International business is becoming increasingly important to more and more entrepreneurs and to their country’s economy. International entrepreneurship- the conducting of business activities by an entrepreneur across national boundaries-is occurring much earlier in the growth of new ventures as opportunities open up in the hypercompetitive global arena. Several factors (economics, stage of economic development, the balance of payments, types of environment: cultural, political, legal and technological) make decisions in international entrepreneurship more complex than domestic. Once an entrepreneur decides to be involved in international business, he needs to consider several alternatives in play, that provide varying degrees of risk, control, and ownership.
An entrepreneur is an agent of change. They are individuals who recognize opportunities where others see chaos or confusion. Entrepreneurship is the process of discovering new ways of combining resources and making the most of them give life, to new ideas.
In the modern borderless business world, an entrepreneur has to think globally and act locally by responding to similarities and differences in different parts of the globe, considering their potential to access various untapped markets.
Simply stated, international entrepreneurship is the process of an entrepreneur conducting business activities beyond national boundaries. It may consist of exporting, licensing, opening a sales office in another country, subsidiaries, manufacturing or joint ventures and development of the business. The activities necessary for ascertaining and satisfying the needs and wants of target consumers often take place in more than one country. When an entrepreneur executes his or her business in more than one country, international entrepreneurship is occurring.
– An entrepreneur going global has many advantages:
– Large markets beyond home country borders.
– Improvements in technologies, quality, and operations.
– Extending the life of the product cycle.
– Challenges in doing business in a competitive environment.
– Earning foreign exchange for the organization and home country.
– Reputation enhancement.
– Greater motivation in new opportunities.
Trade has been conducted on an international scale for many years and has now been gaining more momentum and visibility due to growing globalization. The concept of international entrepreneurship is important today for faster development of business and it is shaped by dynamic interplay and several driving and restraining forces. Knowing one’s idea and putting it into play defines an entrepreneur, but pushing beyond domestic boundaries and taking up risks to make the consumer’s life easier is what’s being an international entrepreneur. Entrepreneurship in itself is a risk but if you don’t have big dreams and goals, you will end up working for someone that does.
In the end, as Jessica Herrin, founder and CEO of Stella & Dot said, “You have to see failure as the beginning and the middle, but never entertain it as an end”. All our dreams and ideas can come to life only if we have the courage and discipline to pursue them
By Bakul.R.Jachak, SY- BBA(IB), Faculty of Management (UG), MIT-WPU