Identifying and Analyzing Opportunities
In simple way, ‘an opportunity’ refers to a favorable set of situations which creates a need for a new product and services in the term of business. One of the main reasons behind the success of business of the entrepreneurs is their ability to identify and recognize an opportunity for earning economic gain. When they identify and recognize the opportunity, they will be a step ahead to meet their desired goal. An opportunity has four essential qualities consisting of attractive, durable, timely and anchored in product or service that create value to the buyers. Similarly, one of the keys to recognize the opportunity is to identify a product or service that will fulfill need of the people and they are willing to buy.
Before getting into any business, an entrepreneur should understand the difference between opportunity and an idea because an idea may or may not meet the requirement of an opportunity. It is essential to understand whether idea fulfills the needs and meets the requirement of an opportunity before initiating the business.
Basically, there are three approaches that entrepreneurs can use to identify the opportunities which consists of:
a) Observing Trends
b) Solving Problems
c) Finding Gaps in the marketplace
Opportunity Recognition and Opportunity Assessment Plan
The process of identifying new scope of business within the framework of changing environment of the society and developing entrepreneurial mindset for establishing and operating new business venture for profit and wealth is known as opportunity recognition. It can also be known as the support system for the successful entrepreneurs as it helps them to stay relevant in their system. In similar way, an opportunity assessment plan is the process of using market research and customer related data to identify opportunities for growth in a specific market area and formulate an actionable strategy for implementation. There are four section in opportunity assessment plan. They are:
i. Description of idea and its competition:
This is the first section of opportunity assessment plan. It involves the description and market need of the product or service which will help to identify the uniqueness of the new products and service having unique features of selling. It also involves analysis of competitive products and companies functioning in the market.
ii. Assessment of market idea:
This is the second section of opportunity assessment plan. It mostly focuses on the market and its customers. It involves study about size, trend, characteristics, and growth rate of market. This section will support for development of marketing plan by focusing new products or service features and entrepreneurial requirement. In similar way, market analysis is done in this section which will help to know the many information of market such as market need, social condition, sales volume trend and other necessary information.
iii. Assessment of entrepreneur and the team:
This is the third section of opportunity assessment plan. This involves detail information about entrepreneur and management. The information is mostly related with personal background, formal education, training, skills, and experience. When the entrepreneurs and the management team pose some expertise skill and training, then they can grab a new business opportunity.
iv. Time Line Indication:
This is the fourth section of opportunity assessment plan. It indicated the time line for grabbing business opportunity. It also involves the steps that are necessary to be taken for conversion of new business idea into reality by launching a business venture. This section mostly focuses on identifying each step of work process and sources of needed money and other resources, and determining the total amount of time and money needed.
Information Sources(For Entrepreneurial Opportunity)
Information of market trend, consumers’ habit, and competitive companies is required for the entrepreneurs to establish new venture and operate with it. They must be able to accumulate this information from various sources to identify appropriate opportunity for business. Some of the common sources of information which can be used by entrepreneurs for identifying and recognizing business opportunities are:
Consumers are one of the major sources of providing market information. Consumers are known as king in the market. They are the sources of revenue in any business. With the change in environment, consumers tastes and preferences also keeps on changing. In such situation, customers suggest the entrepreneurs about changing market trend and provides other information for the improvement of the business.
ii. Market Study:
It is necessary to study about the market in order to recognize the business opportunity. The market information can be obtained through sales officers, dealers, marketing agencies, advertising agencies, and market research. This information will help the entrepreneurs to develop new marketing strategies and fulfill changing demands of the customers.
iii. Distributors and Suppliers:
Distributors and suppliers serve as a effective source of identifying business opportunities for the entrepreneurs. They provide information about the customers and competitors as they deal directly with ultimate consumers. The information obtained from them will help the entrepreneurs to identify business opportunity in the market.
Government can also be considered as a important source of information for recognizing business opportunity. Before starting any venture it is necessary to understand about the rules and regulations of the particular nation. With the knowledge of rules and regulations implemented by the government, entrepreneurs can develop new business idea.
v. Mass media:
Mass media like, newspaper, magazines, social media( Facebook Touch , Twitter, Instagram, etc.), advertisement, etc. provide information about new business trend. This will help the entrepreneurs to generate new business idea. They must be updated with the new market trend through mass media in order to grab the business opportunity by generating new business ideas.
vi. New Knowledge:
With the increment and advancement in the technology there also arises the new opportunities for the business. The new knowledge of technology contributes for the innovation in the business. In similar way, new knowledge can also be applied in every aspect of business such as learning, improving productivity, satisfying customers, etc. Therefore, to be successful in the business one must be updated with the information of new knowledge and imply it in an effective manner.
