Global entrepreneurs are those people who find and conduct innovative and brand new ideas or business activities throughout the nation. The activities that are conducted by these global entrepreneurs mostly consist of licensing, exporting, opening a new office or going into a new venture.
What are the questions that one should ask before venture in the whole global entrepreneurship concept?
Global entrepreneurship is a very vast concept and one should ask himself or herself these questions before venturing into it.
- Whether or not the person is ready to go global?
- What should be exact plan of action?
- What should be the right way of beginning?
- Make a decision on what should be the first market that we should venture first.
- What can be the optimal mode of entry?
- The rate at which the company should be expanded globally should also be determined.
In this world all the big business houses and big companies function in the value chain. These companies that work in the value chain are very much globalized and integrated. It is estimated that by the year of 2027 the value of multinational business will rise from five trillion dollar to 70 trillion dollar.
The right mindset for being g global
One should have a right mind set for going global. The orientation and state of mind that helps us to understand a product, a business, an industry sector, a particular market on a global platform is very important. The people who have a global mindset possess the capability of seeing through multiple territories and still can focus on the commonalities across the market. One who has a global mindset can look at the world from a bigger and broader prospective. The idea of global entrepreneurship is very much a favorable for small and entrepreneurial a company which gives then access to technology, capital, market and talent as well.
The benefits of global entrepreneurship
- The benefits are
- It enhances the domestic competitiveness
- It reduces the dependency on existing markets
- Finds new customers
- It helps in increasing sales and profits
- It enhances the universal potential investors
- It has a capitalizing effect on tax advantages
- It helps in finding new talent
- It helps in protecting the foreign market
- Global entrepreneurship also helps in transferring the competitive information and the new product ideas from one market to another which is also called “learning local and share global” activities.
- It also helps in building and increasing the capability of marketing.
- It minimizes the impact of seasonality in local markets.
- There is guarantee supply of raw materials.
- They help in receiving technology and R&D capabilities.
- It helps in reducing the cost through global outsourcing.
Global entrepreneurship is a concept that in gaining popularity day by day since now the companies are going global. For raw products now they are not only focusing on the nearby local market but they are looking for the best product throughout the world. But this is also a tough process for it is not an easy task for the global entrepreneurs to focus on all the headquarters that are located in different part of the world.