Introduction Of International Entrepreneurship
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The primal intention of the study is to focus on the intensification and improvement procedure of the firm from start-up to multinational. In this context, several theories reinforcing the module are stranded in entrepreneurship and internationalisation stressing progress and expansion. As a matter of fact, this following assignment will propose to students’ various advantages in order to expand international entrepreneurship abilities.The process will be accommodating to lengthen various processes and decision making related to worldwideoccasion recognition, planning for rapid international growth and the rapid internationalisation process, commercialisation, business start-up, and, furthering their personal global citizenship journey (Eurofound, 2012).
This study will also illustrate various aspects of renowned international entrepreneurs and significant abilities which facilitatethe entrepreneur to renovate various strategies to expand the company’seconomic and competitive structure. As a matter of fact, also the primal motive of the company is to demonstrate the international entrepreneurship theme in a brief manner.
Case Study on an International Entrepreneur
PART A: Analysing of International Entrepreneurship
Elon musk is the charismatic co-founder of PYPL and Tesla along with the co-founder of Neurolink, SpaceX, etc. as a matter of fact; he is the CEO of Tesla and also works as a foremost designer of SpaceX. It is indeed true that Musk seems to be everywhere and also it has been observed that there is nothing he can’t do (Muegge and Reid, 2019).Theastound success provides him to become competitive in the race of international entrepreneurship and also to create a visionary example amongother businessmen. After experiencing an extremely difficult childhood, Musk learns to increase their visionary and entrepreneurship capabilities, developing a persistent work ethic. In 2021, he has obtained an estimated whole net worth of $151 billion. As a matter of fact, he is surpassed only by Jeff Bezos as the richest person in the world (Khan, 2021). There are a number of streams of adjectives that describe him as a visionary, genius, futurist, innovator, and most importantly successful entrepreneur.
Elon musk was born in 1971 in Pretoria. According to various journals, it has been approved that his mother was a former model and his father was an engineer. From comic books to the encyclopaedia, he read insatiably. As a matter of fact, his intellectual attitude and visionary capabilities facilitate him to achieve various abilities as a child. Although, he has a difficult childhood and has to encounter several problematic situations along with bullying. According to his own interpretation, he was bulliedinadequatelyin his public school. During the time of his early age, it has been observed that he has always been surrounded by technology. At a very young age, he became familiar with programming through the commodore VIC-20 which is considered to be a reasonably priced home computer. He has proved himself worthy by creating an exceptional video game, Blaster, in the style of Space Invaders at such an early age (Muegge and Reid, 2019).
Therefore, he advertises the BASIC code for the game to a magazine which was called “PC and Office Technology.”At the age of 17, Musk moved to Canada and after two years musk joined the university of Pennsylvania. Therefore, he graduated there along with a bachelor's degree of sciencein physics (Khan, 2021). He also achieved another bachelor's degree of arts in economics because of his keen interest. He moved to California at the age of 24 in order to pursue a Ph.D in pertained physics at Stanford University. Therefore, during the emergence of Silicon Valley and the internet exploding, the exceeding visions of becoming an entrepreneur forces him to leave the Ph. D, fulfilling his dream into reality (Archwell and Mason, 2021). Thus, the journey of becoming a successful international entrepreneur has been started and his dream was satisfied.
There are several significant entrepreneurs around the world who have achieved enormous success and obtain huge profitability but in the case of Elon Musk, the feeling is different. Itis indeed true those entrepreneurs such as Bill Gates, Mark Zuckerberg have made an enormous effort to obtain their dream but no one can compete with the regular habits, talent, and work ethics of Elon Musk (Yauney, 2018). Here are some entrepreneurial capabilities of Musk that have been demonstrated within a brief manner.
Musk possesses the ability to concentrate on a topic until it is achieved or overcome. In fact, it is indeed necessary for a leader or entrepreneur for having the ability to focus on the primal subject. For example, during the time of Tesla's infancy where a specific problem required solving, without having a single amount of distraction or by sleeping under his desk and increasing working hours, he has proved himself to be an extraordinary entrepreneur (Yauney, 2018). At that time his major focus was to overcome the difficulties and to maintain a perfect balance until the problems were solved. This exceptional ability to focus on a particular subject without being distracted by anything leads him to become one of the successful international entrepreneurs around the world. According to him, only with enormous concentration, a target will be fulfilled. It will also become accommodating in to maintain full involvement, enjoyment, and energized in focus during the process of work.
