International Entrepreneurship: Opportunities and Strategies for Success

This report explores the concept of international entrepreneurship and its opportunities for success. It covers the theories of Kirzner and Hisrich, as well as the example of Elon Musk as an international entrepreneur. The report also discusses trait theories, effectuation theories by SARASVATHY, and the technology entrepreneurship theme. Additionally, it delves into the importance of innovation and sociological theories for international entrepreneurial opportunities.

International
Entrepreneurship

TABLE OF CONTENTS
ABSTRACT....................................................................................................................................2
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
A brief introduction about an International Entrepreneur and Ventures and use of IE
definitions to justify the IE.........................................................................................................3
IE’s motivation to set up the business which is supporting by theories......................................3
Trait theories to justify whether Entrepreneurs are born or made...............................................4
Describing effectuation theories by SARASVATHY.................................................................4
Lesson learnt................................................................................................................................5
PART B...........................................................................................................................................6
Technology entrepreneurship theme and its feature....................................................................6
TASK 2............................................................................................................................................7
International Entrepreneurial opportunities.................................................................................7
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................11

ABSTRACT
International entrepreneurship is the broad concept, an ability of the entrepreneur to took
over the challenge to go over border for their business. Report has highlighted the different
theory as kirzner, hisrich for defining the international entrepreneur, report covered the example
of Elon musk entrepreneur. It also described the IE’s motivation for starting business and traits
or effectuation theories by the SARASVATHY. It not only covered the theory but also described
the technology entrepreneur theme along with its features that applied to the selected IE. It
covered the broad description of the IE approaches for international entrepreneurial opportunity,
which covered the range of discussion of entrepreneurial theories and the environment which
fosters the entrepreneurship.

INTRODUCTION
International entrepreneurship refers as the creation of the new venture on the
international basis. It is the better approach that is adopted by the firms for their
internationalisation, as the firms have the string impact of the entrepreneur and their network
with the foreign firms (Hernandez-Perlines, 2018). this term is also related to the way as
technological advancement and other cultural activities that enables the new businesses to
establish their business in global market. following report will cover the description about the
venture and covers the Kirzner and Hisrich theory for justifying the selection of the international
entrepreneur. It also describes the example of Elon musk as a IE, it also illustrates the trait
theories and discuss the technology entrepreneurship theme. It also carries out the use of IE
concept related to IE opportunities.
MAIN BODY
A brief introduction about an International Entrepreneur and Ventures and use of IE definitions
to justify the IE.
An international entrepreneur named Elon Musk who is the founder of and CEO of
Tesla. Elon Musk was born in South Africa and have interest in computing and video games at
the age of 10 years and learned the computer programming at the 12 years. In 1995, Musk has
founded web software company and where it starts their career. Today, Musk is the CEO of the
Tesla and leads the product designing, engineering and global manufacturing of the company
electric vehicles. The theory of Kirzner of entrepreneurship leads alertness. This alertness leads
to an individual to make the foundations as they are valuable and can provide the satisfaction of
human wants (Malerba and McKelvey, 2019). Through this theory it has founded that Elon Musk
is suitable according to this theory as Musk enhances the innovation and his ideologies as per the
satisfaction of the human needs and desires. Musk creates the alertness in their innovation areas
and puts the efforts in providing the satisfaction to the people. Also, as per the view of Hisrich,
Musk is very good leader who had established a successful business venture as he is also a
visionary leader which helps him to become successful entrepreneur.
IE’s motivation to set up the business which is supporting by theories
The international entrepreneur Elon Musk sets up the business by having the support
from different people and areas. Musk has been supported and motivated by his family members

