Growth & Development in Global SMEs: International Entrepreneurship

This report delves into the realm of international entrepreneurship, focusing on the growth and development of global small and medium enterprises (SMEs). It begins with an introduction to the concept and a literature review that examines various factors influencing SME growth, such as innovation, government support, market trends, technology, and competitive environments. The report discusses how innovation and adapting to market trends can significantly boost SME productivity and sales, while government initiatives and technological advancements provide crucial support. Furthermore, it highlights the challenges faced by international SMEs, including financial constraints, competition, and marketing complexities. The conclusion synthesizes the findings, emphasizing the importance of effective strategies and approaches for sustainable SME growth and development in the international market. The report also provides an overview of the challenges faced by SMEs during their growth and development, and then offers several recommendations for sustainable SME growth.

INTERNATIONAL
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
LITERATURE REVIEW................................................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
International entrepreneurship term is defined as procedure that has been used
by an entrepreneurs while their conduct venture activities and practices, beyond
national boundaries. It helps an entrepreneur top expand their business from domestic
of international level, which in return provides varied benefits. The current assignment
will be based on specific topic and that is Growth & development in the global small and
medium enterprises.
LITERATURE REVIEW
According to Tolstoy and et., (2020) many International SMEs in recent time has
grown successfully and developed in productive manner. Small and medium-sized
enterprises attempt to grown by conducting particular practices. For example, they
efforts to make changes within current products or services, which help these
companies to progress and obtain benefits in term of increasing customer base,
profitability and productivity. It is one of the most common approaches that most of the
SMEs adapt to grow and sustain for longer time period in market at international level. It
can be said that by making changes, small companies may improve their product quality
which in return increase the satisfactory level of consumers and allow them to retain
with these companies in term of purchasing their items or services. Small & medium
enterprises are the most essential and biggest sector in the whole world. They grow
unexpectedly by innovative new goods or services at national level and continuous at
global level after getting success, which is quite tough to get. Varied forms of factors are
accessible in the world of business, which contribute in growth and development of
international SMEs in effective and systematic manner. Innovation is a kind of factor
that supports to do so and bring many benefits for small & medium enterprises.
Kenourgios, Savvakis and Papageorgiou, (2020) stated that in today's period ratio of
SMEs growth and development has increased, because many elements may contribute
in the context of this process. For instance, government take initiatives to support small
and medium-sized companies to progress and develop, in term of providing financial
services and valuable offers. It is quite effective and appropriate contribution that federal
authority take. It can be said that to grow successfully in the world of business a small

company needs several resources in which money is the main concern. Just because of
low interest rate loans, offer by the government, SMEs may apply for it and boost their
productivity level even better than last few years. Furthermore, in term of resources,
bank loan offers play vital role in development of international small and medium size
organizations. In the view point of, Khan and et.al., (2020) government provides a lot of
schemes and programmes along with this one, just to support in development of
international SMEs. Low interest rate is one of those ways, which it may use and grant
to small companies which made them capable to achieve set aims and objectives like
increasing customer base, maximizing productivity and increasing profitability which is
quite important to increase.
In the view of Donbesuur and et.al., (2020) emerging trends in market play vital
role in growth and development of international small & medium enterprises. For
example, a small organization may grow when it considers the current and further
trends which its target customers may follow and take decision related to product or
service purchase accordingly, it helps organizations to progress unpredictably as it
allow SMEs to offer their goods according to trend and what people prefer to buy the
most. It is one of those factors that supports in entire process effectively, it helps to
increase the productivity and sales of ventures, which turns into generating revenue.
Emerging market trends unlocking growth in SMEs and contributing in their
development as it give chances to gain the attention of profitable and potential buyers
who are able to buy a product in exchange for money. According to, Arslan, (2020)
growth and development of international small & medium firms, provide several benefits
in term of giving chance to hire skilled and talented people who are able work effective
and contribute to gain competitive advantages, which is so important for SMEs to
obtain. Along with increasing customer base, these companies may strengthen their
workforce as well. They may hire new people who understand the current market trend
even better and knows what consumers actually prefer to purchase, as they may sell
products or services appropriately or even more than last years. Small and medium
enterprises may grow by using the key skill and competences of employees who are
quite efficient and productive as well. de Sousa Jabbour, Ndubisi and Seles, (2020)

