Entrepreneurship can be defined as a process where in opportunities that were not explored earlier are explored are identified and exploited as part of a business process. Entrepreneurship has a great role to play in the development of business organizations. Most of the successful business organizations today were established because the visionaries could observe a potential which other were not able to perceive. Those visions have given rise to what is called as great business opportunities that they have been exploiting.
International Entrepreneurship can be defined as a process where by the business process adopts innovative, proactive and exhibits risk-taking behavior. The risk-taking behavior is one of the most important and featured characteristics in an International Entrepreneurship. Higher risks are taken where there is a great uncertainty in the happening of an event. But when the event does happen, the returns will be very high. So, for earning great returns, entrepreneurs are ready to take great risks.
An entrepreneur starts his/her life as an SME or Small or Medium Enterprise. Small or medium enterprises are characterized by the number of employees working in the organization. Usually, a concern is considered to a small or a medium enterprise when the total number of employees are less than 500.
The significance of small and medium enterprises cannot be ignored in today’s global business. In fact, every year many number of SMEs are entering into many fields promoting their business globally. Some of the industries include import and export of goods and services, education, research, business process outsourcing, knowledge process outsourcing, market research, etc. Today, small and medium-scale enterprises are generating more employment than large corporate organizations. People are willing to work in small and medium-sized enterprises. Some people are even trying establish their own enterprises.
In many countries, the socio-political and economic environment plays a major role in encouraging or discouraging a small or a medium-scale business. The framework in a country such as the formalities, hindrances on funds allocation, the tax laws and the bottlenecks in the particular industry play a major role in the development or destruction of small business. In some countries the traditional and conservative attitudes, prejudices and misconceptions of the people also play a major role in the discouragement of small businesses. These conservative attitudes, misconceptions and prejudices narrow down the observation of a person resulting in not grabbing a huge potential or an opportunity in hand.
Apart from cultural aspects, economic aspects such as total lack of or under-availability of resources and lack of capabilities determine to a great extent of the success of the business.
But, some entrepreneurs survive and triumph even in the negative scenarios. Some of the determinants for their success include
- Innovation: Innovation is the biggest factors for any entrepreneur. There are so many businesses coming up. But, the most innovative among them will survive. Innovation acts like a shield in the cut-throat competition. Businesses which do not innovate quickly will not be able to survive in the cut-throat competition.
- Availability of adequate finances: Finance today, is another, big handicaps for any business. Availability of cheap finance is a promise for the business to bring in more resources, more minds and hands in action.