Concept and Nature of International Entrepreneurship
International Entrepreneurship refers to the process where an entrepreneur conducts business activities across national boundaries. The creative and innovative entrepreneurs enter into friendly nation in order to establish and operate their business activities. The one who operates at international level, uses their unique features and qualities of products and services to draw attention of foreign customers. The activities entrepreneurs perform in international business are, exporting goods, licensing, or operating sales in other countries. Some of the features of international business are as follows:
i. Cross national boundaries:
Most of the innovative and successful entrepreneurs involve in entrepreneurial activities not only in national level but also at international level. They involve in international business through branches, subsidiaries, joint venture, consignment and other means based on effectiveness.
ii. Satisfy needs of customers:
International entrepreneurs aims of satisfying the customers of global market. They do market research and analysis to understand the needs and demands of the customer, and take necessary measures to maintain level of standard of the product. They develop strategies to promote, produce, and price of the product and demand of the local market of various countries.
iii. Ability to embrace change:
Entrepreneurs involve in research and development work to embrace change in the market for the benefit of the organization. They maintain close observation with the changing environment of international business and generate new business idea on changing needs and expectations of global market.
iv. Desire to achieve:
International entrepreneurs use creativity and innovation in their business in order achieve their desired goal. They develop new concept in production process, communication system, business promotion, based on their requirement; in order to meet their targeted goal.
v. Establish Vision:
International Entrepreneurs establish a vision and target to be achieved within specified time frame. They recognize the opportunity from the changing environment and set objectives, manage resources and use it in best way to achieve business objectives.
vi. High tolerance of ambiguity:
In order to enter in the international market, entrepreneurs must have ability to tolerate with uncertainties created by changing environment. They must be more vision oriented and tactful for taking right decision at the right time by considering business objectives.
vii. High level of integrity:
Entrepreneurs should pose the feature of honesty and integrity. International entrepreneurs maintain high level of integrity and honor while dealing with its customers and stakeholders, which has been the basis of international basis.
viii. Consider human value:
The functioning and operation of successful international business depends on the activities of human resources. Entrepreneurs in international market involves in business activities in various countries only through the support of efficient and competent staff. This will help them to understand the value of human resource and their skills to run their business in an effective way.
Significance of International Entrepreneurship
International entrepreneurs must be able to fulfill the requirements of potential customers through their qualitative product and services. The significant of international entrepreneurship is for the entrepreneurs, customers, and society at the large. Some of the importance of international entrepreneurship are as follows:
i. Minimize Manufacturing Cost:
International entrepreneurship helps to minimize the manufacturing cost. In international business, entrepreneurs produce the goods in large scale based on expansion of market. The production activity at mass scale helps to minimize per unit cost because of more use of fixed cost.
ii. Maximize sales and profit:
In international entrepreneurship, entrepreneurs perform business in both national and global market. They use their innovative and creative ideas for the promotion strategy, communication and distribution system and brand image for promotion of business. This helps to maximize their sales volume which results for profit gain. Samsung, Apple, are the examples of international business that has earned more profit in national market.
iii. Utilization of talent:
International entrepreneurship provides an opportunity to utilize the talent by showcasing the efficiency, skills, and knowledge of the people while doing their job. When the entrepreneurs are not able to get required talent in the country, they search and recruit talent employees from the host country. This is the reason why it is found that multinational company provides employment opportunity in host country.
iv. Cheap labor cost:
One of the major reason of entrepreneurs to shift towards international business is to acquire labor activities in the low price. Most of the multinational companies of US, Japan, and western European countries have shifted their production plant in China, India and other host countries for cheap labor cost.
v. Globalized customers:
The aim of entrepreneurs shifting to international market is to attract global customers. They come into contact with foreign customers through opening branches, subsidiaries, joint venture, and others. To get information about the preference of the global customers a market research is done to satisfy the needs of the customer.
vi. Enhance Reputation:
International entrepreneurship helps to enhance reputation of the business. Entrepreneurs compete with many international companies in foreign market through the use of modern management system along with quality of products and services. This help them to maintain their company’s prestige and their professional image.
