Global Entrepreneurship, Innovation, and Business Startup Strategies

This assignment provides a comprehensive overview of global entrepreneurship, emphasizing the role of business startups in achieving global success. It begins by defining global entrepreneurship and then delves into the significance of business startups and small business development as pathways to becoming a global entrepreneur. The report explores various global business ideas and business models that can be effectively implemented. Recognizing the crucial role of innovation, the assignment discusses how to integrate it within organizations. It also addresses sustainability issues, highlighting the importance of eco-friendly practices and corporate social responsibility. Furthermore, the report identifies and analyzes the challenges faced by startups, such as financial constraints, management issues, lack of research, and resource limitations. The conclusion summarizes the key findings, emphasizing the need for careful planning, market research, and adherence to corporate standards for entrepreneurs aiming to expand globally.

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Global Entrepreneurship and Innovation

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Executive Summary
In this assignment, an explanation of global entrepreneurship shall be provided and a detailed
study on business startups shall be conducted. Business startups and small businesses shall be
discussed as an approach to become a global entrepreneur. An explanation of business ideas
along with business models, which can prove to be the most beneficial, shall also be provided.
Since every business needs innovation to thrive, the importance of innovation along with the
ways it can be inculcated in the organization has been studied. No business can succeed without
assessing the challenges that it might face, and for the same reason the challenges affecting a
startup have been listed and the sustainability issues have been discussed.

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Contents
Introduction......................................................................................................................................3
About business start-ups..................................................................................................................4
a) Global entrepreneurship........................................................................................................4
 Small business development.............................................................................................4
 Global Business ideas.......................................................................................................4
 Exploiting global markets.................................................................................................5
 Business models................................................................................................................5
b) Innovation.............................................................................................................................5
c) Sustainability issues..............................................................................................................6
d) Challenges faced...................................................................................................................6
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

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Introduction
Global entrepreneurship is the entrepreneurship by leaders on a global scale. These entrepreneurs
work across various countries and spread their business all over the world. They conduct their
research; assess the situation in other countries, identify the potential opportunities and then start
their business to make a profit. A global entrepreneur sets up a business or a company in his own
country and then expands it across international borders. In this assignment, global
entrepreneurship shall be discussed while referring to business startups. The innovation
techniques and sustainability issues shall be studied along with the challenges that a startup may
face while expanding its business globally.

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About business start-ups
A business startup can be defined as a company which has just started its operations. It is started
by an entrepreneur with a small or big amount of money, depending on the scale of business. A
startup can be either started by a single entrepreneur or a group of entrepreneurs, depending on
the amount of finance needed. The main aim of launching a startup is to provide a unique service
or a product, which is not available anywhere else. Even if the product or service is already
available in the market, the entrepreneur aims at adding such unique features to it, that it
increases the chances of success. Often, there is a lot of confusion between a small business and
a start-up. A small business aims at gradually increasing its market share, after establishing itself
in the market whereas a startup is launched with an objective of achieving immediate boost when
it enters the market. Although, a startup may be launched as a small business if it has to be
expanded over a larger market.
a) Global Entrepreneurship
Most of the time, people do not consider startups as a suitable idea for a global entrepreneur.
That is false because startups are the most effective way to expand the business and achieve huge
profits in a reasonable amount of time (Bosma, 2013).
 Small business development
Business development includes several factors that are organized together. These factors
include production, marketing, advertising, and a lot more. Directly starting with a large
scale company increases the chances of failure to a great extent and therefore small
businesses are a much safer way to invest the resources (Blackburn, Hart and
Wainwright, 2013). Small businesses can greatly help in global entrepreneurship as not
all the entrepreneurs can spend an ample amount of money for a startup, and therefore
they opt to start small and medium scale enterprises. Also, setting up small businesses in
various countries will help in generating greater profits instead of investing the entire
money in one large scale business.

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 Global Business ideas
There are several business ideas that can be used to attain success globally. Startups in
the field of market consultancy, career counseling, book keeping services, social media
consultancy, etc. can be started as there is a need for these services worldwide. With
rising awareness, everyone is concerned about their future and wants to make sure that
they take the best decisions and this is why consultancy services are high in demand. Be
it career or marketing related; there is a great demand for efficient consultants. Also, this
service can be provided online, thereby decreasing the cost of setting up the business
(Nohria, 2017).
 Exploiting global markets
Once the startup has gained popularity in the domestic market, it can be further taken into
the global markets by assessing the trends there. Such a service or product should be
chosen whose availability is required all over the world. If the product or service already
exists in the market, then there shall be competitors too. To beat them and gain the upper
hand, it is necessary to understand the marketing trends in various countries. The needs of
the target audience may vary from place to place, and an assessment of the same is
necessary. The technology in different countries has to be monitored, and if it's efficient,
it should be adopted as well (Panitch, 2013).
 Business models
There are various business models that can be used for a startup.
1) A product/ service model can be chosen as it is the most popular one and also is
needed the most. The maximum requirement in the market is for a product or a
service, and since it is a startup, one can choose this model for the best results.
2) A reseller model can be chosen in which you provide a platform to other sellers to sell
their products. This model is also effective, but it requires a lot of legal compliances
to be followed (Boons & Lüdeke-Freund, 2013).
3) An ad- service model through which you can advertise for other companies. This
model also proves to be successful because it has a wide scope for creativity and that

