Internationalisation of SMEs: Challenges and Barriers

Internationalisation of SMEs: Challenges and Barriers Small and Medium Enterprises (SMEs) are becoming more important in today’s international markets. (Oviatt and McDougall,1994, 1999). The internationalisation of SME’s can be expected to increase further due to the economy of the world becoming further harmonised with continued declines in government imposed barriers and advances in technology (Lu, Jane W, and Paul W Beamish, 2001). In 2013 there was an estimated 4.9 million private sector businesses in the UK which is an increase of 102,000 compared to that of 2012. SME’s account for over half of employment, 53.9%, and almost half of the turnover in the UK private sector, 48.1%. (Department for Business Innovations and Skills, 2013). Hence, showing that SME’s are still growing and are an integral part of the UK’s economy. Through SME’s, this essay will discuss and critically analyse the process of creating (pre start up) and managing a new venture (post start up). It will begin with considering issues relating to the entrepreneur, and examine the challenges that they are faced with when starting up a business idea, the opportunity, and the innovation. The problems with managing a new venture are then inspected. In French, the term entrepreneur means someone who â€Å"undertakes†, for example someone who undertakes a significant project or activity. It later came to be used to identify individuals who accelerated economic progress by finding new and better ways of doing things. The French economist most associated with giving the name is Jean Baptiste Say who was quoted saying â€Å"The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield†. Entrepreneurs create value (Dees, J Gregory, 1998). The sources of entrepreneurship are studied by researchers in a wide range of disciplines, the study varies per discipline. For example, an economist would look at mainly socio economic variables, whereas psychologists would look at the personality traits of the entrepreneurs to see which ones were more integral to that of an entrepreneur (Fritsch, Michael, and Alina Rusakova, 2010). The Big Five model of personality provides a framework for analysing the relationship between personality traits and the tendency to become an entrepreneur. The five dimensions of this personality model are: Extraversion, Emotional Stability, Agreeableness, Conscientiousness, and Openness to Experience (Barrick, Murray R, and Michael K Mount, 1991). Zhao and Seibert (2006) investigated the personality characteristics of business founders in comparison to dependently employed managers. They found that self employed individuals are different from managers on the dimensions of openness to experience, consci entiousness, neuroticism, and agreeableness (Zhao, Hao, and Scott E Seibert, 2006). Schmitt-Rodermund states that early entrepreneurial interest is related to elevated levels of openness to experience, extraversion, and conscientiousness (Schmitt-Rodermund, Eva, 2004). Although these relationships show a correlation between single personality traits and entrepreneurship, the effect of personality characteristics for entrepreneurship is still not entirely clear (Rauch, Andreas, and Michael Frese 2007). A main motivation for entrepreneurship is the need for freedom. Stepping into self employment means becoming your own boss and a need for autonomy as a non financial value becomes an important part of the entrepreneurs career choice, despite a potential decrease in income (Fritsch, Michael, and Alina Rusakova, 2010). The Croson and Minniti (2011) model shows that newly self employed individuals are willing to accept a lower income in exchange for the psychological benefits that come with self employment (Croson, David C, and Maria Minniti 2012). This is similar to self determination theory in that autonomy leads to well being and explains why autonomy in the workplace might be a compensator for higher incomes in a position that involves less freedom (Deci, Edward, and Richard M Ryan, 2008). Entrepreneurial opportunities can arise from from structural gaps in the market or from business transformations, for example the genesis of an internet company. The entrepreneurial opportunity itself, consists of a business idea and its potential. The business idea is then formed into a business plan which is the foundation for creating a company and exploiting the gap in the marketplace (Volkmann, Christine K, Kim Oliver Tokarski, and Marc Grà ¼nhagen 2010). The term â€Å"opportunity† seems to be a central part of many definitions of entrepreneurship. It relates to Say’s notion of shifting resources to a higher area. An opportunity, therefore, means an opportunity to create value in some way. Entrepreneurs have a mind-set that sees the possibilities rather than the problems created by change such as technological advances. The entrepreneur always looks for change, responds to it, and exploits it as an opportunity (Dees, J Gregory 1998). However, Peter Drucker, a management consultant, educator, and author, says that â€Å"not every small business is entrepreneurial or represents entrepreneurship†. An example of this would be a â€Å"husband and wife who open a delicatessen or a mexican restaurant in the american suburb†. There is nothing specifically innovative or change oriented in this (Drucker, Peter Ferdinand 1995). He also claims that entrepreneurship does not require a profit motive. Further backing up the Crosson and Minniti (2010) model. With