contradict that international small & medium firms grown and develop because certain
components help to do so.
For instance, technology advancement play crucial role in development and
progress of SMEs at global level. It gives opportunity to these type of companies in term
of selling their small product portfolio and less range of service via using online sources,
which is quite effective and emerging trends that many small firms adapt to grow. It
considered as cost effectual method that help in development and growth of SMEs
internationally. As per view, Mallinguh, Wasike and Zoltan, (2020) advancement in the
context of technology, bring a lot of benefits for small and medium enterprises, as it help
to save money and attempts to workers in regard to sell items directly to consumers. In
recent time, many companies whether it is small or large used technologies for different
purposes. Furthermore, by using advanced technologies in term of digital marketing
platforms, each organization while operating their venture at international level my grab
chance to get success. They may conduct effective and useful practices in term of
international marketing, which is actually quite beneficial and valuable for small and
medium size enterprise and their customers as well. With the help of digital marketing
tools and channels, SMEs may grab opportunity to promote business all over the world,
which in return drive the attention of new customers towards their product purchase and
exciting offers that are incredible. In the opinion of Asemokha and et.al., (2021)
increasing ration of competition also supports in effective development and incredible
success of small & medium enterprises.
In the business world, each international SME attempts to achieve their strategic
goals and business objectives, for which they take initiatives in varied terms. These
efforts create a competitive environment within sectors where small and medium size
companies are operating their businesses and conducting many practices daily. In term
of factor, high competitive environment drives the attention of small and medium size
firms, towards growing their ventures and developing at new places where profitable
customers seeking to buy a quality product which is cost effective and provide value to
them. Competitive rivalry between existing small and medium companies, give power to
individual firm and drive their attentions towards developing the most effective strategy
and plan, which made them capable to progress and sustain for longer at international

market. As per the view of, Alkahtani, Nordin and Khan, (2020) competitive environment
helps to boost the productivity and operational efficiencies of companies, which in return
increase their performances even better and permit to maximize the satisfactory level of
buyers, which also important for SMEs to do. According to, Naradda Gamage and et.al.,
(2020) during the process of development and growth, international SMEs face many
challenges and issues along with taking benefits, which may decrease their operational
effectiveness and productivity as well as sales level. In the corporate world, there are
many forms of approaches, methods and concepts are available that has been used in
the context of identifying problems which a company faces.
International Entrepreneurship theories, is one of those concepts that utilize to
identify issues that international SMEs may face in regard to their development and
growth in profitable market. For example, it is not that easy for any firm whether it is
large or small to grow. Liabilities of foreignness theory is right example of IT theories.
According to this concept, a small organization may invest a lot of money in their home
nations to give touch competition to other SMEs which made them able to grow. It is
one of the biggest problems that each company face when they wish to grow and
develop their business. The process of business development and progress requires
additional costs, which is impossible for SMEs to invest.
Ben Arab, (2020) contradict that international small and medium size companies
attempts so hard to gain existing growth opportunities which made them enable to
develop even better. There are varied types of practices they conduct, to grab the
attention of new consumers and retain current ones as well as to progress. During these
efforts, international SMEs face certain issues for example, international marketing is
one of those practices a small company may conduct, also face problem while doing so
in term of making huge investment to promote their products or services all over the
world. It is not that easy to advertise items while operating venture at international level
as it create a lot of challenges when an organization conducts this activity. It can be said
that global marketing is not as simple as domestics promotion is. Its environment
posses a certain problems and uncertainties. For example, small and medium size
companies' marketer may deal with varied legal issues in the context of international
marketing activities, because of any kind of fluctuation in policies and rules related to

marketing. According to, Bamberger, Bronshtein and Yemini, (2020) Bureaucratic
policies and federal processes, both in host nation and guest country make international
marketing quite harder and difficult as well. While conducting so, a company have
complete a lengthy formality that allow them to import and export services, which is too
complicated.
Argued by, Naradda Gamage and et.al., (2020) international small & medium
companies face major challenges and issues, which may put negative impact on their
current practices, sales and productivity. For example, it is quite challenging for SMEs
to gain the attention of new buyers who are purchasing their products from other
companies. 79 pc of United Kingdom SMEs face challenge and that was attracting new
consumers. It is one of those issues that so many small size organizations or ventures
face and struggle with, for longer time period. Along with attracting new customers, they
face challenge to retain them with current as well, which is quite difficult as it requires a
lot of attempts, resources such as money, and strong workforce who may influence
people in effective and influencing manner and successfully retain them forever.
Sooriyakumaran, (2020) stated that no matter what sector or a company was,
maintaining profitability and productivity as well as sustaining venture in industry is a
challenge which ever venture face and had to consider. It is really very essential for
international SMEs to maintain profitability, but due to many things like limited products,
they face issue to do so. In the business world, there several options and tactics are
accessible that a small size enterprise use to maintain profits margin and increase it
more than last few years.
CONCLUSION
By summing up above discussion, it has been concluded that by developing
effective strategies and using suitable approaches, international small & medium
enterprises has grown even better and developed in successful manner. Furthermore,
from above study, it has been summarized that SMEs has developed even better by
improving their existing products or services quality and offering innovative items. By
taking bank loans and using other services offered by the governments, small and
medium enterprises has grown systematically and developed productively. Moreover,
by summing up above analysis, it has been identified that emerging trends and other

factors are contributing in growth as well as development in global SMEs. In the context
of challenges, they have taken several initiatives in term of developing strategies and
using IE theories.

REFERENCES
Books and journals
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relation between networking structure and sustainable competitive
performance among SMEs?. Journal of Innovation and Entrepreneurship.
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Arslan, I.K., 2020. A study on the role and importance of cluster policies in improving
international marketing performance of SMES. Eurasian Journal of Social
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Sooriyakumaran, L., 2020. Maintaining Accounting Records and Profitability of SMEs:
Evidence from Jaffna District in Sri Lanka. IJESC International Journal of
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