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can be used as a competitive advantage to establish a strong position in the market
(Blank, 2013).
b) Innovation
Innovation is the key to success, especially to thrive in the global market. Whatever
business model you choose, the idea should have some innovation to attract customers
and potential buyers and clients. Innovation can either be applied while formulating the
business idea or it can be applied in the already existing product or service. ( Spieth,
Schneckenberg and Ricart, 2014).
The main aim is to offer the customer such a product or a service which can be
distinguished from those in the market. The personnel or the staff should be carefully
recruited based on their creativity. One can also collaborate with another business or
startup to provide unique services and products to the target audience (Paradkar, Knight
and Hansen, 2015).
c) Sustainability issues
With increasing environmental pollution and degradation, it is the need of the hour to
adopt eco-friendly ways of producing goods. Corporate Social Responsibility and
corporate reporting have now become an ethical as well as a legal requirement. Whatever
idea you choose for the start-up, it should not harm the environment in any way as that
could tarnish the reputation of your business. Also, the business should contribute
towards protecting the environment, and special attention has to be given to the fact that
human rights are given due respect. There should be equality, and each employee should
be treated fairly without any bias (Keskin, Diehl and Molenaar, 2013).
Failing to abide by the social responsibility can not only damage the reputation but also
pose legal threats.
d) Challenges faced
There are several challenges that have to be faced while launching a startup globally. 1)
The first one is finance. To operate all around the world, you need finance. If there isn’t a

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strong financial backup, then the business should be restricted to a small scale (Burns,
2016).
2) The second challenge is good management. You need to appoint such staff who can
handle the pressure. Along with that time has to be managed as well as the work would
be done on a global scale. One would have to leave his comfort zone to succeed (Baden-
Fuller & Mangematin, 2013).
3) The third challenge faced by a startup is a lack of research. It is often seen that
entrepreneurs are too busy setting up the business that they don't invest time in
researching the market. Every place has a different market trend that has to be monitored
carefully. The competitors have to be monitored along with the views of the target
audience. Surveys have to be conducted to know their likes, dislikes, and preferences
(Speith, et al., 2014).
4) Lack of personnel and resources- There might be a possibility that the business gets an
unexpectedly positive response from the customers and it boosts up. In such a case,
additional resources shall be required, and the entrepreneur should have sufficient backup
at that time. In case the same is not done, the sales, as well as the reputation of the
business, would have a downfall and once the goodwill is damaged, it is very difficult to
gain back the same position in the market (Berglund & Sandström, 2013).

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Conclusion
It can, therefore, be concluded that global entrepreneurship is not an easy task. It requires a lot of
monitoring as well as a considerable amount of money. In this assignment, business startups
were considered as a means of global entrepreneurship. Ideas like consultancy services and
advertising can prove to be successful for small business startups. An entrepreneur must keep a
backup of resources, both finance, and personnel, to avoid extreme challenges. Before stepping
its foot in the global market, the entrepreneur should survey the markets in various countries.
Along with that, the entrepreneur has to comply with corporate standards and follow sustainable
development practices. This shall help in avoiding any legal dispute which could tarnish the
reputation of the company. Also, innovative ideas and workers are necessary to make any startup
successful.

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References
Baden-Fuller, C. and Mangematin, V., 2013. Business models: A challenging agenda. Strategic
Organization, 11(4), pp.418-427.
Berglund, H. and Sandström, C., 2013. Business model innovation from an open systems
perspective: structural challenges and managerial solutions. International Journal of Product
Development, 18(3-4), pp.274-285.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy, and owner-manager characteristics. Journal of small business and enterprise
development, 20(1), pp.8-27.
Blank, S., 2013. Why the lean start-up changes everything. Harvard business review, 91(5),
pp.63-72.
Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production, 45, pp.9-19.
Bosma, N., 2013. The Global Entrepreneurship Monitor (GEM) and its impact on
entrepreneurship research. Foundations and Trends® in Entrepreneurship, 9(2), pp.143-248.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Keskin, D., Diehl, J.C. and Molenaar, N., 2013. Innovation process of new ventures driven by
sustainability. Journal of Cleaner Production, 45, pp.50-60.
Nohria, N., 2017. Fast forward: The best ideas on managing business change. Business Review,
9, p.10.
Panitch, V., 2013. Global surrogacy: Exploitation to empowerment. Journal of Global Ethics,
9(3), pp.329-343.
Paradkar, A., Knight, J. and Hansen, P., 2015. Innovation in start-ups: Ideas filling the void or
ideas devoid of resources and capabilities?. Technovation, 41, pp.1-10.
Spieth, P., Schneckenberg, D. and Ricart, J.E., 2014. Business model innovation–state of the art
and future challenges for the field. R&d Management, 44(3), pp.237-247.