ASSESSMENT FOR INTERNATIONAL ENTREPRENEURSHIP

Assessment for International Entrepreneurship



Assessment for International Entrepreneurship

Introduction

International business entrepreneurship involves in a series of research projects which are focused on new business opportunities emerging from the current period of rapid global change(Kennedy,2003), integrating fields of economics, business, marketing, sociology, management, finance and politics etc. The globalization of world economy and regional economic development create more and more business opportunities for companies that attempt to enter international markets and at the same time bring them enormous challenges to adopt complexities of social, cultural, economic and political diversities in the international context.

In response to this increasing need the study of international business entrepreneurship has been emphasized on and it has received tremendous research attentions over the past years. On the one hand, international business occurs when any individual or organization is engaged in cross-border commercial transaction with individuals, private firms, public sector organizations or not-for-profit organizations (Mahoney, Trigg, Griffin and Pustay, 2001). On the other hand, entrepreneurship is a process whereby an individual or a group of individuals uses organized efforts and means to pursue opportunities to create value and grow by fulfilling wants and needs through innovation and uniqueness, no matter what resources are currently controlled (Zacharakis, 1999). As a result, international business entrepreneurship may be regarded as the process to pursue opportunities to create value and grow in the context of international markets.

Literature review

An enterprise is an organisation of factors of production in such a way as to generate profits. The term also means showing initiative and entrepreneurship (Marcouse et al, 2004). In order to develop a successful business or organisation, those in control of the company must posses key skills and traits call Enterprise skills.

McDonalds Entrepreneurship

The McDonalds brand started developing in 1954. Ray Kroc, had teamed up with the McDonalds brothers and began the production by opening 8 restaurants. However the three entrepreneurs didn't stop there, they continued opening more branches and began to work out a way the brand can appeal to certain group markets. They came up with a friendly mascot whom the kids could look up to and correspond the brand with. Ronald McDonald was the name, and he made his first TV appearance in 1963. This shows us that McDonalds have not just relied on customer recommendation, but have used advertising to certain markets in order to gain customer awareness. This shows great innovation, especially in a time where advertising was limited to radio and newspapers.



Risk taking

Successful entrepreneurs acknowledge that failure is a key step before success. They aren't afraid to fail, as they can only learn from mistake and this will help them not to make the same mistakes in the future. Businesses such as McDonalds can develop extremely quickly due to their large scale operating stores, however in order to fully capitalise on certain newly designed goods and promotion schemes, McDonalds must apply these goods and promotion schemes in every branch across the country. This can result in more customers and higher profit margins if it's ...