The Internationalization of Small and Medium-Sized Firms Assignment

The Internationalization of Small and Medium-Sized Firms - Assignment Example The major drivers of globalization according to Singer (2004) include social-demographic (regional, cultural), technological, which includes telecommunications, internet and transportation, economic factors like foreign direct investment, profit motives and market share, ecological and environmental factors like pollution and green laws, and political-legal factors like falling trade barriers, political stability and intellectual property. These factors have hence allowed not just the larger establishments such as the MNCs to look across borders but also the smaller entrepreneurs who capitalized on the resources and took advantage of the liberalization. Entrepreneurship has been defined in many ways by different authors and researchers. According to Stevenson, ‘entrepreneurship’ is â€Å"the process whereby individuals become aware of business ownership as an option or viable alternative, develop ideas for business, learn the process of becoming an entrepreneur and undertake the initiation and development of a business† (Chigunta, 2002). Opportunity Recognition (OR) is an important aspect of entrepreneurship (Silverthorne, 2005) and passionate vision distinguishes entrepreneurs from their competitive competitors (McIntyre, 1998). Entrepreneurs have a propensity to take risks and the need for achievement serves as the driving force (Koh, 1996). Hence an entrepreneur is one who is quick to identify an opportunity, take risks, one who is prepared for challenges and adversities and can achieve profits by utilizing the available resources.