social entrepreneurs, the social mission is central and mission related impact becomes the central criterion, not the creation of wealth. For social entrepreneurs the money is not important, it is the actual outcome of their work that they strive for. However, with business entrepreneurs, the income of money is a way of measuring the creation of value. Business entrepreneurs are subject to market discipline. If they do not shift resources to become more economically functional then they tend to be driven out of business (Dees, J Gregory 1998). The challenges involved in starting a new venture, as well as the characteristic uncertainty and the lack of resources and stability that have led some researchers to view survival as the focused dimension of success (Van de Den 1984), are authentic in the social field. Furthermore, given the difficulty of measuring the performance of firms they use multiple measures of performance. The criteria of success of social ventures are determined as follows: 1. The level to which the venture achieves its set goals, 2. the ability of the venture to ensure continuity and sustainability by acquiring resources necessary to maintain the objectives, and 3. the level of resources that are available to maintain the ventures growth and expansion (Sharir, Moshe, and Miri Lerner, 2006). A large field study was carried out between 1999 and 2001 on the process of initiating and establishing social ventures (Sharir, Moshe, and Miri Lerner, 2006). Of the social ventures, it was deduced into fifteen variables that determined their success. These include: Previous experience this involved checking the history of the entrepreneur for previous expertise in the venture area. Total dedication The time that was invested in the development by the entrepreneur, the investment of the entrepreneur’s private resources. Support from family and friends this was measured by the amount of involvement that was made by the friends and family of the entrepreneur. Acceptance of the idea of the venture in the public’s eyes the public’s awareness of the issue. The primary social network examined the activities that were involved in assisting the venture to acquire needed capital and support in the establishment stage. Support from public sector agencies yes or no. Funding received from foundations support received by foundations for three or more years. Support received from another non profit organisation whether it acquired capital, received support, or was integrated within an older organisation. The amount of budget at the establishment stage fifty thousand dollars was acquired at the establishment stage. Composition of the staff at the establishment stage The number of staff members and their jobs as salaried or part time, and also the distribution of workload between them. Governing board performance the involvement of board members in planning, decision making, personal financial investment, and expanding the social network. The planned expansion and stabilisation of the venture’s social network the actions taken by the entrepreneur in this way. Preliminary planning the preparation of a business plan or detailed planning involving environmental aspects, staffing and budgeting. Long term cooperation with another organisati on cooperation with another organisation for at least three years. Market test of the venture’s service charging fees for receipt of selected services or obtaining long term contracts from public agencies. Eight of the fifteen variables were found to contribute to the success of the social venture (Sharir, Moshe, and Miri Lerner, 2006). Business mortality rates suggest that discontinuous rates of start ups can be as high as seventy percent in the first five years, although this depends on the specific industry in question. Within a new venture, the main problem arises due to a lack of organisational structure and a lack of a specific set of roles, tasks, and capabilities. Therefore the founders of the company must use what little resources they have to address the issues involved. Thus taking up management time. Moreover, the inclusion of structure and teachings of new roles, tasks, and capabilities within the company can cause inefficiency and may lead to worry, and conflict among the members. However, there is one way in which new ventures have an advantage over older businesses. They are able to form a business plan without being restricted because of the decisions that have been made in the companies’ past. They are also not liable to aging. Older ventures suffer from processes such as routinisation and s tandardisation which makes them reluctant to transform their company in the face of change (Gruber, Marc, and Joachim Henkel 2006). There are three stages that can be applied to the growth of a company once the initial start up procedure has finished. These are: early development, (rapid) development, and sustained growth. In the early development stage, the entrepreneur must strengthen the structures laid out at the foundation stage. They must also aim confidently at successful market establishment. Within this stage the growth of the company is determined by the strategies and implementation of those strategies into business operations. During the rapid development stage, the main strengths and strategic advantages of the business must be capitalised on and created. Frequent changes to structures such as communication, leadership, information, and communication are also required for rapid growth. New resources might