2010 cengage learning. all rights reserved. chapter 9 global peng
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© 2010 Cengage Learning. All rights reserved. LO1: ENTREPRENEURSHIP Terms to know Entrepreneurship Entrepreneurs International entrepreneurshipTRANSCRIPT
CHAPTER 9
GLOBAL PENG
Chapter 9 LEARNING OBJECTIVESAfter 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 encourage entrepreneurship on an international level.
LO1: ENTREPRENEURSHIPTerms to know
Entrepreneurship Entrepreneurs International
entrepreneurship
LO2: INSTITUTIONS THAT AFFECT ENTREPRENEURSHIP
Formal institutions either help or hinder the growth of new SMEs.
LO2: RESOURCES AND ENTREPRENEURSHIP
Entrepreneurial resources must be…
Valuable Rare Inimitable Organized
LO3: CHARACTERISTICS OF A GROWING ENTREPRENEURIAL FIRM
Growth
Innovation
Financing
LO4: INTERNATIONALIZING THE ENTREPRENEURIAL FIRM
MYTH: Only large MNEs do business abroad; SMEs operate domestically
Born global firms: start-ups that do internationalbusiness from inception
LO4: INTERNATIONAL STRATEGIES
DEBATE: SLOW vs. RAPID INTERNATIONALIZATION
SLOW: According to stage model, firms need to enter culturally and institutionally close markets first, accumulate overseas experience, then move to more sophisticated strategies, such as FDI.
RAPID: Every industry has become global, and entrepreneurial firms should go after opportunities rapidly. Firms that internationalize earlier do not face obstacles of domestic orientation.
LO5: ENCOURAGING ENTREPRENEURISHIP ON AN INTERNATIONAL LEVEL