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International Business
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International Business
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Chapter 10 – Entrepreneurial Firms Small and medium-sized enterprises (SMEs) are firms with fewer than 500
employees in the United States and with fewer than 250 employees in the
European Union
Entrepreneurship is the identification and exploitation of previously
unexplored opportunities
Entrepreneurs are founders and/or owners of new businesses or managers
of existing firms who identify and exploit new opportunities
International entrepreneurship is a combination of innovative, proactive, and
risk-seeking behavior that crosses national borders and is intended to create
wealth in organizations
Entrepreneurial firms are defined as SMEs
SMEs account for over 95% of the number of firms worldwide
SMEs create approximately 50% of total value added
SMEs generate 60%–90% of employment (depending on the country)
Three major characteristics associated with a growing entrepreneurial firm
are
o Growth
An attempt to more fully use currently underutilized resources
and capabilities
o Innovation
Allows a potentially more sustainable basis for competitive
advantage
Should be regarded broadly; new ways of doing business are
also innovations
o Financing
All start-ups need to raise capital
o Internationalization
Venture capitalists (VCs) are investors who provides risk capital for early
stage ventures
Microfinance is a practice to provide micro loans ($50-$300) used to start
small businesses with the intention of ultimately lifting the entrepreneurs out
of poverty
Born global firm (or international new ventures) is a start-up company that
attempts to do business abroad from inception
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