need to be acquired or existing ones, redistributed to account for the new demands. In order for a company to achieve sustained growth, it must be planned using growth strategies established by the founders of the company (Volkmann, Christine K, Kim Oliver Tokarski, and Marc Grà ¼nhagen 2010). To summarise, SME’s are still a major part of the economy and they are constantly expanding. Entrepreneurs are the people responsible for the stable growth of SME’s and their innovative minds will ensure that technology advances. Psychologists believe that entrepreneurs have different personality traits than normal people which helps them to strive more and become more confident when setting out to achieve their goals. There are two different types of entrepreneur, the social entrepreneurs and the business entrepreneurs. The social entrepreneurs seek pleasure in getting their idea known to the world whereas business entrepreneurs always look for ways to gain wealth. Due to the entrepreneurs ability to seek out gaps in the market, the world will become a more comfortable place to live in with innovations that will make lives easier. Entrepreneurs do not enjoy the restrictions of a workplace and this leads them to becoming their own boss, however, they must face the chall enges that entails with starting up a business. Such as the resources, organisational structure, and growth. References Lu, Jane W, and Paul W Beamish. The internationalization and performance of SMEs. Strategic management journal 22.6à ¢Ã¢â€š ¬Ã‚ 7 (2001): 565-586. Department of Business Innovations and Skills. â€Å"Business Population Estimates for the UK and Regions.† 2013. Fritsch, Michael, and Alina Rusakova. Personality traits, self-employment, and professions. 2010. Croson, David C, and Maria Minniti. Slipping the surly bonds: The value of autonomy in self-employment. Journal of Economic Psychology 33.2 (2012): 355-365. Barrick, Murray R, and Michael K Mount. The big five personality dimensions and job performance: a metaà ¢Ã¢â€š ¬Ã‚ analysis. Personnel psychology 44.1 (1991): 1-26. Zhao, Hao, and Scott E Seibert. The big five personality dimensions and entrepreneurial status: a meta-analytical review. Journal of Applied Psychology 91.2 (2006): 259. Schmitt-Rodermund, Eva. Pathways to successful entrepreneurship: Parenting, personality, early entrepreneurial competence, and interests. Journal of Vocational Behavior 65.3 (2004): 498-518. Rauch, Andreas, and Michael Frese. Born to Be an Entrepreneur? Revisiting the Personality Approach to Entrepreneurship. (2007). Deci, Edward, and Richard M Ryan. Self-determination theory. Handbook of theories of social psychology (2008): 416. Dees, J Gregory. The meaning of social entrepreneurship. Comments and suggestions contributed from the Social Entrepreneurship Funders Working Group, 6pp (1998). Drucker, Peter Ferdinand. People and performance: The best of Peter Drucker on management. Routledge, 1995. Sharir, Moshe, and Miri Lerner. Gauging the success of social ventures initiated by individual social entrepreneurs. Journal of world business 41.1 (2006): 6-20. Gruber, Marc, and Joachim Henkel. New ventures based on open innovation–an empirical analysis of start-up firms in embedded Linux. International Journal of Technology Management 33.4 (2006): 356-372. Volkmann, Christine K, Kim Oliver Tokarski, and Marc Grà ¼nhagen. Entrepreneurship in a european perspective: concepts for the creation and growth of new ventures. Springer, 2010.

Corrution the cancer of Indian society

The problem In our country is not the lack of knowledge or understanding about corrupt practices but the lack of courage to stand against such practices It Is very easy to target others including politicians but what about common man? WE HAVE to understand that the system is corrupt because we are also corrupt. First, we have to change ourselves then only we can expect change In others. This Is a very old method to point the fingers towards the wrongdoing of others. But no one is ready to check their own character. M really questioning the validity of self- referred right people. Before pointing fingers towards others, including politicians and other government employees, we should Introspect ourselves. I am seeing that everybody is ready to abuse the system but what about ourselves. Are we common people really different from those who are in politics and other sphere of life and running this country? No, that is the truth. We are no more different from those whom we are abusing cont inuously on different forum Including media.We are ready to talk about corruption till the time we want to abuse politics. For me doing anything ring is also a type of corruption and most of us in some way or other are involved in corrupt practices. It is quite possible that most readers will not agree with me on this because they are also in the same boat. Let us see whatever what I am saying is correct or not. We are ready to pay money in the form of bribe to get connections of different types such as gas, water, and electricity – all out of turn.There may be others In the society who are not able to pay such bribes to get such connections out of turn and even some time they have to Walt for longer period of time just because of people like us so called middle class who ant corruption to be eradicated from society. There are others In the middle class – especially small time businessmen like shopkeepers of different types, – and they may be earning more than w hat we are getting in the form of our