International Entrepreneurship & Economic Development: A Case Study

This report discusses the personality, history, and experience of an entrepreneur and their impact on how they approach beginning a business. It also explores the effectiveness of international entrepreneurs and various theories related to international entrepreneurship and economic development.

CW2

Topic - International Entrepreneurship & economic development
Abstract
The personality, history, &experience of an entrepreneur have an impact on how they
approach beginning a business. These are one of the most frequent business models
with fresh ideas; innovators have the power to revolutionize entire sectors. For instance,
Inventor Thomas Edison served as a model for today's inventive entrepreneur. These
entrepreneurs are risk taker can also liable maintain their team effectively. There
numerous kind of international entrepreneurs like J.K. Rowling, Mark Zuckerberg , steve
jobs &Bonnie Chiu & many others are considered as the biggest example of the
international entrepreneurs are motivating lots of people all around the world. This
report focused about the significance of international entrepreneurs &economic
development of the country.

Introduction
Entrepreneurs are containing as the most effective & influential personality who have
various capabilities. International entrepreneurs are responsible to provide their
contribution in the growth of the economical development of the country. Most of the
entrepreneurs recognize the value of assembling & cultivating a strong team of
employees, as well as providing them with the tools & resources needs to thrive.
Entrepreneurs are work like a opportunists who can find a significant business or
specific problem like technical problem & then create a successful solution, international
entrepreneurs map out a strategy for bringing that answer to market as a commercial
product. Because most entrepreneurs come from a background in business rather than
a technical one, they may get overly focused on the short objectives &lose sight of the
bigger picture. The prime motive of this study is to discuss about the theories in context
of the international entrepreneurs.
Main Body
Effectiveness of International entrepreneur
There are various factors are involved which demonstrate the effectiveness of
international entrepreneurs. The explanation about the various factors is as followers.
 Economic growth - The success of entrepreneur-created &marketed goods
&services spreads to other firms &marketplaces.
 Wealth generation - Entrepreneurs’ new goods & services lessen reliance on
obsolete processes &technologies. The impact of cellphones on how
organizations communicate with customers, eW2._425959376mployees, &
partnerships is such example (Zucchella and Magnani, 2016).W2._425959376

 Social change – Individuals engaged in entrepreneurship practices are
determined at looking out for additional customer base from new economic
markets that have not been served by existing businesses.
 Community development – Products and services offered by entrepreneurial
business entities contributes towards domestic neighborhood community
(Rahmani, Esmailpour and Naami, 2020).
Use IE theories
Innovation Theory
The Innovation Theory of Profit has been introduced by joseph A. Schumpeter,
which states that money could made by an businessman with implementation of
efficient ideas and strategies. With reference to Schumpeter, innovation is the
containing as the most specific concept which can useful to improve the effectiveness of
the organisation. Any innovative policy used by an entrepreneur to reduce the overall
cost of manufacturing or raise interest for his commodities is referred to as innovation
(Ahsan and Fernhaber, 2019)
The first category comprised of business operations which further facilitates in
reducing cost of production including implementation of additional methodologies,
technological elements, techniques, etc. In addition to that, initiatives which results in
improvisation and enhancement of product is considered under succeeding innovation
category.
International Entrepreneurs allows an entrepreneur to patent his invention so that
entrepreneur can earn higher profits for a extended duration of time. For example, in
order to protect design of a product, patents has been taken into account to protect it
from getting copied by others (Baier-Fuentes and et. al., 2019). While the supply of
factors remains constant over time, price changes results to be growing, which further
results in an increase in the cost incurred in production. Business organizations with
innovation were observed with increasing supply of good and services with reducing the

price. Therefore, production cost per unit starts to increase whereas cost of revenue per
unit drops.
Status Withdrawal Theory
Everet Hegen proposed this hypothesis. It states that major and foremost source
available to entrepreneurship is determined as ingenuity faced by minority group. In this
sense, he believes that if a community's reputation is tarnished for any cause, that
group becomes very active &strong in order to reclaim it. As an outcome, a large
number of entrepreneurs emerge. As outcomes, it is possible to argue that a social
group's loss of status is the fundamental cause of its personality &entrepreneurship
activity (D’Angelo, 2016).
Theory of Social Behaviour
This determined theory of Social Behavior has been introduced by John Kunkel, which
was oriented above the belief that entrepreneurial development of society is determined
above historical, social, and economic objectives. As outcomes, a large number of
entrepreneurs emerge. As a result, it is possible to argue that a social group's loss of
status is the fundamental cause of its personality & entrepreneurial skills.Individuals'
behaviour can be made entrepreneurship by altering the primary dem & composition
elements. Individual behaviour can be made entrepreneurship by altering the primary
dem & composition elements. Various element such as labor &the labor market,
production processes, access to training, &skills, all influence opportunity competition.