where, as per the theory of family influences which refers the child and parent development
which simple means one family member is influencing the another family members as well. The
family influences includes the family is interrelated and imagining each part and contributing to
the growth of reach other. Elon Musk gets the motivation by the family where this theory suits
appropriately. Also, Musk has been motived by the educational sector, from the previous job
experience from where he can be able to feel motivated and courageous accordingly (Liguori,
Winkler, and et.al., 2018). According to the educational theory, Elon Musk has a cognitivism
learning where education based on both external factors and internal process like information
and data which helps the Musk can be able to feel supported and motivated and can be able to
bring the innovation in the business and venture.
Trait theories to justify whether Entrepreneurs are born or made
The trait theories simple defines the human personality which express that how one
person is different from another according to the strength and intensity. Entrepreneur are not
born they are made as according to the different type of traits it helps an individual person to
understand and know about the personality of her own. Elon Musk who is an international
entrepreneur puts their efforts and hard work in becoming and growing his business at internal
level (Ottmann, Mahut, and et.al., 2022). According to the FFM which is five factor model
which includes the extraversion, neuroticism, openness to experience, agreeableness and
conscientiousness. An international entrepreneur has been made by their personality where Elon
Musk have the agreeableness personality which indicates the empathic and kind behaviours to
the people which makes them to win the heart of the people and can be able to put their best
efforts and bring the innovation in the business filed.
Describing effectuation theories by SARASVATHY
SARASVATHY theory of effectuation suggest the approach of making decision and
performing the actions under the entrepreneurship process. This helps in identifying the
upcoming steps in entrepreneurial procedure. This act as a proper guidance for entrepreneur in
terms of identifying available resources that can help in the completion and achievement of goal.
The major principle of this theory are:
Bird-in-hand- This principle says that expert entrepreneur does not seek opportunities on the
basis of targeted market or expected return. They make decision on the basis of expertise

knowledge. Elon Musk has been considered as one of the successful entrepreneur that takes
decision on the basis of knowledge instead of gaining the high returns.
Affordable loss- This refers to managing the risk in such way that the loss can be afford by the
entrepreneur (Coudounaris and Arvidsson, 2021). However, it has been said that the entrepreneur
are risk taker but, they are expert in managing risk. Elon Musk has adopted the effective
character that enable him to manage the risk that occurs in the business. On the basis of that, the
decision has been taken.
Crazy quit- Entrepreneur introduce numerous innovation in market at a certain point of time the
innovation often fails. However, Elon Musk focuses on the buyers who seek the vision of
innovation instead of quitting. Thus, this makes him successful IE.
Lemonade- Entrepreneur does not have idea that what happens next. However, a successful
entrepreneur is always ready to face the good and bad changes and this creates the high ability of
making premises for future in them. Instead of getting surprise, Elon Musk is always ready to
deal with the scenarios.
Pilot in the sky- Highly expert entrepreneur does not see market as a tide which has to catch by
them. They believe that, people create the future (Hamamatsu and Fujita, 2021). Furthermore,
they have ability to manage the future as well. Elon Musk has never thought that there is no
market for electronic cars. He always believed in public that wanted changes in order to develop
in future.
Lesson learnt
The lesson that has been learnt from this is that, Elon Musk is that entrepreneur who
always believed in taking action that based on his knowledge and experience rather than seeking
market and assuming high returns. Furthermore, it has been learnt that, Elon musk has always
manage risk in positive manner and never quit in the hard times. He made focus over
understanding the people who understand his vision rather than focusing over the loss pattern.
Also, he made himself highly able in order to become ready for up-coming steps in-future. Thus,
Elon musk has been proven one of the most successful IE as the major focus of him is over
making decision within analysing the subjective elements. The successful Entrepreneur has been
considered as those entrepreneurs who focus over understanding the people rather than just
catching opportunities. In similar manner, Elon musk is performing the same concept.

PART B
Technology entrepreneurship theme and its feature
Technology entrepreneurship refer as the business leadership approach which is mainly
based on the processes to find the potential technology based opportunities for the business in
order to increase the share and to compete with other business rivalries. It is the unique activity
where the entrepreneurship team together prepare the strategies to create the start up for the
technology based venture (Buccieri, 2018). As technology is important and it has great impacts
over the business operations, thus with the help of the businesses can easily develop the tangible
and intangible benefit which helps in generating the revenues and provide better customer
satisfaction. Usually technology based entrepreneurship is related to the innovation which gives
the great source of earning through which the businesses ca easily acquires the large share along
with strong market position.
Innovation: Innovation is key to success, organisation continue focus on R&D to develop the
new and unique ideas to grab the attention of their potential consumers. Thus it is the
responsibility of the entrepreneur to processed the business functionalities and create the
effective system which can be easily adopted to introduce innovation in services. Now business
is focusing on ton invest on different software and technologies in order to deliver the fast and
tech savvy products to the customer. In such entrepreneur makes the organisation to develop
their technological infrastructure and to manage it for optimum result. Thus for the Elon musk it
is found that he continuously motivates their team to step out from the traditional thinking and to
develop the new ideas to implement.
Optimum use of resources: Entrepreneurship is associated with the economical activity that
comes with the great creativity so that firm maximise their revenues and to ensure the proper
utilisation of all resources in efficient manner. As for the IE Elon musk he usually focus on
developing the needs in good manner and then deletes the process and then optimise all resource
design and finally automate to produce the result.
Risk aptness: Entrepreneur have mind set towards the risks, it is their build up ability and
environment which allows them to seek the likelihood of the risk. They always think beyond the
limits, that is why their business becomes so popular and successful (Alayo and et.al 2019).
Entrepreneurs already proceed with the buffer plan as the plan B is always ready to come in
force when the original plan fails, their creativity allows them to mitigate the risk in productive

