Reflective essay
Introduction
This class has really improved my thoughts of International Entrepreneurship and specifically small businesses. This is something important in my life considering the fact that my goal is to become involved with the entrepreneurial ventures throughout the world after my graduation or at some point in future in my career. I have actually learnt that this course is meant to help all the students evaluate as well as analyze the available international opportunities in their capacity as consultants, potential partners of international ventures, and investors in international ventures. Besides, my thoughts about small businesses have changed and now I recognize the importance of starting one after graduation, which with the application of the knowledge I have gained will ultimately become an international venture.
One of the key qualities that help entrepreneurs to survive in the competitive market is innovation. Innovation is the process of implementing new ideas to produce new products and services. It also involves improving the existing products and services to respond to the customers changing tastes and preferences. An entrepreneur conducts a feasibility study to assess what is lacking in the market and the satisfaction level of the existing products and services. From this study, opportunities arise either in the local market or in the international market.
International innovation opportunities may exist when an entrepreneur realizes his new product is not available in international markets. Moreover, market study may reveal that a certain product does not meet the quality threshold of customers in a certain market. The entrepreneur will consolidate the required resources and venture in the international market to expand the customer base and revenue net.
Reverse innovation
Before studying about international entrepreneurship, I had the notion that only developed nations had the resources to innovate products to serve the market in underdeveloped and developing nations. This notion has since changed after studying reverse innovation. Specifically, small businesses have taken the lead over their counterparts. Reverse innovation refers to creation of new products with reference to the local market needs which are tested and used locally and later sold in the international market. In the international market, they are priced below substitutable products to gain a sizeable market share. These products can serve the affluent or medium income earners in the global market due to their uniqueness and to serve their needs. This concept has enlightened my understanding of how local products e.g. form Africa get a market share in the international market.
Marketing for SMEs Internationalization
I have also gained knowledge about marketing for the SME’s internationalization. This knowledge is an important driver of the internalization and the way I will apply the marketing concepts gained to advance my academic thinking in international entrepreneurship. The knowledge will increase my desire to start my small business that will operate in international market place. Additionally, with this knowledge, I will be in a position to convince my friends to start their small businesses operating in international marketing place and advise them accordingly. As a result, this will promote creation of wealth as well as international competitiveness. Nevertheless, under this topic I have learnt that internalization is also a high-risk activity. With this in mind, I will therefore use a sequential or incremental approach to reduce the risks. Similarly, I will advise my friends to use this approach.
Global Human Resource Management, Ethics and Social Responsibility
Every small business aspiration is to expand its enterprise to serve beyond the local market. This is referred to as globalization. This aspiration requires a comprehensive understanding of international labor standards, international code of ethics and the corporate social responsibility demands of a certain country. In this course, I have learnt that for a business to venture in the international market, the entrepreneurs have to study the employment Act of that country and the code of ethics. Besides, an entrepreneur is required to engage in social affairs to create an enabling environment of the new customers. For example, an entrepreneur could allocate 30% of the total employment positions to the locals or as per the guidelines of that country. The topic has enlightened my understanding about global relations and created a platform for my aspiration to be a global entrepreneur.
Implementing and managing global strategy
I have also gained knowledge about implementing as well as managing a global strategy. The topic has informed me how to design as well as implement a global strategy. In addition, I have also learnt how to manage a greatly diverse business, build strong leadership culture, and optimize finance in both volatile and complex economy. The topic has thus expanded my range and skills about international entrepreneurship.
Conclusion
The class on Entrepreneurship has laid a strong foundation in my aspiration to have my own business that will operate locally and internationally. It is my recommendation that further insights about the current issues in entrepreneurship be included in the syllabus since entrepreneurship is the driving force to development in any nation.
Works cited
Chaston, Ian. Entrepreneurial Management in Small Firms. Los Angeles: SAGE, 2009. Print.
Lamont, Douglas F. Global Strategy. Oxford: Capstone, 2002. Print.
Oviatt, Benjamin M, and Patricia P. McDougall. International Entrepreneurship. Cheltenham: Edward Elgar, 2007.
Ruzzier, Maja K, Mitja Ruzzier, and Robert D. Hisrich. Marketing for Entrepreneurs and Smes: A Global Perspective. Cheltenham: Edward Elgar Pub. Ltd, 2013
