This memo’s purpose is to discuss the findings on the research of Iceland’s general business etiquette, and understanding how it relates and differs to our own. Our goal for this research is to better understand the country’s business practices for effective, future collaboration. Understanding Iceland’s culture will set our company up for strong communication, and will promote a positive and welcoming experience.
Summary
To summarize, the country of Iceland is similar to the United States in many practices. Our two countries share extremely close scores in uncertainty avoidance, long term orientation, and indulgence. Individualism, power distance, and masculinity are the main categories of differentiation. Properly understanding these
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Icelandic managers are consulted as frequently as the individual employees, whereas American managers are sometimes posed as “untouchable”. Understanding this difference in power distance between the two countries will help to not exclude anyone during consultation. Those who may just be given a general update in American may be included an active project team member in Iceland. Since this is a collaboration between our two countries, it is detrimental that everyone is properly notified to begin with, so this should not be an issue.
Similar to the United States, Iceland has a generally high sense of individualism, but not as high as our country. While we both hold value in looking out for ourselves and our families, Americans are much more focused on the idea of equal rights. Individualism relates back to power distance through the ideals of look out for a personal “team”. One of the biggest similarities between our countries in the category of Individualism is that general business decisions are made based on employee merit and work-related evidence. For example, Americans are usually chosen for jobs because they possess the best qualities or most experience. The same goes for the Icelandic culture. Ultimately, the United States and Iceland both share a high score, yet we must remember to not be too eager in our practices of interdependence.
Finally, the most significant difference between Iceland and the United
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People feed off of other people. The Ohio State Business Honors Learning Community is a fantastic opportunity to surround myself with other excelling business majors. First of all, I will be able to provide a broad set of interests from theatre, to music, to sports, and to discussion. My diverse background will allow me to reach out to many members of the community both on the business level and the personal level. Along with my broad set of interests, I can bring an up and coming major, (Information Systems,) into the community. With Big Data on the rise, Information Systems has become one of the fastest growing majors in the world. Students with these majors are often the connecting points between management level and IT level. Understanding
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Therefore, Market West accepted the corporation stock as partial debt. Hooper and Yoder agreed to add Brian Bradley who worked for Market West as the third director. Hooper colluded with Bradley and violated a fiduciary duty to Yoder by issuing 95 shares of stock to himself, 5 shares to Bradley, and none to Yoder. Furthermore, Hooper got paid $141,000 salary from the business without Yoder knowing. More importantly, Hooper and Bradly voted to force Yoder to leave the corporation. After Yoder found out that Hooper broke their agreement, violated Yoder’s rights and duties, acted dishonestly, and made unethical decisions, Yoder sued Hooper and Beautiful Daydreams in the District Court. Under the common law, with these facts, the court supported Yoder and ordered Hooper to give back one-half of the salary plus one-half of the shares of stock to Yoder.
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In Iceland, key business values include honesty, accountability, independence, and friendship. Being a highly nationalistic country, showing sincere interest in Iceland is highly appreciated. Keeping one’s word generally carries the same weight as a contract in this country. Iceland is rated in the top ten of the least corrupt countries in the world, meaning that transparency is something they hold in high regard. As a result, bribery and corruption are generally taken very seriously. In Icelandic culture, there is always a place for socialization, meaning it is appropriate to invite a business partner out for dinner or a drink following a business discussion or meeting.