Domestic Versus International Entrepreneurship
Domestic entrepreneurship refers to the business activities which is performed within the boundary of the country. In similar way, international entrepreneurship refers to performing business activities in the nation along with operating business across the boundary of the nation. There are several factors that affect the decision-making trend of both types of entrepreneurship is quite dissimilar but they are mostly focus with earning profit and wealth. Some of the difference between Domestic entrepreneurship and International entrepreneurship are:
Basis of Difference Domestic Entrepreneurship International Entrepreneurship
- Political: It considers the rules, regulations, policies, and system of own country. It considers the rules, regulations, policies, and system of own country as well as of the host countries.
- Economical: Its entrepreneurial efforts are focused towards its own nation and that’s why, it is easy to control economics. Its entrepreneurial efforts are focused towards own country along with the various host countries and that’s why, it is not easy to control economics.
- Culture: Entrepreneur is able to deal with cultural value of own country as s/he is already aware of it. Entrepreneur should develop the ability to develop the ability to deal with multi-cultural values as s/he is not aware of it.
- Legal: In order to run the business in domestic market, understanding the national legal system is sufficient. In order to run the business in international market, it is necessary to understand national, international, and legal system of host country.
- Technology : A domestic entrepreneur is aware of the technologies available in the country and uses the same to develop products and providing services. An international entrepreneur is not aware of the technologies of host countries so updated technology is required to introduce while developing products and providing services.
The systematic process of converting inputs into output with the application of knowledge is known as technology. Technology focuses on machines and equipment, transmission of information, new techniques and processes, research and development to transform resources into finished goods and services.
In the present time, we can observe that technology is growing rapidly and it has a crucial impact of success and prosperity in the business organization. Technology has contributed for bringing creativity and innovation in the business. To be competitive in the market, entrepreneurs must have knowledge about technological changes in their own area of business and they must make close observation with the changing technological environment for it.
Some of the components of technological environment are as follows:
i. Nature of Technology:
There are basically two types of technology. They are; manual or automatic. Manual technology is labor based and automatic technology is capital based. Low investment is needed in initial phase at manual technology whereas automatic technology requires high initial investment but its operating cost is low.
ii. Pace of Technological change:
The nature of technology is ever changing, which leads to immediate impact in business of the organization. It also creates both opportunity and threats to the business firm. In order to be successful in the business, one must be able to grab the opportunity in the changing technological environment.
iii. Technology Transfer:
It is necessary to transfer the technology from the technologically advanced countries to the developing countries with the increase pace of technological advancement. The way of transferring technology is through joint ventures with multinational companies, project support, training and publication.
iv. Research and Development Budget:
The taste and preference of the customers does not remain same. With the time it keeps on changing. In order to get the knowledge about it a firm should conduct research and development work. This will contribute for the innovation of new knowledge and technology in production and distribution system to cope with changes.
Socio-cultural environment refers to the total number of social forces which includes tradition, values, social norms, attitudes, custom, and demographic composition of the nation. These elements of socio-cultural environment are adaptable, shared, and inter-related to each other. For the business organization, socio-cultural environment helps to determine the products, services and standard of conduct that society is likely to value. In similar way, cultural forces create opportunities and threats to the business operation of the organization. That’s why, managers of business organizations need to monitor in socio-cultural environment.
Some of the common elements of socio-cultural environment are:
- i. Demography: It basically, focuses on the composition of population of the country. It consists of age group, urbanization, migration of people, size and distribution of population and others. This composition of population also affects business activities of the organization.
- ii. Lifestyle: It refers to the pattern and living standard of the people. The living pattern of the consumer changes with the change in their level of income, fashion, education, and other factors. That’s why mangers need to consider changing lifestyle of the people.
- iii. Social Values: It refers to the beliefs and norms of the society. It also affects the attitude towards organization and work itself as different societies has different social values. In present time, people prefer greater participation decision making, equity of opportunity etc.
- iv. Religion: It refers to the belief and trust that people have accepted since long ago. This is also the foundation of perception that a group people has accepted the norms and values of the society. In similar way, it also affects the need and demand of the society.
- v. Attitude: It is the judgmental statement about an object, people or event. An individual’s attitudes toward a product or service impacts the business activities as attitudes may be favorable or unfavorable.
- vi. Social Institutions: It involves basic components of society like family, reference groups and social class. It’s division changes the attitudes and beliefs of the people, which as a result affects the business activities.
