The aim of the report is to find out the entrepreneurial opportunities in the international market. The finding of this paper shows there are huge opportunities for entrepreneurs available in the international market and they are revealed in various formats. The key drivers of international entrepreneurship opportunities are adequate and prior knowledge, entrepreneurial orientation, competitive edge, technological factor, and diversification. Market competitiveness is required for a business firm not only in the domestic market but also in the international market. Digital technology helps international businesses to connect with their target customers.
Diversification strategy also helps to minimize the risk of the business. Various theories of internationalization and the processes to international market entry bring opportunity for a firm to maximize its business global market. Therefore, it is essential to attain the knowledge of theories of internationalization and the processes of entering into the international market for the firms that are looking for opportunities in the global market.
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.
An entrepreneur is a person who starts a new business and undertakes all functions to make 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 opportunities and defining entrepreneurial opportunities. 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 of 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.
Our Recommended Resources:
2.0 Recognition of International Entrepreneurial Opportunities
Roberts (2016) mentioned that the 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 an ineffective market and defective information. On the contrary; Ramoglou and Tsang (2016) mentioned the activities of searching for profit by the entrepreneurs help to balance the market imbalance. The searching for profit will be continued up to the balance of the market imbalance. The theory of Kirzner (2012) also disclosed that entrepreneurs can be improved their business knowledge and marketing knowledge by applying this theory.
According to Wilhelmina and Tendai (2014), the theory of entrepreneurship developed by Knight in 1921 stated that entrepreneurship is the process of bearing uncertainty in the future to earn the profit. This theory also disclosed that 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 a profit or generate new business firms in the market………