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What you can learn from the largest global industries

Many entrepreneurs have good ideas, but a small percentage have the forethought, resources and grit necessary to bring them to fruition. You might seek to understand which global industries and businesses are performing well as you consider what could help you make your business endeavor successful.

Regardless of how many creative ideas you have, it takes much more than a concept to establish a company. And if you get to the point where you believe you are ready for international expansion, you might be wise to both research your potential competition and also learn about the largest companies in the world. Whether you are a sole proprietor or have a well-rounded LLC, understanding what works for others may factor into what you offer.  

Five of the world’s largest industries

You do not need to own one of the largest publicly-held companies to establish a legacy for your family. However, you might agree there may be something to learn from those who have achieved proven success in their field.

Overall, the top industries in the world include:

  • Banking
  • Oil and gas
  • Computer/technology
  • Communication
  • Automobile manufacturing

Insurance, mass retail and entertainment also rate well, but that is not to say a concept in another industry could not do well.

Does another company dictate your potential?

Success in any given market depends on a variety of factors; market saturation, customer demand and brand loyalty are just a few. Your success may boil down to your leadership capabilities. However, knowing about the challenges others faced could potentially help you avoid making the same mistakes they did.

Another company’s success is not necessarily indicative of your potential. However, remaining open to learning from the experience of others can allow you to scale quickly while minimizing your obstacles along the way.

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