monthly salary but they are not ready to pay income tax.There will be more than 10 million such shops in our country and most of them are not paying enough taxes as per law. People opposing FED in retail sector are actually supporting such shopkeepers. What is the need in the world for the parties to fight on such important issue of FED because of such tax evaders? They know very well how to evade Income tax and other taxes and they are at the same time running a market of black money. Whereas FED will bring a lot of money to the government in the form different taxes but it will ensure transparency too in the retail segment.So basic question remains are we really Interested to eradicate corruption from our society? If the answer is yes, then we have to start from ourselves rather than ask others to do. First, we have to change and then only we can expect the change in suit. Let us assume one person in each family take a vow to be not corrupt wh atever resistances will be there believe me that more than 50% corruption will eradicate at very such time. Gandhi]' had stressed that there is enough in the world for man's need but hopelessly not adequate for his greed.In India, it is the greed of a very few individuals that has threatened the teeming billion odd population of starvation, environmental degradation, uncontrolled rise in pollution and deteriorating environmental standards. Looking at Ago in the last 60 years, there is a visible difference. Ago through the sass right up to the late sass sustained itself admirably on solar energy. The ignite of labor saw every Goanna earn his bread through the day and sleep peacefully at night. The spring waters were pure, clean and rich in minerals, smoothening, invigorating and refreshing.Food supply may not have been plentiful but was adequate. The helpless and those ‘unfortunates' incapable of labor were looked after by the family, neighbors, friends or the societal form of institutions like the temple and church institutions or the likes of provider. No doubt then that although there was exploitation of the maunders by a handful of bathmats, by and large the incidences of robberies, rapes, murders and crimes were ender control thus affording Goons the tag of a ‘peaceful society'.Goons were appreciated as gentle, hardworking, talented and a faithful workforce. Goanna musicians, cooks, clerks, doctors, administrators, nannies, personal assistants, engineers and scientists became role models in all walks of life and made their mark in politics too. Goons strives hard to ensure the environment remained clean, green and salubrious. Do we have courage to take such a vow? I don't think so. If yes, for which chances are very less, then it will be really good for the country as a whole.

What You Dont Know About Custom Term Paper Results

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Shakespeares Use of Imagery and Symbolism to Create...

Shakespeares Use of Imagery and Symbolism to Create Dramatic Tension in Romeo and Juliet William Shakespeares play Romeo and Juliet is set in 16th Century Verona. It concerns two main characters, Romeo and Juliet, and their fight to keep their love and themselves alive. Romeo and Juliet are the only children of two feuding aristocratic families, the Capulets and the Montagues. At a party held by Lord Capulet, the two meet and instantaneously fall in love. Throughout the rest of the play we follow their journey of accelerated adolescence until they meet their tragic death. Some people argue that Romeo and Juliet epitomises the true essence of love, because it is so tragic; Romeo and†¦show more content†¦Tybalt overhears Romeo speaking, and goes to tell Lord Capulet that there is a Montague at their banquet. Capulet, still in his buoyant mood dismisses Tybalt and tells him to let him alone. Tybalt is still enraged that his uncle will not rise to his enemys bait and he tell Capulet that he will not endure Romeo at this party. Capulet then get angry with Tybalt for trying to make a mutiny among his guests. This is the second demonstration of hatred we see between the Capulets and the Montagues. Romeo sees Juliet again; it is now they first speak to each other. Romeo says if I profane with my unworthiest hand, this holy shrine, the gentle sin is this. The suggestion in this passage that Romeo is unworthy of Juliet must mean that she is so beautiful and angelic, and if it were a sinShow MoreRelatedRomeo And Juliet Film Analysis1458 Words   |  6 Pagesdemographic, in some cases simultaneously, and especially when adapting Shakespeare. William Shakespeare’s Romeo + Juliet is an adaptation that has stirred much controversy since its release, and it’s easy to understand why. Critics deemed the film kitsch, tasteless, and even went as far as to dismiss it as â€Å"MTV Shakespeare† because of its fast-paced style and blatant advertisement in some of Shakespeare’s most important scenes. I thoroughly believe that Baz Luhrmann is attempting to get teenagersRead MoreWilliam Shakespeares Romeo and Juliet Essay2269 Words   |  10 PagesWilliam Shakespe ares Romeo and Juliet In Romeo and Juliet, the characters of both Juliet and her father, Lord Capulet, and their relationship is very much affected by not only the way in which each character conducts themselves, but also by prominent views of the public, such as the role of women in society and patriarchy. Through their relationship, Shakespeare explores many emotions, and allows himself to develop and change their relationship throughout the play