Table of Contents
2.0 International opportunity recognition.
3.0 Defining an entrepreneurial opportunity.
4.0 Drivers of international entrepreneurship opportunities.
4.1 Prior Knowledge.
4.2 International network structure.
4.3 Entrepreneurial orientation.
4.4 Competitive edge.
4.5 Technological factor
5.0 Theories of internationalization.
6.0 Processes/approaches to international market entry.
The entrepreneurship businesses have a story of beginning and successful outcome. Coviello and McAuley (2013) suggested that to explain them, the theories of strong and stable internationalization are needed to be conciliated with them. However, According to Styles and Seymour (2016), these explanations exhibit some issues. Therefore, researchers suggested some other kind of description. Shane (2014) stated that among these new kinds of descriptions given by the researchers’ one of the significant matters is strong opportunity acknowledgment in the international business world.
Arenius and de Clercq (2015) revealed that most of the research works of entrepreneurship for opportunity detection has been in domestic conditions. Following the statement given by Lumpkin and Lichtenstein (2015), the subsisting theories of internationalization tactically anticipate that the internationalization process introduced by the opportunity identification process……….
2.0 International opportunity recognition
Cantillon (2017) revealed that earlier literature of economics determined entrepreneurs as arbitrage dealers or in other words traders. On the other hand, Ucbasaran, et. al. (2014) disclosed that with time the literature got advanced and entrepreneurs got various descriptions like arrangers of manufacture and distributions, etc. However, there are three opposing intellectuals Kirzner, Schumpeter, and Knight who gave the most effective and significant theories of entrepreneurship. According to their theories, entrepreneurship can be viewed as, 1) a process of discovery, 2) a process of innovation, and 3) a process of uncertainty bearing.
Following the views of Kirzner (2012), entrepreneurship can be described as the facilitator and pathfinder of the marketing methods. According to Kirzner (2012), the entrepreneurs identify the chances of profit for their business. Therefore, the market reaches a position of balance from an imbalanced state. Hayek (2016) disclosed that, in Kirzner’s view, the market is always in an imbalanced position because of less and defective information. On the other hand, Shane and Venkataraman (2014) suggested that, when the entrepreneurs discover the chances of profits, the others get alerted.
Then they start to mimic the opportunities until the competition decreases and profit levels get reduced. However, Kirzner’s (2012) theory’s main contribution is to know about the ‘alertness’ in entrepreneurial exploration. In addition, knowing the purpose of learning and improving the marketing process is another contribution of the Kirzner (2012) theory…………….
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3.0 Defining entrepreneurial opportunity
Gartner (2017) suggested that entrepreneurship does not possess any definition which is settled by common consent. On the other hand, Ucbasaran et al. (2014) stated that entrepreneurship has got a common theme that has been appeared around the context of entrepreneurial opportunity. Here, Eckhardt and Shane (2013) defined the opportunity as the cardinal component in the process. On the contrary, Shane and Venkataraman (2014) disclosed that entrepreneurs identify the opportunities in the market in different ways.
However, Gartner (2017) reported that those of identifying the opportunities are not understood well yet. Opportunities can be described as various paths to get profits or to innovate or to develop the situation of a business company or a person. In addition, these paths can be found in a summarized way through Schumpeter’s theory. The importance of the opportunities in the market can differ based on the involvement of the likely innovation.
On the other hand, Roy et al. (2014) suggested that, among many innovations, one of them is radical innovation. Radical innovation can be described as the innovation which needs elementary changes in the product or service format. In addition Kirzner (2012) stated that radical innovation involves new purposes and relationships to establish the product or service in the market. Gartner (2017) added that there are other kinds of opportunities……….