15 minute presentation based on 8 slides

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chapter_9_growing_and_internationalizing.pdf

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CHAPTER 9

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CHAPTER 9 LEARNING

OBJECTIVES After studying this chapter, you should be able to:

1. Define entrepreneurship, entrepreneurs, and entrepreneurial firms.

2. Identify the institutions and resources that affect entrepreneurship.

3. Identify three characteristics of a growing entrepreneurial firm.

4. Describe how international strategies for entering foreign markets are different from those for staying in domestic markets.

5. Articulate what you should do to strengthen your entrepreneurial ability on an international level.

LO1: ENTREPRENEURSHIP

Terms to Know

 Entrepreneurship

 Entrepreneurs

 International entrepreneurship

LO2: INSTITUTIONS, RESOURCES, AND ENTREPRENEURSHIP

LO2: FORMAL INSTITUTIONS AND ENTREPRENEURSHIP

Whether entrepreneurship is facilitated or retarded significantly depends on formal institutions governing how entrepreneurs start up new firms.

LO2: INFORMAL INSTITUTIONS AND ENTREPRENEURSHIP

Individualistic, low uncertainty-

avoidance societies tend to foster

more entrepreneurs than collectivistic,

high uncertainty-avoidance societies.

LO2: RESOURCES AND ENTREPRENEURSHIP

Entrepreneurial resources must be…  Valuable  Rare  Inimitable  Organized

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LO3: CHARACTERISTICS OF A GROWING ENTREPRENEURIAL FIRM

 Growth

 Innovation

 Financing

 Internationalization

LO3: FINANCING THE ENTREPRENEURIAL FIRM

LO4: INTERNATIONALIZING THE ENTREPRENEURIAL FIRM

MYTH: Only large MNEs do business abroad; SMEs operate domestically

Born global firms: start-ups that do international business from inception

LO4: ENTERING FOREIGN MARKETS

LO4: AN EXPORT-IMPORT TRANSACTION

LO4: STAGE MODEL

 Suggests that required level of complexity and resources increase as firm moves from direct export to licensing to FDI.

 But, there are many counter-examples (born global firms).

 The key to rapid internationalization–the international experience of the entrepreneurs.

LO4: STAYING IN DOMESTIC MARKETS

LO5: ENCOURAGING ENTREPRENEURISHIP ON AN INTERNATIONAL LEVEL

DEBATE: MICROFINANCE: MACRO SUCCESS OR GLOBAL MESS?

 Recent IPOs of microfinance institutions have sparked

controversy over the ethics of shareholders profiting from the

poor.

 During the 2008-2009 crisis, default rates skyrocketed, leaving

many borrowers burdened with crippling amounts of debt.

 Muhammad Yunus pioneered microfinance, a system for providing

small loans to poor people in places like

rural India (primarily to women or village

collectives), which can be used to make

small capital investments (cows, cell

phones) for entrepreneurial activities.

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