ENTREPRENEURS

Entrepreneurs

Entrepreneurs

Introduction

The individual personality characteristics determine the entrepreneurship skills, but the corporate culture also plays a role. The entrepreneur of a multinational business must ensure that the management team with local market is taking the right decisions at the right time and that mechanisms exist for everyone in the company to learn from those decisions. There must be some sort of coordination mechanism that enables the entire company to learn from local successes. It is a great challenge for leaders. The achievement of employee turnover is something but not everything. It is necessary to do more. It is necessary that the information flow for the proper coordination and collaboration.

Global entrepreneurs should include not only the culture and markets in other countries, but also know how to manage the resulting diversity of these differences. They should ask themselves: How do I organize to manage the differences between countries but still have a dynamic coordinated worldwide product? How I can create a structure based on local control that lives side by side with international or global control? It is very difficult. There will always be tensions between local managers and international managers.

Importance in Business World

The entrepreneurship is responsible for managing the portfolio and make things right, and weighing whether to acquire a company or develop a strategic alliance. Transmission product lines of business or unit of business services are concerned about how to compete, how to overcome cultural differences and respond to local tastes, or how to integrate key functions or processes within your business to succeed at local level. (Fassin, 2005)

Diverse style of entrepreneurship could be crucial to running a large multinational. Entrepreneurs located in different parts of the world may need different kinds of support. The gradual increase in the globalisation has influenced entrepreneurship in several ways. Globalisation has influenced entrepreneurship with international employee transfer rates, increase in opportunities, and competition. Effective entrepreneurship in one country may not result in good entrepreneurship in another country for many reasons.

A good entrepreneur may be blessed with certain traits that are preferred in a country, and these traits or habits may not be accepted or held highly in another country. Nations have their own social standards and cultures, and this is vital while considering entrepreneurship. An entrepreneur with the vast knowledge of a country's ethics, customs, and beliefs and basic leadership skills may prove to be a beneficial entrepreneur to a business in another country. An entrepreneur can have several skills that may make them successful in the world. These skills are awareness, strong business knowledge and sensitivity to cultural differences and standards, commitment, courage, and integrity. (Deshpande, 1997)

A good entrepreneur may not necessarily be a good businessperson in any country until he has good work ethics, professional and personal integrity and determination. If the entrepreneur understands the cultural standards of a country and shows respect for these standards, he may be effective and may be respected by the country he is trying to ...