Various factors like means of subsistence, conventional approaches, &life objectives,
influence labor makeup (Dana and Ratten, 2017).
 Attention - The extent to which we are aware of the conduct. Before we can
mimic behaviour, it must first get our attention. Given the large number of actions
we watch but do not mimic on a daily basis, it is clear that attention is critical in
determining whether behaviour promotes imitation.
 Retention - How well we recall the action. If we don't recall the behaviour, we
won't be able to perform it. So, while behaviour may be observed, the observer
will not repeat it unless a memory is developed. Because social learning takes
time, it's important to remember what you've learned.
 Reproduction - The capacity to carry out the action. This is the ability to imitate
a behaviour that we see. It has an impact on our decision regarding whether or
not to try out the habit. Even when we want to replicate a witnessed activity, our
physical skills limit us.
Theory of Leadership
The theory of leadership are determined as understanding of reasons or situations
which determines why people become leaders in life. For instance, these theories are
comprised of essential information and knowledge regarding ideal characteristics of
individuals engaged in leadership practices (Dana, 2017). In addition to that,
researchers are aimed at identification of common characteristics as well as behavior of
ideal leaders, whereas psychologists analyses theories of leadership.
Leadership is determined as approach of encouraging and managing followers or
group towards achievement of common goals. For instance, development of leadership
styles took place with support of studies and research upon leadership theories, which
determines unique qualities and characteristics of each leadership style.
 Coach - Leadership can effectively impry the effectiveness of their staff members
&also follow some effective methods to boost the personality of their staff

members. Leadership can maintain the performance of their employees via
provide them proper feedback.
 Democratic - Leadership need to adopt the democratic leadership style is
helpful to improve the effectiveness of the leaders and these kind of leaders are
more supportive.
 Pacesetter - This factor mainly concerned about the high standard &also also
mainly concerned about the performance.
 Bureaucratic - This leadership style is mainly concerned about the strick
hierarchy & also works to maintain the expectations of the staff members.
 Visionary - Leaders are visionary &also inspired most of the people. While
visionary entrepreneurs for example Apple founder Steve Jobs creates a vast
&deep legacy, they frequently require the assistance of nontechnical
businesspeople to accomplish their universe ambition.

 Autocratic or authoritarian - This type of leadership style is not active in
decision making &provides less support to their staff members.
 Laissez-faire or hands-off - This leadership is mainly focused about the
delegation of the task &also provides the little supervision (Emontspool and
Servais, 2017).
Theory of social change
Max Weber is the author of this entrepreneurship development theory. He
claimed for the very first moment that the emergence &growth of entrepreneurs are
dependent on society's ethical values system. Author believes that a person's survival
religion, as well as the religious beliefs &faiths that he embraces, have a significant
impact on his professional life, occupation, entrepreneurial excitement, &energy. He had
connected entrepreneurship to protein (a Christian group that rejects the Pope's
complete authority) &a variety of faith communities. His observation is that religious

organizations that place a strong focus on capitalism, pragmatism, &monetary
rationalization have seen a rise in entrepreneurship, wealth, innovation, capital
formation, &economic progress. It is undeniable that the Protestant society has made
great economic growth (Jafari-Sadeghi, Kimiagari and Biancone, 2019).
Cultural Theory
B.F. Hauslin proposed this idea of entrepreneurial development. He believes that
economic entrepreneurship is only possible in a society where societal procedures are
unpredictable, people have a variety of employment options, &the society fosters the
personal growth of adventurous people. He emphasized that culturally marginalized
populations are particularly important in promoting economic development in any nation,
because marginal persons are more capable of creatively adapting to changing
conditions (Kasseeah, 2016).
Cultural Value Theory
This determined theory has been proposed and introduced by Kroken, which was
comprised of essential information and knowledge of societal and cultural norms as well
as regulations. Furthermore, according to Kroken, the following three factors determine
the entrepreneur's successfulness: The entrepreneur's personal preference for his
business &vocation. Acceptance groups' expectations on the role of the entrepreneurial.
As a result, it is reasonable to conclude that entrepreneurial development is inextricably
related to the surroundings (Moradi, Sakhdari and Saniei, 2017).
Need for Achievement Theory

This particular hypothesis has been proposed by David C. McClell which was
aimed and determined at economic development and factors affecting the same. In
addition to that, he also looked out for other elements including "human ideals &reasons
that push man to exploit possibilities, to take advantage of favourable business
conditions" in this context. "A drive to do well, not so much for sake of societal
acceptance or reputation, & for the sake of an internal sensation of personal success,"
says the need-achievement (Sadeghi and et. al., 2019).The entrepreneur's actions are
guided by this n-achievement goal. People who have a high n-achievement act
entrepreneurially. As a result, it is preferable to foster n-achievement among people in
order to secure a large scale of economic development. The n-achievement motive is
instilled in children through child upbringing approaches that emphasize high standards,
material warmth, personality, training, &low paternal control.
According to McClelland, Individual who are determined and aimed at
achievement of personal goals and objectives, will be lacking in economic reward, but
will be provided with monetary rewards. In addition to that, these individuals are not
concerned about social acceptance as well as reputation, while their aim lies in
achievement of personal objectives (Schembri and Dimitratos, 2021).
Theory of Model Personality
Cocharn's notion of entrepreneurial supply is a sociological hypothesis. The essential
components that govern the supply of entrepreneurs, according to Cocharn, are cultural
values, role expectations, & social punishments. According to him, an entrepreneurial is
neither a supernormal nor a deviant person, but rather the ideal personality of
community. There are three factors which influence the performance of the
entrepreneurs.
 Personal feelings about profession.
 Sanctioning groups' role expectations,

 Job's operational requirements.
The most important determinant of attitudes & role expectations in this setting is current
societal values (Spinuzzi, 2017).
Conclusion
According to this report, it can be concluded that entrepreneurs are paying the
most challenges role and also boost the economic level through their creative and
innovative business idea and plan. This report discussed about various types of theories
which can become the support system of the national and international entrepreneurs.

References
Books and Journals
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international entrepreneurship lens for new insights into subsidiary
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Baier-Fuentes, H., Merigó, J.M., Amorós, J.E. and Gaviria-Marín, M., 2019. International
entrepreneurship: a bibliometric overview. International Entrepreneurship and
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D’Angelo, A., 2016. Theoretical Foundations of International Entrepreneurship:
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