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Business Business Profile: Chicago officially became a town in 1837, with a population of 4170. Its growth from then on was rapid and the result of its nodal location on trade routes. The new canals of the 1840s put it on the routes from the Caribbean to New York, via the Mississippi and the Great Lakes. In the 1850s came the railways with Chicago then becoming the central point of the system. This geographically powerful position at the hub of a low-cost, bulk transport network encouraged both steel mills (the first opened in 1851) and the huge trade in cattle and meat, leading to rapid industrialisation and commercial growth. The town centre's elevated railway, the Loop, opened in 1897 and still demarcates the central business district today. The Chicago Board of Trade, founded in 1848 for the trade of futures, commodities and options, is the oldest such centre in the world and still looked to nationally and internationally for direction. Today, business and commerce are as robust as ever, even though heavy industry has declined dramatically since the 1970s, but Chicago has always been quick to keep pace with such changes. The Journal of Business Strategy surveyed 53 cities worldwide ranking them on a composite index, including such factors as the number of international air destinations, cost of living, diversity of workers' skills, population, gross domestic product and the number of Fortune 500 companies with global headquarters. Chicago ranked second in the USA and ninth in the world, even despite having a relatively high unemployment rate of 5.4% (compared to the 4.2% national average). In Chicago, 36 companies are in the Fortune 500 listing, of which seven are in the top 100: Sears Roebuck, Motorola, Allstate, Bank One Corp, Sara Lee, UAL and Walgreen. The four sectors accounting for around half of Chicago's working population are manufacturing (14%), the retail trade (13%), finance, including insurance and real estate (12%), and business services (11%). The top three exporters (home and abroad) are Motorola (technology), Archer Daniels Midland (computer microprocessors) and Caterpillar (industrial and farm equipment manufacture). The highest foreign exports go to Canada (24%), Japan (7%) and Mexico (7%); the highest domestic exports being to California (25%), Texas (14%) and New York State (12%). Regardless of the changes in its commercial activities, Chicago's founding infrastructure is consistent. It remains a transport and communications hub with United Airlines based at the O'Hare Airport and Amtrak treating Chicago as the centre of its railway operations. Business Etiquette: Americans can be less formal than Europeans, both in dress and manners, but normal business courtesies should still be observed. The degree of formality often reflects the nature of the business - banking and legal professions will be more formal than computer, 'silicon valley' and media companies. Americans will quickly use first-name terms, although both men and women may still be wearing suits. Short-sleeved shirts are acceptable in summer. As a visitor, there is nothing wrong in being as formal as, say, in Europe, and then relaxing once the attitudes of the host have been established. Business cards are commonly exchanged at meetings and e-mail is a favourite means of communication. Punctuality for business meetings is expected - and time should always be allowed for traffic delays. Business hours are from 0800/0830 to 1700. Working late is, however, common, nor is it unusual for people to be working well into the night or over the weekend. Working lunches are more common than working breakfasts and may be anything from a copious sandwich and coffee to a more serious, although not prolonged, restaurant meal. Socially, Americans are individualistic, but meeting for drinks or dinner after work on a Friday is a popular end to the working week. As a guest, not over-indulging in alcohol is always a good idea. Evening dinner invitations can equally be to the home or to a restaurant. Visitors should bring a bottle of wine to the home or offer to share part of the restaurant bill. |