Musk can be an appropriate case study for businessmen whose work ethics has already been fuelled by passion. Following your own passion is extremely necessary for everyone, also in the case of entrepreneurs. In fact, his passion for doing work is so intense that it includes late-night shifts, sleeping under his desk, and 80hours working on weeks (Ngo and Igwe, 2019). If you are not passionate enough about the job that you are performing then, you will be failed to achieve an equal amount of outcome, as he did. As a matter of fact, according to the statement of Musk, if a person is extremely passionate about his work, then the person will discover enjoyment during the time of executing the task. In that case, late-night work or increasing rate of working hours will become accommodating in achievingconsiderable goals in the upcoming future rather than being frustrated by working pressures (Archwell and Mason, 2021).
Various ideas of Musk have come from his self-realization or by asking necessary questions to himself. As a matter of fact, asking a small question and implementing it in a bigger way has been proved to be extremely accommodating to become triumphant as an entrepreneur. Basically, by answering thesmall questions and identifying their intensity, the ultimate purpose of this subject will be fulfilled.
PART B: Themes
Now to the question at hand, at what time should an entrepreneur prefer to utilize effective instead of causal to set off their venture. Effective should be utilised in case of the future of the venture is tremendously uncertain. Causal is enhanced suitably when the future is conventional and there is a complete set of objectives. In an alternative market, efficiency is best to utilize as it makes the company/venture ready to become accustomed to the circumstances (Chang and Rieple, 2018). It is also superior used during the time of understanding exactly what possessions and abilities will require, this way when chances illustrate themselves the entrepreneur can make a decision that chance is paramount matched to their forces and take advantage of on the best one.
Seeking entrepreneurs will bring up various ideas on a regular basis. As a matter of fact, in order to pursue an idea, it is indeed necessary to establish whether the idea translates into an entrepreneurial opportunity. The idea of entrepreneurial opportunity describes the identifiable consumers who constantly demandthe probability of fulfilling the requested product or service. Therefore, the perception of entrepreneurial opportunities begins with improving the rightful mindset including the perception of sharpening of various ideas regarding advertising, marketing, and understanding psychological effect on business (Cao and Zhang, 2020). As a matter of fact, Tesla satisfies several requirements of the consumers along with focusing on each and every single significant factor which can impactthe business.
Havingthe ability to fit into any kind of complex situation or having the skills of flexibility has been considered as the primal qualities that an entrepreneur needs to adopt (Mainela, Puhakka and Sipola, 2018). As a matter of fact, lack of focus, handling regular rejections, and slow progression are the obstacles in this path but only with intense focus, these difficulties can overcome. According to the statement of Elon Musk, witnessing someone’s example of being flexible will be accommodating to focus on the subject matter in the most difficult times (Musteenet al., 2018). Musk has proved himself as a successful entrepreneur as he is extremely passionate about his work and his ultimate intention is to accomplish his task without being distracted by any obstacles such as – slow progression, lack of available resources and support.
Literature Review (Topic: International Entrepreneurial Opportunities)
Conceptualizations of entrepreneurial opportunities
When looking at studies on behaviour for the development of new enterprises, new market entrants, and new venture launches, the foundation of opportunity-centred entrepreneurship research may be identified in the findings (Mainela, Puhakka and Wakkee, 2017; Mainela, Puhakka and Sipola, 2018). Together with “Gartner’s seminal article from 1988,” the ideas advanced by “Stevenson and his colleagues” shifted the focus of entrepreneurship research away from searching for characteristics of “entrepreneurs,”“small businesses,” or “entrepreneurial communities” and toward studying “entrepreneurship” as a behavioural phenomenon (Gartner, 2010). So entrepreneurial opportunity research is concerned with the “methods through which chances to produce future products and services are identified, appraised, and exploited,” as well as the “effects of these methods on the outcomes of these opportunities” (Shane and Venkataraman, 2000, p.218). The research is concerned with the acts that result in the creation of new business, independent of the organization’s setting. In their 2003 article, “Eckhardt and Shane” define entrepreneurial opportunities as “situations in which new goods, services, raw materials, markets and organising methodologies can be presented through the establishment of new means, ends, or means-ends relationships” (Zucchella 2021). This is one of the most commonly used definitions of “entrepreneurial opportunities.” Changes in different areas of the value chain led to the emergence of new possibilities. According to Sarasvathyet al. (2003), the opportunity is defined as “a combination of ideas, attitudes, and behaviours that permit the production of future products and services in the lack of existing markets for such goods and services.” In this way, opportunity comes from the combination of perceptions and behaviours that are used in an attempt to generate new economic objects.
