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The Internationalization of Small and Medium-Sized Firms Essay Example

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The Internationalization of Small and Medium-Sized Firms

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The Internationalization of Small and Medium-Sized Firms. Entrepreneurs have a propensity to take risks and the need for achievement serves as the driving force (Koh, 1996). Hence an entrepreneur is one who is quick to identify an opportunity, take risks, one who is prepared for challenges and adversities and can achieve profits by utilizing the available resources. However, international entrepreneurship is “a combination of innovative, pro-active and risk-seeking behaviour that crosses national borders and is intended to create value in organizations” and such activity focuses on the relation between businesses and the international environments in which they operate (McDougall & Oviatt, 2000). According to Shane and Venkataraman, the study of entrepreneurship is the “examination of how, by whom, and with what effects opportunities to create future goods and services are discovered, evaluated, and exploited” (cited by McDougall & Oviatt, 2003).

Entrepreneurs that have responded quickly to international opportunities have been referred to as Born Globals or instant entrepreneurs (Andersson & Wictor, 2003). Born Globals are associated with small size, entrepreneurship and few employees, limited resources and experience in international business, and small domestic markets and global niche products intended for global markets (Gabrielsson, 2005). Born Globals base their mission and vision on global markets right from inception and they plan to become global market leaders. They use different global marketing strategies and they grow exceptionally fast. Globalization and its most recognizable enabler – the ICT – have changed how the youth live and function (Rumiany, 2007). ICT is not merely a tool but a medium through which social, political and economic transformation occurs. Transformations have become global which implies that changes in one community impacts other communities as well. ICT has definitely been an enabler of change. A new media culture has permeated the society of which the youth are the main producers and consumers and the ICT the enabler. Therefore, the interaction between ICT and the youth brings about concomitant changes in the society impacted by this new media culture. Youth have become agents of change because they learn faster than the adults and they are more adaptive to change. Youth are the first-adopters of ICT and it has created a radical change in information flow.Andersson and Wictor contend that globalization trends may. The Internationalization of Small and Medium-Sized Firms.

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