manner. Thus regarding IE Elon musk, he took the great risk to start the business which is
uncertain, he also took a risk to invest million dollars into the X.com company, which later
combined with the confinity to develop the PayPal.
TASK 2
International Entrepreneurial opportunities
In general, the term international entrepreneurship defines as an entrepreneur who is
doing the business at international level and imports and exports the goods which helps them to
grow and develop in the global market areas. There are many international entrepreneurs who are
leading the business field widely. Doing a business at international level provides the many and
different entrepreneurial opportunities which helps the business to grow and develop at more
successful manner (Ateljević, and Budak, 2018). There are many and different theories which
can create a better understanding about the entrepreneurial opportunities. The innovation theory
of entrepreneurship defines as where the entrepreneur gains the profit and benefits from his
innovation which helps them to become more successful and can be able to reduce the overall
cost of the production which will support them to increase their opportunities and profitability.
The term innovation simple means unique ideology which can bring the more profit to the
business and also provides the different international opportunities to make the business more
successful. Entrepreneur can earn the profit for the longer period if they maintain the patience
and allow themselves to create a beneficial ideology which can help them to grow and develop
more in the business filed.
As per the view of Schumpeter, innovation defines as a policy that they undertake to
reduce the overall pricing of the manufacturing from which they can be able to increase the
demand of the product which will provide the great opportunities to them (Campton, 2022). For
example, Elon Musk who has discovered and founded the organization named Tesla where the
entrepreneur brings the innovation by manufacturing the electric vehicle and which creates the
great demand and craze among people from which the market value of the product has increased
from the cost of the production of the electric vehicle. Innovation leads the entrepreneur to give
the different opportunities to grow and develop themselves and can be able to achieve the overall
success of the business. Increasing the demand of the product makes the entrepreneur to obtain

the beneficial results and profitability from which they can be able to run their business and can
develop their image and reputation in the market widely.
Bringing the innovation is essential to create a place in the business field and can make
their business or an organization to be successful (del Rocío Vallejo-Fiallos, 2019). Innovation
can be brought in the new market where an entrepreneur has to look for the market research and
demand of the customers which will help the entrepreneur to bring the ideology and innovation
in the new market which will ensure them to grow successfully. In the end, it has been justified
that innovation provides the opportunities for the international entrepreneur and helps them to
create a demand in the market and can earn the profitable result and outcome.
An entrepreneur who mainly focuses on the social needs and requirements within their
business provides them to develop and grow effectively. The term sociological theories means an
entrepreneur who is keeping their focus on the social needs where it gets the overall supports
from the public and society which make their business to grow and develop successfully. The
entrepreneur can be able to get the different opportunities by understanding the sociological
areas which help and supports them to grow their business respectively (Sylla, and Iurgel, 2020).
According to the Cochran theory of entrepreneurship, it has been stated that cultural vales, role
expectations and social sanctions are important factors to be considered to create a definite
growth and development. An entrepreneur can be able to expand their business internationally
and only can get this opportunity when the attitude of the entrepreneur reflects towards their
professionalism. Keeping the focus and concentration at the particular area helps the person to
think and understand the social needs and how much dedicate the person is towards their
profession. Also, motivation is also one of the factor which foster the entrepreneur mind-set and
the ideologies from which they can be able to grow and develop their business world-wide.
Motivation simple refers as an ability from which the person can be able to feel courageous and
can achieve the set goals and target within a time.
According to the Maslow's theory states that human needs indicates the human behaviour
where it includes the different factors an entrepreneur should keep a focus on these areas which
helps them to stay motivated and also can provide the motivation to another people (Al Awadhi,
and et.al., 2020). The theory has includes the different need of a human which needs to be
fulfilled which will help the entrepreneur to have the different kinds of opportunities to develop
themselves as a successful entrepreneur. An entrepreneur gets opportunities like cultural,

