Bus 521 Entrepreneurship & Innovation Plan Ii
Business Plan Part II: National vs. International
Dr. Mary Ann Wangemann
Bus 521: Entrepreneurship & Innovation
I. Explain and justify at least three criteria you would use in deciding whether to take your business international level.
Taking a business to an international level can be associated with many risks, but can bring along great opportunities as well. The first criteria that would be used to justify taking the business to an international level would be the overall need for the product/service. There has to be a need for any product that will be marketed. Without that need, there is no way to operate a business. A product has to have a market where consumers are willing to purchase their products. “The key to successful domestic and international entrepreneurship is to develop an idea that has a market with a need for the product or service idea conceived” (Hisrich, Peters, & Shepherd, 2010, p. 128). Any product/service idea should satisfy a market need. Not being able to satisfy the need of consumers, mean not being profitable. If consumers can benefit from your product/service, then your business will be profitable.
The second criteria would be cultures. The world has many different cultures and none are the same. Things done in the United Stated can be viewed as disrespectful in other parts of the world. Much research would need to be done on all different cultures of the prospective locations for operation (Hisrich et al, 2010, p. 138). Not being respectful of cultures can be costly and dangerous to business operations. Individuals could destroy the property or even cause harm to ones’ life. Entrepreneurs have to be very cautious before opening new operations in a foreign land. It would be costly to startup operations in a foreign land and soon go out of business. Business owners should adhere to the market culture at all times (Abrams, 2003).
The last criteria used would be international laws on operating a
Dr. Mary Ann Wangemann
Bus 521: Entrepreneurship & Innovation
I. Explain and justify at least three criteria you would use in deciding whether to take your business international level.
Taking a business to an international level can be associated with many risks, but can bring along great opportunities as well. The first criteria that would be used to justify taking the business to an international level would be the overall need for the product/service. There has to be a need for any product that will be marketed. Without that need, there is no way to operate a business. A product has to have a market where consumers are willing to purchase their products. “The key to successful domestic and international entrepreneurship is to develop an idea that has a market with a need for the product or service idea conceived” (Hisrich, Peters, & Shepherd, 2010, p. 128). Any product/service idea should satisfy a market need. Not being able to satisfy the need of consumers, mean not being profitable. If consumers can benefit from your product/service, then your business will be profitable.
The second criteria would be cultures. The world has many different cultures and none are the same. Things done in the United Stated can be viewed as disrespectful in other parts of the world. Much research would need to be done on all different cultures of the prospective locations for operation (Hisrich et al, 2010, p. 138). Not being respectful of cultures can be costly and dangerous to business operations. Individuals could destroy the property or even cause harm to ones’ life. Entrepreneurs have to be very cautious before opening new operations in a foreign land. It would be costly to startup operations in a foreign land and soon go out of business. Business owners should adhere to the market culture at all times (Abrams, 2003).
The last criteria used would be international laws on operating a
References: Hisrich, R., Peters, M., & Shepard, D. (2010). Entrepreneurship. (8 ed.). New York, NY: McGraw Hill Spors, K. (2011, October 12). How to take your business to the next level. Retrieved from http://www.entrepreneur.com/article/220495 Take your business global. (n.d.). Retrieved from http://www.inc.com/exporting/whyexport.htm Advantages and challenges of exporting. (2012). Retrieved from http://www.expertbase.org/wp-584-238.html International business law consortium. (2011). Retrieved from http://iblc.com/ Business laws that small businesses should worry about. (n.d.). Retrieved from http://www.allbusiness.com/legal/laws-government-regulations-business/2577-1.html Abrams, R. (2003). The Successful Business Plan: Secrets & Strategies (4th ed.). California: The Planning Shop