Everybody is aware of the word entrepreneurship. But when one sits to surf the internet to hunt for a small piece of information about this multi-syllable word then he would end up finding everything related to it, other than the definition or the meaning of the two words itself. So what is global entrepreneurship? Is it the same as it sounds like, trading done on a global basis? Yeah! You’ve are almost understood the point. But let me make the understanding of global entrepreneurship more interesting for you. Turn on your televisions. Take a close look at the advertisement of the company of Cisco if its there. Or just try to recall the ad. You must have seen an entrepreneur, moving out of his house, bidding his wife goodbye and moving to America. All his way to the office he keeps telling people about it until he reaches a place where he has a video conference with some American officials. The message conveyed by the ad was that no matter wherever you are the company of Cisco makes it possible for you to communicate anywhere in the world through its advance technology. This is what is known as global entrepreneurship. Where the geographical boundaries lose their importance is what global entrepreneurship is all about.
Hence, entrepreneurship done on worldwide basis is known as the Global Entrepreneurship.
How to go Global? :
No doubt, doing business on a global business is no Childs’s play. Handling business on a worldwide basis means one has to handle the business spread in different countries from one country and make it successful. Though this work seems to be a wild goose chase, but at the same time it is actually not. The following steps will help you in going global:
1. Set a plan to assess your requirements and nec essities and lay down your goals. It is highly important to assess your willingness and dedication to grow globally before you make a start.
2. Carry out foreign market researches and try to identify and understand the international markets.
3. Assess and pick out the methods of distributing the products you will produce in the foreign markets. For this you can select from varied methods of distribution of products from opening-up company owned foreign subsidiaries, to working with agents, executives, company representatives, distribu tors and establishing joint ventures
4. Try to learn the way to establish prices for different products, bargain for the dealings.
5. Conduct a comparative analysis of the government and private modes of financing. No doubt, financing is always a big problem, but then government has an important role to play in boosting up the export business. Not only this, a several financial innovations have been made which have made funding of businesses and making money easier than ever.
6. It is highly important that you move the goods or the products to the international markets according to the market regulation of the country.
Moreover, there are many other things which you have to count upon before going global.
Understanding another Culture:
This is again a very essential thing to be done before going global. It is highly important that you gain a thorough understanding of the different c ultures of the country in which you are going to sell your product or goods. This can be done by either or all of the following ways:
1. Maintain a relationship before starting a business in the country
2. Don’t ever commit the mistake of imposing de adlines or time limits
3. Conduct your own research
4. Try to bring your own interpreter with you
5. Try to get an understanding of the body language
6. Dress courteously and with decency
Questions to Ask You Prior to Making a Start:
1. Self-interrogation is also necessary before making a start. Let us study few of the examples of it:
2. Will the Product Concerned sell profitably in the Aimed Culture? For this it is again important that you conduct a market research before y ou get down into any kind of business. Try to find out that which commodity is the most required in the selected culture.
3. Is the Concerned Product Known by the People of that Culture?: If the answer is A big No, then be ready to invest a lot of money in advertisement and publicity of the product.
4. Are You Comfortable With that Culture? This is highly important since you may require staying in that country for a specified span of time. Moreover, it is important that you know the language and the culture of that country.
5. How is the Infrastructure? Again, you need to know that whether the roads of the country are in a good state or not and the supplies that you make are guaranteed or not.
1. Sales life of the products can be enhanced by exploring new markets for their sale.
3. You can take the advantage of corporate know-how and expertise.
4. You will get to know how to compete with the foreign markets and beat them on their soil by entering the field of global entrepreneurship.
5. Moreover, if your business is weighed down by fluctuations in one of the markets due to seasonal changes and demand cycles, then you can perhaps make up by tapping over the markets in other countries which would compensate for the undesirable effects.
Disadvantages of Global Entrepreneurship:
1. Sometimes one may fail to plan in the strategy of going global because of the vastness of business in case of Global entrepreneurship.
2. You are getting calls from a number of countries. This does not mean that you will start dealing in every country that calls you for selling your product. You have to exhibit patience, or else, you will end up losing almost everything
3. Don’t think that the same language like English will be used in every country for business dealings. Hence, for this purpose you need to know a number of different languages.
4. A lot of traveling may have to be done for the business dealings in case of global entrepreneurship. Hence, be ready for this expenditure as well.