Available Distribution System
In regular business activities, there is an availability of various channels for the distribution of goods and services at national and international level. The decision of choosing the distribution channel depends on the several factors such as sales potential, competition level, cost of products, geographical location and density, political risk, etc. Some of the major factors affecting distribution channel selection are as follows:
i. Factors related to products:
Before selecting the channel, it is necessary to have knowledge about the nature of product. In order to select appropriate channel of distribution, channel must be fit with the type and nature of the entrepreneurial products. For example, for delivery of perishable nature of products, it is essential to take necessary measure for quick delivery along with cold storage facilities.
ii. Factors related to company:
It is necessary for the entrepreneurs to make detail study before taking any decision of distribution channel selection. There should be maintenance of fit between internal situations of the company and selection of distribution. Financial position, product lines, desire for control, experience and expertise personnel, etc. are the common factors related to internal situations of the company. For example, a financially sound company can maintain separate and well-equipped departments for distribution of products. It can open and manage own retails outlets and can hire salesman to manage distribution system effectively.
iii. Factors related to suppliers:
Suppliers are the middlemen; which involves agencies, transport companies, or wholesale suppliers. The decision of channel can also be affected by various middlemen related factors such as creditworthiness of suppliers, their attitudes, services rendered, financial capacity, terms and conditions of the suppliers, and others. For example, if suppliers have good reputation and credit worthiness, an entrepreneur can multiply his gain and prefer to involve them in the distribution channel.
iv. Factors related to market:
Market related factors also affect the selection of appropriate channels of distribution. The factors involved market related selection of channels are size of market, geographical concentration, service expected by the market, etc. An entrepreneur must be able meet the compatibility of the recent market trend through its distribution channel setup in order to fulfill its customers expectation.
v. Factors related to competition:
A business person should analyze competition related elements while selecting the distribution channel. The factors related to competition involve intensity of competition, response and reactions of competitors, and company’s competitive position in the market. In the market, when arises the condition of severe competition; it is necessary to develop competitive distribution strategies and practice it while selecting distribution channel.
vi. Factors related to environment:
It is necessary to take the environmental factors into consideration while deciding the distribution channel. The environmental factors involve economic condition of the country, phases of trade life cycle, legal provisions, and availability of facilities and incentives. To gain competitive advantage, a company must be aware of the prevailing economic conditions of the country as well as of the world economy.
Motivation to go Global
The emergence of global economy has encouraged the business person to enhance their business in foreign market as well. The expansion of operation of business activities provides greater opportunities to the business person to grow and diversify their business and economic activities. The motivational factors that encourage entrepreneurs to involve in international business are as follows:
i. Earning Profit:
Enhancing the business in global market can add revenue to the business person. They can achieve greater return on their investment and secure long-term business opportunity. The development of modern distribution and communication systems provide value to the entrepreneurs for entering into global market.
ii. Entry to new markets:
Globalization helps the entrepreneurs to enter in the new market. When local market becomes saturated, it provides pressure to the entrepreneurs to look beyond their region and consider the markets of friendly nations. In the initial phase, they choose the market which offers opportunities for easier entry.
iii. Business diversification:
When entrepreneurs enhance their business in global market, they diversify their line of business. They utilize international markets to introduce new products and services, which will help them to enhance their income level. While operating the business in international market we can also diversify the risk, as when one country gets negative growth other performs well.
iv. Access to talent:
International entrepreneurship help access new talent group. This will help to offer unique advantage to the business person in terms of their productivity, skills, technical knowledge, and more. In today’s time we can see that many multinational companies hire the talented employees of host countries, which contributes for employment opportunities.
v. Competitive advantages:
Expanding the business in global market helps the business person to gain competitive advantages over competitors. Being the part of global market also allow the entrepreneurs to build strong image and awareness with consumers, which can help to gain competitive advantage to them.
vi. Risk Minimization:
Entrepreneurs does not want to bear high level of risk in the business. In order to minimize the risk, they diversify their business in international market based on the scope of business. When there is political instability in their own country, then entrepreneurs can minimize the level of risk by producing and selling their products in other countries.
