International Entrepreneur, as the words are clear integral of innovation, risk taking and proactive behaviour which are beyond the country boundaries and having creatives in developing the values in the organization. Due to this, research related to entrepreneurship has increased. Various theoretical approaches and theories can be explained which are related to umbrella terms describing more about international entrepreneurship. It became popular research in late 1980s and had got expanded in 1990s. There are many disputes related to such building international entrepreneur (Sarasvathyand et.al., 2014). Building relation between entrepreneur and international business has influenced many economics and management sectors along with non-business sectors like sociology, political science, geography, psychology and economic development.
The report describes about the issues and related factors of IE. Along with it benefits, opportunities, risks and disadvantages are being discussed. The report discusses mostly about the international entrepreneurship, where talking international is related to the outside boundaries of the country. Mostly discussion and elaborations about the fundamentals about the international entrepreneurship it origin, emergence in market and on which principles it is based.
1.1 Concepts and approach of International Entrepreneurship
Past and historical ideas related to Internationalisation can be derived from the economics context and theories based on the management. It can be described through various systematic and schematic models (Zahra, Newey and Li, 2014). There are various new theories, ideas, concepts and approaches to develop business over internationally. Sorensen and Wach have described various models and proposed many researches about International Entrepreneurship. According to Wach, which describes the 6 main research approaches and subjective development from models of stages and its approaches.
The international entrepreneurship started in mid 1970s and development stages were prosposed by Johanson and Vahlne as Uppsala model. Uppsala model have discussed about the different temporal and various patterns(spaitial) of internationalism. The theroy describes that for person to start new business in outer country must follow this steps. They should firstly try to establish the business in their own country then they should expand their business in their own country. After successful establishment of their home marketing they should start exporting and start developing the new firm in the targeted country. Some points must be remembered before establishment of new firm such as cultural factor, geographical and political factors of the distint market. Such researches are very necessary abd important to expand the busimess in outer country (Terjesen, Hessels and Li, 2016).
Figure 1: Approach to Organization level of international Entrepreneurship given be Watch
The RBV has undergone various changes during course of globalization in mid 1970s. Energy crises, innovative technological development, shorter product life cycles, saturation in market due to different industries and change in business environment has greatly affected the global network and business expansion. Earlier strategic views were not established, theories and were based on RBV. But due to advancement and more interaction of various firms with market based view there was need to develop and implement the strategic management. The managerial and entrepreneurial skills, new and high capability and competence are the key points of strategic management.
Now for establishment of new firm requires new and unique resources such as competence, attitudes, knowledge, capacities, capabilities, reputation and relationship. Also there is need of the resources so that international business can be expanded (Coviello, Jones and McDougall-Covin, 2015). Basically it is related to role of suppliers, business contacts and customers. Stronger the network more will be the expansion of the business and will open new opportunities. Network analysis and marketing mix can also help to expand the business. But for being the entrepreneur there is need of building strategies and planning to start new business. Through evolution of the existing network and approaching business aspects as well as opportunities has been the basic ideas of entrepreneur. Entry of the new business in the foreign countries creates new opportunities to local and increase foreign network along with market. The new business ideas or concepts whose products has been not launched creates desire in customer. For being successful entrepreneur, market strategies and management abilities are required. For market development resources, marketing skills and regarding information are needed.
Business strategies and market approach is required for doing new business in international market by an entrepreneur. Other theories are related to the establishment of the international business through entrepreneur are organizational structure and management behaviour, transnational structure, competitive advantages and fundamental agreements. Small and medium enterprises expand their business in outer boundaries without strategic planning. For this they choose the neighbouring countries to expand their business. Basically the expansion of small and medium enterprises has been great successful in the other countries. They have really expanded their business internationally without plan or related internationalism strategies (Schwens and et.al., 2017).
1.2 Specific Features about International Entrepreneurship
International Entrepreneurship really focuses on the role of the entrepreneur and his application in the business world mostly the medium and small enterprises. Mainly they invest on the human and planning factor for the expansion of their business globally. SME have to face different problems related to business expansion. The market demand and essential risk in adaptation of market strategies have affected the business sources of SME over internationally. Limited capabilities, lack of financial support and requirement of human resources are the main sources which SME getsduring in his international business. Developing new ideas and innovation can greatly help the SME in investing the project internationally. SME have to develop different tactics and researches at executive level in internationalization in order to achieve the market size, cost advantages like profit margin, customer feedback and able to learn different market skills.
SME are the enterprise which have employees less than 250, where manager and entrepreneur have the maximum powers to make decision related to the firms. Their general task is about the look at the market and different prospect where business can be expended. Prepare respective data sheets so that the data sheets can be utilized for the future expansion and executing the plan so that the internationalization process continues. SME have to look after their business in both ways that is internationally and to their own country (Mainela, Puhakka, andServais, , 2014). They have to make related such strategies as the marketing condition will be different in different countries. This causes extra tension to the SME as the main cause of it are extra load management, overload of time management and business development of the firm. Other disadvantages of SME are language skills, communication problems, cultural understanding, strategic awareness and business approach internationally.
This creates burden and increases the work load which requires intensive and concentrated focusing on the business expansion. International entrepreneurship makes vital contribution in the economic growth and development. Moreover, entrepreneurial activities enhance employment opportunity with the community to the significant level. In this way, entrepreneurship reduces the level of poverty to the significant level. Along with this, entrepreneurial activities also enhances living standard of people to the significant level. Hence, by taking into all such as aspects it can be stated that entrepreneurial activities facilities high growth and de