anders Fogh Rasmussen at the National Defense University and have an overview of military business.
The event was highly exclusive and only opened to invited guests ranging from the top government officers, representatives from Think Tanks, media and selected student organizations.
As a Malaysian, I was extremely excited to be at the particular setting with so many decision makers in the military scene. Secretary General Anders Fogh Rasmussen began his remarks by paying tribute to NATO troops serving in Afghanistan and offering condolences to the families of those who lost their lives there.
In view of the military business, I brought up the question of the effects of the recent financial crisis to NATO and its preparedness. Secretary General Anders Fogh Rasmussen, who was the former Prime Minister of Denmark, addressed my question by bringing up the policy of “Smart Defense” . It is a comprehensive way to trim down unnecessary spending and pool resources together to beat a tough budget.
In the world of business, the similar concept of “Smart Budget” can be applied too in tough times.
Many enterprises in Fortune 500 had made a comeback in the 2008 sub-prime crisis by tightening spending and focusing in business activities which further generated income and improved the branding awareness such as R&D, product enhancement and lowering production cost.
We can always get inspiration to propel our business to a greater height regardless in good or tough times. A great idea proves to be relevant at different era as well as in multiple fields.
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