Strategic Effect of Going Global
In this emerging situation of global economy, entrepreneurs are encouraged to take their companies to global. While expanding the business in international market, entrepreneurs get an opportunity to grow their market and diversify their business. But they should also be compelled to face new environment, issues, complexities, and also business scope and opportunities. Some of the strategic effect of going global to the entrepreneurs are:
i. Facing new environment:
Every business person faces a wide variety of new environment and new way of doing business, while they are going global. They should also face new issues, problems, and complexities as well. For this, they need to develop new strategies and policies to adapt with new working environment.
ii. Fulfill new documents:
In order to operate the business at international market, business person need to fulfill new documents such as commercial invoice, bills of lading, certificate of inspection, and others. In order to complete the necessary documents, it is necessary to take support from agencies, and other experts.
iii. Physical and psychological closeness:
In international market, business activities may get affected by physical and psychological closeness. Market may be physically in distant but it may be psychological closed. This can occur due to variation in culture, language, tradition, custom and belief of the people of different countries.
iv. Geographical closeness:
Entrepreneurs prefer to perform business with the customers of friendly nations which are geographically close to each other. It also helps them to minimize transportation cost, administration barriers, communication expenses, and so on. But in some cases, because of cultural and legal factors foreign market may not necessarily provide a perceived closeness to the foreign market.
v. Cultural variables:
The cultural variables like, language, religion, value, belief, and custom make the foreign market close. Most of the entrepreneurs prefer to work in those countries where there is similarity in the culture as it provides facilities and comfortable environment for them.
vi. Legal Factors:
The legal system of the countries differ from each other. That’s why, entrepreneurs should develop their strategies as per the legal regulations of a particular country. Sometimes legal barriers also create obstruction for the entrepreneurs to perform the business activities in the host country. For example, Indian entrepreneurs have more business with US as compare with Pakistan due to legal barriers.
Foreign Market Selection
An entrepreneur should consider various factor while selecting foreign market for business. The decision of selecting market should be based on past sales trend, competitive position, and an assessment of foreign market alternatives. Before selecting the foreign market, a necessary data should be collected and analyzed using appropriate tools and techniques on the basis of regional and national basis. Some of the steps of selecting foreign market are as follows:
i. Develop Indicators:
It is the initial step of foreign market selection. In the beginning, indicators are developed based on sales experience, competitive research, and consultation with other entrepreneurs doing international business. The indicators for the company should be developed by focusing the general areas like, overall market size indicators, market growth indicators, and product indicators.
ii. Collect reliable data:
After the development of indicators, reliable data is collected for the indicators to make the data comparable. Relevant data should be collected through primary and secondary sources. There may occur many problems based on economic development of country while collecting the data from primary source and secondary source. The problems involve availability, comparability, accuracy, and cost involved for collection of reliable data.
iii. Establish weight:
After converting the data into convertible indicators, another step taken for selecting the foreign market is to establish a weight for the indicator. The objective of establishing a weight of each indicator is to reflect its importance in predicting foreign market potential. In this step, indicator receiving a weight shows its relative importance. But, the indicator selection and weight assignment vary from one company to another company. However, it will be supportive to take better decision in selecting appropriate foreign market.
iv. Analyze the data:
After establishing the weight, collected data should be analyzed using appropriate tools. The ultimate outcome of analyzing data is to find out the result. In order to take better foreign market selection decision entrepreneur should evaluate the result more carefully. In some cases, they can take assistance from the expert and professionals so that error can be reduced.
v. Select Market:
This is the final step of foreign market selection. It involves follow up market to know its changing trends. For that entrepreneurs should develop an appropriate entry strategy and market plan. It is important to maintain formal and productive relation to make effective implementation of entry decision.
Entrepreneurial Entry Strategies
Entrepreneurs can enter into international market through various ways. Their main strategies to enter foreign market depends on the objectives of their willingness and company’s strength and weakness. Some of the common strategies of entering foreign market areas follows:
It is the process of sending goods and services from one country to another. It includes promotion of products, collecting revenue, and making credit arrangement from sales. It can also consider as an appropriate strategy to use when production capacity is underutilized. This is also economical to enter foreign market by increasing its current production capacity than to establish a new venture in a host country.
ii. Licensing and franchising:
Licensing refers to the agreement of granting the right to produce a firm’s product, brand name, trade mark to another company of a foreign land. In similar way, franchising refers to a parent company which grants the right to foreign company to perform a same nature of business under some given condition. These are the important means of entering into a foreign land.
iii. Direct Investment:
It is one of the important means of entry into foreign market. This is the method where a parent company establish a factories in foreign land through the investment of its own capital and other resources. Most of the multinational companies who have a long term interest in foreign market establish fully owned manufacturing plants in host countries.
iv. Joint Venture:
It refers to the collaboration of ownership and management of parent company with entrepreneurs of the host country. It can also be considered as an alternative technique to enter the market of those countries where fully owned company is restricted. Most of the foreign company enter the developing country through joint ventures.
