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Assessing the Viability of Internationalizing an Agricultural Business

   

Added on  2019-09-19

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Running Head: InternationalizationSTRATEGIES FOR SMALL AND MEDIUM ENTERPRISEINTERNATIONALIZATION AND BARRIERS OFINTERNATIONALIZATION AND EXPORT PERFORMANCE OFLOCAL AGRICULTURAL BUSINESSES IN NIGERIAName:Year:
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InternationalizationAbstractInternationalization is an effective strategy that enables the small and medium enterprises (SMEs) acrossthe world. Entering the international market enables the SMEs to tap the larger customer base andincrease the profitability. However, for operating in the international market successfully, the businessesneed to have innovative strategies and advanced infrastructure. The SMEs often lack adequateresources and innovative ideas and so, these organizations fail to operate in the international marketsuccessfully. The agricultural SMEs in Nigeria face intense competition in the domestic market. So, theorganizations are focusing on entering the international market. In the current research, survey isconducted among the professionals who are involved to the agricultural businesses. The findings ofsurvey, after thematic analysis of the responses, indicate that the lack of knowledge, financial resources,innovative ideas and advanced technology are the key barriers to internationalization. Operating in theinternational market would be easier if the businesses invest in e-commerce technology and marketresearch.2
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InternationalizationAcknowledgementIwould like to express my special thanks of gratitude to my teacher who gave me the goldenopportunity to do this wonderful project on the topic,STRATEGIES FOR SMALL AND MEDIUMENTERPRISE INTERNATIONALIZATION AND BARRIERS OF INTERNATIONALIZATION AND EXPORTPERFORMANCE OF LOCAL AGRICULTURAL BUSINESSES IN NIGERIA, which also helped me in doing a lotof Research and I came to know about so many new things I am really thankful.3
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InternationalizationContentsAbstract.......................................................................................................................................................2Acknowledgement.......................................................................................................................................3Chapter 1: Introduction...............................................................................................................................61. Introduction.........................................................................................................................................61.1 Aim and Objectives of the Research..................................................................................................71.2 Research Question.............................................................................................................................81.3 Outline of the Research.....................................................................................................................91.4 Literature Review.............................................................................................................................101.5 Methodology...................................................................................................................................111.7 Barriers of Internationalization and Export Performance of Local Agricultural Businesses in Nigeria...............................................................................................................................................................121.8 Conclusion.......................................................................................................................................13Chapter 2: Literature Review.....................................................................................................................142.1 Introduction to The Nigerian Agribusiness industry........................................................................142.2 Internationalization and its benefits in SMEs...................................................................................152.3 Barriers of SMEs Internationalization..............................................................................................152.4 Need for internationalization..........................................................................................................212.5 Conceptual framework....................................................................................................................232.6 Organization Readiness...................................................................................................................272.7 Conclusion.......................................................................................................................................28Chapter 3: Research Methodology............................................................................................................293.1 Introduction.....................................................................................................................................293.2 Research Objectives.........................................................................................................................304
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Internationalization3.3 Research Question...........................................................................................................................313.4 Research Method............................................................................................................................313.5 Research Design...............................................................................................................................323.6 Research Approach..........................................................................................................................333.7 Research Philosophy........................................................................................................................343.8 Sampling Technique.........................................................................................................................363.9 Data Collection Technique...............................................................................................................373.10 Data Evaluation Technique............................................................................................................383.11 Ethical Consideration.....................................................................................................................393.12 Validity and reliability....................................................................................................................393.13 Limitation of study.........................................................................................................................40CHAPTER 4: DATA ANALYSIS......................................................................................................................424.1 Introduction.....................................................................................................................................424.2 Presentation of Data........................................................................................................................424.3 Analysis............................................................................................................................................504.4 Conclusion.......................................................................................................................................52Chapter 5: Conclusion...............................................................................................................................535.1 Introduction.....................................................................................................................................535.2 Linking to Objectives........................................................................................................................535.3 Recommendations...........................................................................................................................575.4 Chapter Summary............................................................................................................................58Appendix 1: Survey Questionnaire and Responses....................................................................................695
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Internationalization6
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InternationalizationChapter 1: Introduction1. IntroductionSmall and medium-sized enterprises are some of the most effective sources of growth foradvanced industrialized countries and for emerging countries alike. The underlying growthprospects in such kinds of enterprises are huge compared to large organization. SMEs havegained recognition over time with their own characteristics (Dimitratos et al., 2016). Theagencies are considered as one of the large parts of the private sector of the developed anddeveloping countries. However, it was seen that SMEs have a causal link with economicdevelopment as there is evidence that show that small firms usually faces larger growthconstraints than the big firms due to less access to external finance (Eniola&Ektebang, 2014).Internationalization is usually denoted by big business, however, it is slowly being carried out bythe small business as well with their limited resources (Dimitratos et al., 2016). The reasonbehind internationalization is to increase sales, diversify associated risks and operation, gettingbetter clients, reduce costs and other benefits for business. The agricultural sector of Nigeriahas always faced with issues such as the lack of development, marketing problems, unstableprices and others (Eriksson et al., 2015). Internationalization will help them to improve on thesepotential barriers so that they can experience continuous growth. The agricultural sector ofNigeria is experiencing a lower development and growth rate over decades with an averagegrowth rate standing at 6 to 8 percent per year. Thus, it became necessary to research thestrategies that small and medium-size enterprise like the agricultural production of Nigeria can7
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Internationalizationuse to promote their internationalization process and solve the issues they are facing such asgrowth sales and profitability. 1.1 Aim and Objectives of the ResearchThe aim and objectives of the dissertation will help in offering a clear view to the research onstrategies for small and medium enterprises internationalization and barriers ofinternationalization with reference to export performance of local agricultural businesses in adeveloping country like Nigeria and areas that need to be achieved through thorough researchand analysis. AIM: The research aims at examining the strategies that SMEs can use to internationalize thelocal agricultural production in Nigeria. It establishes an inclination to know the ways in whichthe small and medium sector enterprise can grow internationally and have a global presenceeven after facing various constraints such as financial earnings or financial help from externalsources. The major goal of the study will be to understand industrialization and the strategiesother small sector firms have adopted worldwide to get an international presence. This studywill explore whether similar strategies can be implemented in the SMEs of Nigeria. OBJECTIVES: The objectives of the research is as follows:• To study the meaning of internationalization: Industrialization has various meanings as it isunderstood by different people on a different sphere. Understanding internationalization will8
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