A Leader's Corner

Business education is not just about theories, but about the practical application of those theories in the global economy.

As a business school student, I had always dreamed of exploring the world and gaining insights into different economies and business ecosystems. So, when I got the opportunity to travel to Sweden as part of my global insight expedition, I was ecstatic. But what I experienced during my 15-day journey through Sweden, Vienna, and Budapest went far beyond my expectations. From witnessing the entrepreneurial spirit of Stockholm to immersing myself in the rich history and culture of Vienna and Budapest, my trip was an eye-opening experience that left me with a newfound appreciation for the diversity of the global business landscape. In this blog, I will share my journey, the insights I gained, and the lessons I learned that will benefit business professionals and students alike.

Vienna, Austria

As I arrived in Vienna, I was struck by the grandeur of the city. The impressive buildings and the breathtaking architecture made me feel as if I had stepped into a fairytale. But there was more to this city than just its beauty. Vienna boasts a thriving entrepreneurial ecosystem, with startups and small businesses scattered throughout the city.

I visited a number of these businesses, and what struck me was the innovative spirit that permeated each one of them. The city’s culture of creativity and experimentation was apparent in the way that these businesses approached their work. I was amazed at the range of industries that were being disrupted by these entrepreneurs, from fintech to healthcare to renewable energy.

As I delved deeper into the city’s economy, I realized that Vienna was a hub of innovation and creativity, attracting some of the brightest minds from around the world. Its strategic location in the heart of Europe and its access to a highly skilled workforce made it an ideal location for businesses looking to expand into new markets. One example of Vienna’s innovation landscape is the Vienna Business Agency, which provides support to startups and helps them grow by offering funding, coaching, and other resources. They also facilitate partnerships between startups and established companies to encourage innovation and collaboration. Additionally, Vienna has a thriving tech scene with many successful startups and established tech companies operating in the city

Vienna’s rich cultural heritage and its dynamic entrepreneurial ecosystem make it a city that embodies the best of both worlds. As the world becomes increasingly interconnected, it is essential for leaders to understand the global economy and the opportunities that it presents. My experience in Vienna was a powerful reminder of this and left me with a renewed appreciation for the role that entrepreneurship and innovation play in shaping our world.

Budapest, Hungary

As much as I loved Vienna, Budapest had its own charm that left me equally mesmerized. While Vienna exuded a sophisticated, aristocratic vibe, Budapest was a lot more laid back and had a youthful energy that I found refreshing. What struck me the most about Budapest was how incredibly inexpensive it was compared to other European cities, yet it offered some of the most amazing experiences. From exploring the historic thermal baths to enjoying a leisurely boat ride along the Danube river, Budapest had it all. I explored the ruin bars and street food scene, which were incredibly unique and affordable. I visited the famous Széchenyi Thermal Bath, which was a wonderful experience and a perfect example of the city’s combination of history and modernity.

But what really caught my attention was the city’s growing startup scene. Despite being a relatively small city, Budapest is home to a thriving tech ecosystem, with an increasing number of startups and accelerators. The local government is also actively supporting the growth of startups through initiatives such as tax incentives, grants, and mentorship programs. Several co-working spaces and incubators like Mosaik and Impact Hub Budapest provide resources for entrepreneurs to build and grow their businesses. It was amazing to see how the city is fostering innovation and entrepreneurship, and I was inspired by the passion and creativity of the local entrepreneurs.

Overall, Budapest’s unique blend of history, culture, and entrepreneurship made it a fascinating destination that left a lasting impression on me.

My Final Stay: Sweden

Sweden has always been known as a pioneer of innovation and sustainability, and my recent expedition to the country reinforced this reputation. The trip allowed me to immerse myself in the Swedish culture, businesses, and society and gain valuable insights into their unique approach to the global marketplace.

One of the most striking aspects of Swedish culture that I encountered was their emphasis on social welfare and environmental protection. It was apparent in their everyday life, business practices, and societal policies. Companies prioritized sustainable development and social responsibility, and it was reflected in their products and services. As a business school student, it was fascinating to see how these values were integrated into the business models of SKF, Volvo Group, and Asket. SKF has developed groundbreaking technology that transformed the bearings industry, while Volvo Group is embracing electric power and sustainability. Asket is prioritizing ethical practices in the fashion industry. These companies have demonstrated that prioritizing social and environmental responsibility can lead to profitability and business success.

The Swedish society’s commitment to gender equality, social welfare, and environmental protection was also evident during my visit. People were friendly, welcoming, and proud of their cultural heritage. I was impressed with their progressive tax system, affordable childcare, and generous parental leave policies that promoted social welfare and gender equality. These policies have helped reduce income inequality, promote gender equality, and improve the overall well-being of Swedish society.

Takeaways

As business leaders, it’s critical to understand the global economy and the cultural nuances that come with it. Traveling and immersing oneself in different cultures is an effective way to gain these insights. The expedition to Austria, Hungary, and Sweden has been an incredible opportunity for me to learn more about the intersection of business, technology, and sustainability in these countries. It’s enabled me to appreciate the unique cultural values that shape their approach to business and society.

For the youth, there are several steps they can take to increase their knowledge about the world. One way is by traveling and exploring different countries and cultures. This will help them develop cultural sensitivity, global perspective, and intercultural communication skills. Additionally, reading about different countries and their history, economics, and politics can also broaden their understanding of the world.

Here are three points on how travelers/business professionals can deeply understand culture and ecosystems even during vacation travel:

1. Immerse yourself in local experiences: One of the best ways to truly understand a culture is by immersing yourself in local experiences. This means going beyond the typical tourist attractions and trying new things. Attend a cultural festival, try local cuisine, and interact with locals. By doing so, you can gain a better understanding of the customs, traditions, and values of the local community.
2. Conduct research before you go: Doing research before you travel can help you understand the history, politics, and current events of the destination you’re visiting. By gaining this knowledge, you can better understand the cultural and economic context of the places you’re visiting and have a more informed perspective on what you’re experiencing.
3. Network with locals and professionals: Meeting with locals and professionals during your travels can provide unique insights into the local business ecosystem. Attend local networking events or seek out professionals in your field of interest. This can help you gain a better understanding of the local business landscape, as well as connect with potential business partners or clients

In conclusion, my experience on the global insight expedition has been invaluable, and it has given me a new perspective on the importance of understanding the global economy. As future business leaders, we have a responsibility to promote sustainability, social responsibility, and ethical business practices. By embracing cultural differences and collaborating with diverse teams, we can build successful business ventures that make a positive impact on society.