Even many several conceptualizations of opportunity exist, they all seem to agree that it focuses around “value creation and competitive flaws” (Alvarez and Barney, 2010; Venkataraman et al. 2012). In order to characterise possibilities, we must first make two assertions regarding the nature of entrepreneurship. To begin, entrepreneurship involves the creation of new economic activity in order to succeed. Schumpeter (1934) and Kirzner (1973) offered seminal work on the analysis of this activity. The former is concerned with innovation, whereas the latter is concerned with arbitrage as a basis for new economic activity. For the sake of discussing what constitutes an opportunity, Zucchella (2021) depended on these points of view. According to the second assertion, entrepreneurship is a way of life or way of being. Opportunity discovery and creation are two of the most important sorts of behaviours that have been disputed in the literature, and the difference between them is important (e.g., Alvarez and Barney, 2007). It provides a solution to the topic of how opportunities are created in the entrepreneurial world.
In entrepreneurship research, opportunities are the centre of attention. The analysis and exploitation of chances to generate future products and services is what characterises the field of entrepreneurship research; it is the study of “how, by whom, and with what consequences opportunities to produce future products and services are discovered and exploited” (Bosoet al., 2019). When seen in its broadest meaning, opportunities are defined as opportunities to meet a market need in a novel way by combining resources that generate a better value than what is already available. According to Schwenset al. (2018), markets can never attain perfect equilibrium; rather, it is the endurance of imbalances in the form of unfulfilled market needs and/or underused resources that leads in the development of opportunities. When an alert individual discovers a market gap ahead of others, he or she may be able to take advantage of it in order to produce value and (temporarily) re-establish market equilibrium.
Schumpeter, on the other hand, argues that markets are typically in equilibrium and that disequilibrium is involved in the development of entrepreneurial activity. Jafari-Sadeghi, Kimiagari and Biancone (2019) indicate that economies are always growing as a result of the technological and social advancements generating a permanent flow of information. The act of acting on this understanding results in the creation of value by disrupting the market equilibrium, which is the result of innovation for entrepreneurs. This process, termed “Creative Destruction” removes the economic structure constantly from inside, constantly destroys the old one and continually builds a new one.
Besides differences in the form of opportunities, academics differ over who is competent to see them, with the dispute seemingly dominated by three points of view (Alrawadieh and Alrawadieh, 2018). The first point of view is based on “neoclassical equilibrium models,” which imply that while everyone can identify any option, (stable) individual characteristics have a greater effect on who will become an entrepreneur than knowledge about possibilities. According to the second point of view, which is founded on psychological theories, entrepreneurship is totally dependent on human characteristics such as personality. This approach gives a larger priority than the real identification of chances to grab opportunities (Bosoet al., 2019). All of this led us to recognise that there are different types of opportunities in the discussion over whether entrepreneurial possibilities arise from the system of the market or imbalances, and whether they are identified by specific types of people or include the possibility to depart from a businessman.
Different types of opportunities
Entrepreneurial possibilities, according to Reuberet al. (2018), are “situations in which innovative goods, services, raw materials, marketplaces, and organisational approaches may be offered through the development of novel means, ends, or means-end interactions.” Following as a result, many different types of opportunities develop as a result of changes in various components of the value chain, creating a multiplicity of options. The creation of new goods and services generates some possibilities, while the growth of new geographical markets generates others. Other opportunities occur as a consequence of the development of new raw materials, new manufacturing processes, and/or new organisational structures. An entrepreneurial opportunity, in contrast, is viewed by Zahra (2021) as being fundamentally a combination of ideas, attitudes, and behaviours that create favourable conditions for the production of new value.
Methods that place a high value on the innovation opportunities created by the identification of innovative means-ends linkages differ from those that place a high value on the arbitrage opportunities provided by market inefficiencies. It is the first type of opportunity, which focuses on value creation through the development of a new business that produces new economic value through the pooling of creative resources, that we will discuss. As equilibrium-based business opportunities, they may be viewed of as forcing markets into disequilibrium through the process of creative destruction as entrepreneurs find innovative solutions (Chandra, 2017). It becomes possible to engage in arbitrage as a result of the market's failure to recognise shifts in supply and demand. They are responsive to those who are attentive and who provide value to the market by detecting existing market defects, which is compatible with the Kirznerian perspective on entrepreneurial endeavour. Arbitrage opportunities are profit opportunities that arise as a result of market instability, and they may be regarded as a means of bringing markets back into balance.
The nature of opportunity emergence
A reasonable technique of organising data in order to develop a strategic company concept, the collecting and comprehension of data in order to discover market or technical advances gaps, and one of the Schwenset al. (2018)’s entrepreneurial choice activities are all possible interpretations. Managing international opportunities requires management to be equipped with the resources, time, and knowledge necessary to analyse and benefit on international opportunities, which serve as a springboard for initiatives to capture value via internationalisation. When it comes to entrepreneurial attitude, proactivity is a component that is frequently connected with the perception of value creation and incorporation opportunities in global marketplaces.