v. Mergers and acquisitions:
Merger refer to the combination of two or more companies of similar nature of business whereas acquisition refers to gaining ownership of capital assets of the host country. It is important strategy to expand the business and enter foreign market. It helps to gain competitive advantage by minimizing the risk and providing access to market and distribution strategy.
vi. Management Contract:
It refers to the process of taking management functions of the companies of host country on contract. In this contract, the firm with the package of skills provide an integrated service the client without taking risk and benefit of ownership. This also results for low risk method of entering the foreign market.
vii. Strategic alliance:
It refers to the contract between business firms of two countries engaging in similar nature of business to meet their common goals. Strategic alliance seeks to enhance the long-term competitive advantage of the firm through the formation of alliance with its competitors.
viii. Assembly operation:
Assembly operation is the process of assembling domestic spare parts into finished product in the international market. It is generally done for two purposes i.e. to sell foreign assembled products to foreign markets and to sell foreign assembled product into domestic market. It contributes for cost efficiency through low labor cost and also helps to achieve competitive advantage.
The process of selecting an appropriate entrepreneur from host country who can provide the information that are required to enter the market is known as entrepreneurial partnering. This will help the entrepreneur to meet its targeted goal through the information of market access, cost sharing and core competency attainment. An entrepreneur from the host country has the complete knowledge of culture, traditions, legal regulations, and other factors. With the partnership, there is also less chance of being exploited in the host country as the partner from that place will be protecting the other country to meet their common goals.
Some of the things that should be taken into consideration while selecting the entrepreneurial partner are as follows:
i. Collect Information
ii. Reference Check
iii. Meet potential partner
iv. Commitment of selection
Barriers to International Trade
International trade refers to the expansion and making availability of all types of products all over the world. It is more complex than domestic trade. It involves many political, cultural and administrative barriers that come into existence. Some of the barriers to international trade are:
i. Tariff and non-tariff barriers:
The host country want to protect their countries by creating barrier to international trade through tariff and non-tariff barriers. Tariff barrier provides direct price protection through custom duties on exports and imports. In similar way, non-tariff barriers provide indirect non-tariff protection on goods imported or exported through, quota, subsidies i.e. use of public funds by the government at lower cost.
ii. Lack of information:
It is difficult new entrants to enter in international market to have detail information of foreign market. S/he has no knowledge of customer’s preference and demands. In this situation, they feel difficult to enter in the foreign market for trade.
iii. Financial problems:
An entrepreneur should arrange huge amount of capital for expanding its trading activities in foreign nation. There occurs the financial risk to trade in foreign market that’s why financial institutions feel reluctant to provide financial support for the operation of trade.
iv. Political barrier:
The condition of political instability in the host and foreign country can be barrier for the international trade. This condition creates some illegal activities in the host country such as kidnapping, discrimination, violent against business and other unsocial activities. In such scenario, it creates difficult for the business to grab opportunity for expansion of business.
v. Technical Barrier:
There can be found some technical barrier in the host countries which ultimately results for barrier to open international trade. This barrier is created for examination and verification of authenticity, quality standard, freshness, and other essential products. In most developed countries there is the provision of checking bacterial content in food items before entering into country.
vi. Human Resource:
A business person requires a talent, honest, efficient, and dedicated human resource in host countries in order to expand their business and successfully operate it. But in the presence of politically affiliated labor unions, workers associations, etc. creates difficulty to establish business in foreign market.
Implications for Global Entrepreneur
Global entrepreneurship is considered as one of the important means of expanding the business with the aim of adding value in the business by utilizing the available resources. The creative and innovative entrepreneurs enhance their business in global market to be successful and take their business activities in the peak. This help the entrepreneur to gain prestige along with the brand value.
In order enter in the global market, first the entrepreneurs should make careful analysis of the opportunity of the particular country where they want to operate their business and after that they should develop an appropriate entry strategy. For the successful expansion of the business at international market, there are some implications that should be taken into consideration.
Some of the implications for global entrepreneur are as follows:
i. Socio-Cultural factors
ii. Political-legal system
iii. Economic factors
iv. Technological factors
v. Distribution system
vi. Long term benefits
vii. Growth and expansion
Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2007). Entrepreneurship. New Delhi: Tata McGraw-Hill Publishing Company Limited.
Poudyal, S. R., & Pradhan, G. M. (2020). Fundamentals of Entrepreneurship. Kathmandu: Advanced Saraswati Prakashan.