environment, fulfilling the needs of the society and public and such more. These mentioned
opportunities can make the entrepreneur to expand their business in the new market and can be
able to improve their own abilities and can bring the innovation. As per the sociological theories
of the entrepreneurship, makes them and can act to influence which will help the entrepreneur to
become more successful. The motivational theory has been stated that an entrepreneur can be
able to improve their business widely which will make them to expand in the new market and
provides the different type of opportunities from which it's will ensure that each and individual
entrepreneur can follow these areas so that they can be able to expand their small and medium
business at global level.
It is found that for fostering the entrepreneurship environment, some factors plays an
significant role, as psychological factor, it has great impact over the mind set of the entrepreneur.
Competition and the collaboration are the major psychological driver that impact the
entrepreneur their business, they always tries to differentiate the businesses and relations and
their working style is most probably depends on the victory. Entrepreneur always aim to win the
game, as they want their business to grow and develop the revenues which makes them stand out
from large audience (Figueira, 2018). As the competition for the entrepreneur is not the one
which is set by the others, they often target by themselves and took the challenge to complete
any complex process in efficient manner. Entrepreneurs always took the challenge at some extent
but they also ensure to not go beyond which they will not be able to cope up with. They focus on
the planning and always seek the opportunities and risk associated with the specific plan.
Therefore international opportunities always comes with the certain risks, it is the determination
and positive mind set of entrepreneur which allows them to took the challenge and continue their
growth at international level. It is also found that family motivation and other environment for
the entrepreneur is also important, it plays a significant role in developing or growing their
business. level of education also impact the mind set of the entrepreneur, as support from the
family and education plays an creative and motivational role to remain strong in needful or
complex situations (Reuber and et.al 2018).
It is often found that other psychological feature of the entrepreneurship is that they
determine to their work and always challenge themselves with new things, they set the high
targets for themselves as well as for their team and encourage them to move forward in achieving
the target in short time period. They lead and supervise the team so that they feel encourage and

it will enhance their creativity ability to maximise productivity in any task. Combination of the
innovation and risk bearing behaviour enables the entrepreneur to cross the national line and to
enter into the international market. Anthropological theory suggests that it is important for the
entrepreneur to initiate the business must required to consider the social and cultural factors. It is
analysed that new business or venture is always initiated by the own cultural Influence of the
entrepreneur (Xu and Chen, 2020). Anthropological theory suggest that how the entrepreneur
give better meaning to their own reality and it represents their cultural identity and symbols. This
theory helps in determining as how entrepreneur interact with their own environment and how
they start their business which also follows their cultural values. As per the economical
entrepreneurship theory It is also associated with the market theory, entrepreneur operate their
business in market economy, they plans for overcoming the trade barriers and conduct the
market research which incur the cost. Vision of the entrepreneur always include the new findings
and risk taking abilities, it is important for the nations to grow in the ever changing or dynamic
nature of global market place. As economical theory helps in exploring the factors which impact
the entrepreneur behaviour. It is further categorised in three processes which are classical,
Austrian and neo classical approach (Karami and Tang, 2019). In the classical theory, it suggests
that the entrepreneur lays out the role to the developer and distributor of the product in market.
According to the john H. Kunkel theory, it is particularly linked with their expressed
activities and their relationship with their current and existing surrounding, social and cultural
structure, behavioural patterns. Theory suggest the development of the entrepreneur is mainly
relies on the extensiveness of the factors which are demand, opportunity and labour structure. As
demand structure relate to the changing nature of the market, as the changes made in
governmental policies also impacts the business of entrepreneur, thus they took it as a challenge
and proceed with the specific strategy in order to deal with any obstacles. Opportunity factor
derived by the combination of the technical skills and capital, labour and other capacity of the
organisation to develop the growth chance for the business. thus entrepreneur always look for the
opportunity, they grab the chance and convert it into a better outcome, which worth the business
as well as benefited the community. Entrepreneur always associated with their social values as
they innovate or develop the product and promote the growth in economy, they support
community by providing them better opportunities. Labour structure is often directed by major
elements which are traditional outlook and other ambitions, labour quality impacts and drives the

growth for the entrepreneurship, instead of only focusing on the capital incentives, worker
incentives server better. Thus entrepreneur always supports their team and make them efficient
and allow them to show their creativity in introducing innovation.
CONCLUSION
From the above report it is illustrated that international entrepreneurship enables the
entrepreneur to develop their business in international market. It is their risk taking ability and
determination makes the entrepreneur to took every challenge and also plans for its mitigation.
Above report have illustrated the description about the IE which covers the example of the
successful entrepreneur. Report illustrated the IE’s motivation to develop the business and traits
or effectuation theories as what influence the decision making of the entrepreneur. It covers the
technology entrepreneurship theme and concluded with IE approach for international
entrepreneurial opportunities.
REFERENCES
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