It would be impossible to attempt to describe here how American business functions. It is a huge subject, and one that has been covered by many experts. As always, there are a few generalizations that can be made, but they should be treated with caution: what is relevant in the east may be completely different in the west.

Americans have a strongly defined work ethic, and work is generally taken very seriously in the States. They take fewer and shorter holidays than in Europe, and it is common for weekends and family life to be sacrificed if a job needs to be done. Good time-keeping is important. Arriving five minutes late for a meeting calls for an apology; if you are going to be fifteen minutes late you should telephone beforehand with a good excuse. American businesses are often geared for quick results and present success: 'long-term' means looking ahead three years. This is thought to be one of the reasons why some industries are falling behind the Japanese and the Germans, who tend to look longer-term. You will be expected to work hard, with fewer breaks. You will find that smoking is forbidden in the office, and smoke breaks are very uncommon. You may find Americans are more aggressive and articulate in meetings than you are used to. You will also find that they are impressed by well-presented arguments backed up by hard-hitting data.

Confusingly, Americans are as renowned for their casual approach as they are for their punishing work ethic. First names are the norm, and networking on the golf course or squash court is common practice. The appearance of informality can be deceptive: business meetings are held at breakfast, lunch or dinner; business entertaining takes place at a ball game or other sporting event; cocktail and dinner parties at colleagues' houses may well have a serious business purpose.

Another ritual that is gaining ground is dress-down Friday. Some major corporations have decided that if employees are allowed to wear casual clothes on a Friday it increases productivity. This of course comes with its own set of rules: if you are working for Chase Manhattan, dressing down is likely to require as much (or more) thought than putting on a suit and tie. Sports shirts, chinos and loafers is the accepted casual uniform.

Observers of the American business ethic have identified three key ways in which companies work. The first is to have clear lines of management, and detailed instructions. 'Who do I report to?' is often the first question a new employee asks. Secondly, employees expect constant feedback on their work (continual assessment is also the basis of the schools grading system). And thirdly, close supervision is expected. If you are managing American employees don't take it for granted that they will react in the same way as their counterparts from your country: if you have to correct someone for any reason, get the advice of an American colleague first.

Achievement programs in American companies are common, often with prize ceremonies. Financial success is highly valued, and rewarded.

A recent survey of Fortune 500 company executives brought to light what they considered were the main elements to their success. The important thing was that they were all fully aware of the need to pursue their own careers, and the success of the company was seen as a means of achieving individual success, not as a means to an end. They also all embodied the great American values: they were pragmatic, assertive and, up to a point, egalitarian.