Table of Contents
2.0 Recognition of International Entrepreneurial Opportunities.
3.0 Definition of Entrepreneurial Opportunity.
4.0 Drivers of International Entrepreneurship Opportunities.
4.1 Adequate Knowledge of Entrepreneurship.
4.2 International Network Structure.
4.3 Entrepreneurial Orientation.
4.4 Competitive Edge.
4.5 Technological Factors.
5.0 Theories of Internationalization.
6.0 Processes to International Market Entry.
6.0 Conclusion. 1
An entrepreneur is a person who starts a new business and undertakes all functions for making the business successful. Entrepreneurship is the process of doing something new for attaining a specific goal. The success of an entrepreneur depends on the better identification of the opportunities in the market (Chandra, 2017). In this paper, the international entrepreneurial opportunities will be identified. In the first section, this paper identifies the recognition of international opportunity and defining entrepreneurial opportunity. In the middle of the report includes the drivers of international entrepreneurship opportunities, international network structure that includes some sub-headings like adequate and prior knowledge, entrepreneurial orientation, competitive edge, technological factor and diversification. This assignment also describes the theories of internationalization and the processes to international market entry. Autio (2017) mentioned that the knowledge of theories of internationalization and the processes to international market entry helps an entrepreneur to find out the opportunities of the international market.
2.0 Recognition of International Entrepreneurial Opportunities
Roberts (2016) mentioned that an entrepreneur can be regarded as the arbitrager or trader of legal something. Casson (2017) suggested that the entrepreneurs are the manufacturers as well as distributors of goods and services from one place to another. The recognition of entrepreneurs can be understood by the theories of entrepreneurship. The theories of entrepreneurship are developed by three persons (Kirzner, Schumpeter and Knight). They mentioned that entrepreneurship is a process of discovery, innovation, uncertainty bearing.
According to Kirzner (2012), entrepreneurship is the process of identifying the facility and path of new business or marketing methods. Kirzner (2012) also mentioned that entrepreneurs are those people who always find the source of profits by doing an economic activity like a business. The activities of searching profit by the entrepreneurs help to balance between demand and supply as well as price in the market. Kirzner (2012) viewed that the situation of the market can be un-equilibrium due to various reasons such as ineffective market and defective information. On the contrary; Ramoglou and Tsang (2016) mentioned the activities of searching profit by the entrepreneurs help to balance the market imbalance. The searching for profit will be continued up to balance the market imbalance. The theory of Kirzner (2012) also disclosed that entrepreneurs can be improved their business knowledge and marketing knowledge through applying this theory.
The theory of Schumpeter entrepreneurship theory explored that entrepreneurship can be considered as the introduction of new innovation and forces for making change the market situation. The balance of the imbalance market is not the key consideration of this theory. Schumpeter (1934) developed five key innovative ideas for entrepreneurship. Five key innovative ideas include 1) the development of new products (2) the introduction of new process of manufacturing, (3) innovation of new market, (4) the identification of sources of raw material to produce new products and (5) the development of new structure of the organization. Wood and McKinley (2014) mentioned that this theory increases the innovation power of the individuals and mentioned sources to gain profit by the implication of innovative ideas.
The theory of entrepreneurship given by Knight (2013) mentioned that entrepreneurship is the process of bearing uncertainty in the future to earn profit. According to Knight (2013), the risk is the variability of expected return and it can be determined. On the other hand, he mentioned that uncertainty is uncountable and can’t be determined. Nasra and Dacin (2015) mentioned that entrepreneurs get profit for bearing the uncertainty of the business.
3.0 Definition of Entrepreneurial Opportunity
Daidsson (2014) said that entrepreneurship generates when the opportunity is available. Without any opportunity, entrepreneurship cannot introduce. Chandra and Coviello (2015) mentioned that opportunity can be defined as the chance of gaining something financially. The opportunities can be identified by various methods in the market. Stephan and Stride (2015) stated the opportunities indicate the different ways to earn profit or generate new business firms in the market. The opportunities can be viewed in different ways due to innovation by the entrepreneurs. Keegan (2014) suggested radical innovation is one of the important innovations. The process of changing the product or service pattern is considered radical innovation. Kirzner (2012) defined radical innovation indicates the process of introducing new products or services in the existing and new market.
Jennings et al. (2013) mentioned that entrepreneurial opportunities can be categorized under various types. The opportunities can be created through generalization and improvement of existing products or services and offer to the market. Chandra and Wilkinson (2016) mentioned that entrepreneurial opportunities can be created through changing the strategy in pricing and promotional work of the firm. Another opportunity is purchasing different raw materials from abroad at a low price and selling these at a higher price in the domestic market. Also, the opportunity is available to use the raw material for producing goods and services and sell the products and services in the market for earning profits. Davidsson (2014) stated buying lottery tickets or gambling cannot be viewed as opportunities for entrepreneurs. Mainela and Servais (2014) defied the entrepreneurial opportunities in which the existence of risks and profits or loss by trading goods and services in the market.
4.0 Drivers of International Entrepreneurship Opportunities
4.1 Adequate Knowledge of Entrepreneurship
Vanninen and Ciravegna (2017) mentioned that adequate and prior knowledge helps a person to identify the potential opportunities from the market. According to Kim and Aguelera (2015), adequate and prior knowledge about the international market can be regarded as the real tool for searching and finding opportunities in the market. Edman (2016) agreed with the above view and stated that the knowledge of individuals different from each other and therefore the capability to identify the opportunities from the market is also different from each other. Anderson et al. (2015) stated that the identification of risk of the opportunities is another important task of the entrepreneurs. Adequate and prior knowledge helps the entrepreneurs to identify the risk of opportunities. Roberts (2016) mentioned that adequate and prior business knowledge helps the entrepreneurs to understand the market, use new innovative ideas, create channels of communication in international markets, identify the uncertainty and understand the environmental factors of the business (Root, 2014). Therefore adequate and prior business knowledge is very much important for understanding the process of the international market and finding the opportunities of international market………………….