As Zahra (2021) shown, the majority of entrepreneurship research sees opportunities as objective things that must be discovered and exploited. It is expected that entrepreneurs would employ whatever data collecting tools and tactics are accessible in order to discover and grab opportunities before their competitors. Alternatively, opportunities are created and altered along the way, expressing themselves in the form of entrepreneurial endeavours. Rather than searching and analysing, entrepreneurs take action and wait to observe how their consumers and markets react to their decisions. A large number of authors have sought to bridge the gap between the two ideologies. A large number of entrepreneurs and business professionals have discovered that both objective and subjective possibilities may be observed in the actual world (Chandra, 2017). Taking it a step further, Reuberet al. (2018) propose that an opportunity may possess both objective and subjective characteristics. They do this through the use of their model, which highlights the processual nature of opportunity identification as well as the essential role played by market conditions in addition to the entrepreneur's test mode.
As “Galindo-Martín, Castaño-Martínez and Méndez-Picazo (2019)” point out, there are three unique methods in which conceptions may be turned into possibilities. As a starting point, opportunity perception may be defined as the process through which opportunities in one's immediate surroundings are recognised. As Mainela, Puhakka and Servais (2014) describes it, it is comparable to allocative opportunities, which are any opportunities to maximise the utilisation of resources. Despite the fact that both “supply and demand” exist in this circumstance, an entrepreneur must see the opportunity to integrate them in a new venture.
The second strategy is to look for new opportunities. A person identifies opportunities when he or she notices an opportunity to enhance the match between consumer requirements and available resources, according to Mainela, Puhakka and Servais (2014). An opportunity can only be recognised when either the supply (solution) or demand (problem) can be identified and addressed. This sort of opportunity discovery may take many forms, such as exporting current products to markets where they are not currently accessible and reusing a present product in a new industry (e.g., the introduction of Viagra). Discovery is therefore necessary in situations where neither supply nor demand present, and economic innovation is required, which ultimately results in the establishment of a corporation. Both observations and discoveries are more easily connected with the view of Kirzner on “opportunities while they are based on the notion of existing market gaps and the presence of a chance window.”
The development of opportunities is the third technique of finding opportunities. To create opportunities, resources must be redirected or combined in order to develop and offer value that is greater than what is now accessible. Creation can go well beyond the simple correction of current resource and demand mismatches, and it can even result in a substantial reorganisation of an established firm, referred to as “radical innovation” in some cases. As a result, the creation of opportunities is closely tied to Schumpeter’s idea of what constitutes a possibility. As Salah (2020) illustrates, technological innovation is frequently used as a springboard for the creation of new opportunities. Despite this, opportunity, like awareness and knowledge, is not created in its final state of production. In the case of Salah (2020), a single technology created at least eight unique sorts of commercial opportunities, four of which were investigated.
According to a body of study, international opportunities are the result of the sense-making and enactment of a broad range of actors who are engaged in a variety of contexts and impacted by a variety of dynamic social conditions. Therefore, each opportunity may be regarded as performed by people inside their particular social, cultural, and institutional contexts, which results in opportunities emerging as a consequence of an intellectual process (Hollands, 2019). A person’s ability to generate value should neither be labelled as such, nor should it be exploited; rather, it should be discovered through trial and learning. A further consideration is that the newness value is relative; what is fresh in one context may be well entrenched in another. As a result, a value-creating opportunity can only be realised as a result of the opportunity’s development and utilisation in a specific context. Alternatively, international potential might be seen largely through the prism of involvement and communication in the process of corporate internationalisation. They are the outcome of concerted attempts to broaden the scope of internationalisation. The authors,“Jafari-Sadeghi, Kimiagari, and Biancone (2019)” emphasise “co-designing,”“co-distributing,”“co-innovating,” and even “co-consuming” as important aspects of internationalisation efforts, whereas “Galindo-Martín, Castaño-Martínez and Méndez-Picazo (2019)” emphasise co-learning in order to co-create value. “International opportunities” that create value are a result of cross-border connections and the ability to react to the unexpected in the relationship environment.
The entire context reveals the various aspects of international entrepreneurship in a brief manner. As a matter of fact, the primal intention of the study has been succeeded in fulfilling the basic criteria of fulfilling financial gaps, entrepreneurial failure, and in the process of decision making. Throughout the course work one and two, the entrepreneurial mindset and opportunities have been evaluated on an international landscape. Literatures have been searched and went through to properly understood the level of opportunities an entrepreneur can get in an international level. The course work one discussed ELON MUSK’s international entrepreneurship and entrepreneurial themes. On the other hand, the course work two demonstrated a thorough literature review on the opportunities of international entrepreneurship.
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