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Introduction
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International entrepreneurship is a term that involves the process by which a business may create goods and services that are desirable outside of its present local market in order to obtain a higher edge. International entrepreneurship (IE) is a rapidly developing area of study with a quickly expanding body of knowledge (Schwens et al., 2018). International Entrepreneurship is a strategy that emphasizes that the entrepreneur's authority and the connections he or she has built with foreign actors play a significant role in the internationalisation of firms. (Dictionary Global) (Mainela, Puhakka and Sipola, 2018) International Entrepreneurship is the process of identifying, developing, evaluating, and using possibilities across national boundaries in order to create new goods and services.
International Entrepreneurship permits the local market to expand beyond national borders. Once an enterprise or corporation has covered the local market, it may extend into the international market. International entrepreneurship may assist to cost reductions in manufacturing. For certain goods, manufacturing products in the home nation is prohibitively expensive, resulting in a rise in the price of the product and a negative impact on sales (Reuber et al., 2018). Using international entrepreneurship, one may reduce manufacturing profits by providing the same product at a lower cost in another country, which eventually results in a higher return for the entrepreneurs. The following report is split into two sections; course work 1 provides a case study of an international entrepreneur and establishes the primary theme for course work 2's literature review.
Course work 1- Case Study on an International Entrepreneur
PART A: Analyzing the International Entrepreneur
Walt Disney:
Elias Walt Disney is well known as a film producer, he was also a director, screenwriter, actor, and voice actor. The Walt Disney Company is a $27 billion-a-year global entertainment behemoth headquartered in the United States. It was founded in 1923 by Walter Disney in collaboration with his brother, Roy O Disney (Dana, 2021). Walt Disney produced Mickey Mouse in 1928. Walt originally intended to name his character "Mortimer," but his wife persuaded him to rename him "Mickey Mouse," and Mickey was a great success for Walt Disney ever since. In 1937, Disney released their first feature-length animated musical film, "Snow White and the Seven Dwarfs," which remains a tremendous success and has stayed ingrained in the souls of its customers for decades.
Walt Disney understands the importance of the Disney brand to its customers. They value a good time and homemade entertainment rooted on traditional family values. Disney accommodates to these customer demands by utilising the brand across several consumer segments (Hollands, 2019). As an example, suppose an American family goes to watch a Disney film together. They are having a good time. They want a repetition of the event. As a result, Walt Disney provides a variety of consumer products targeted at particular age groups.
In 2003, Walt Disney created a film titled "Pirates of the Caribbean," which was a box office smash. The film was intended for all family members. Disney also developed a theme park attraction, retail campaign, video game, television series, and comic books in conjunction to the film (America’s and Scare, 2019). In 2004, Disney released the film "Home on the range," and that was another box office success. Apart from the film, Disney produced an associated soundtrack CD, a range of children's toys, apparel depicting the heroine, a theme park attraction, and a book series. Thus, Disney often encourages and supports its films via a slew of ancillary goods.
Disney's approach is to cultivate markets for each of those characters, from classics such as Mickey Mouse and Snow White to contemporary successes such as Kim Possible. Each company is tailored to a certain demographic and distribution channel. Disney has a sizable distribution network. Baby Mickey Mouse and other Disney newborns are aimed towards infants (Salah, 2020). Mickey Mouse is sold at department and specialty shops, but Baby Mickey Mouse is marketed in mass-market channels. Disney's Mickey's merchandise is aimed towards boys and girls, while Mickey Unlimited is targeted at teenagers and adults.
When it concerns to television networks, Disney owns the Disney channel, which would be the number one prime-time destination for children ages 6 to 14. Disney offers a pre-school program named the "play house" that is geared at young children under the age of two and six. Adults may get Disney-branded visa cards. Cardholders earned one dollar for every $100 spent to the card, and they can credit the card up to $75000 each year (Snow, 2020). Earnings can be redeemed for Disney products or services, including admission to Disney amusement parks, Disney shops, Disney studios, and Disney stage productions. Disney has also partnered with Home Depot to provide a range of licensed children's room paint colors, complete with trademark mouse and ear-shaped paint samples.
In private, Disney was a quiet, self-deprecating, and insecure guy who developed an open and friendly public image. He had high expectations of himself and others with whom he worked. Although allegations that he had been racist or anti-Semitic have also been made, they have been refuted by those who knew him. His reputation evolved in the years after his death from one of a dispenser of simple patriotic ideals to one of an apologist for American empire (Schickel, 2019). He continues, nevertheless, a significant character in animation history and in the culture history of the United States, where he is regarded as a national cultural icon. His film work will continue to be exhibited and adapted; his eponymous studio and business realize the importance in the creation of popular entertainment; and the Disney theme parks have expanded in size as a result to draw tourists in many nations.
It took Walt sixteen years to build up the rights to Mary Poppins, which is today regarded as one of the greatest pictures of its era. The conflicts he had with author P.L Travers were so notorious that they were turned into their own film. He was denied employment for Disneyland 302 times before reaching an agreement with the television studios (Snow, 2020). And, in the most incredible tale of all, he was sacked from his first job at a newspaper for being insufficiently imaginative and innovative. He eventually became the owner of the same business. Resilience is the capacity to withstand or rapidly recover from adverse conditions. Walt encountered many obstacles that would have convinced the ordinary individual to quit up. Walt was able to continue pushing forward because he trusted in himself and his goals, which gave him the fortitude to work hard and see them through. He believed in going above and beyond to complete the task at hand, and as a response, he achieved achievements that well surpassed anyone's expectations.
Part B – Themes
Entrepreneurial opportunities are often regarded as circumstances in which goods or services may be sold for more than their production costs. Thus, an 'entrepreneurial opportunity' is a circumstance in which entrepreneurs may act in order to benefit. Where creative business operations transcend national borders with the aim of facilitating international entrepreneurship. International entrepreneurship is the identification and development of new possibilities for entrepreneurs beyond national borders (Susina, 2020). Walt Disney knows the significance of the Disney brand to its consumers and capitalises on chances to segment its audience via the creation of various consumer groups. They place a premium on having a great time and creating entertainment that is based on traditional family values. Disney satisfies these customer expectations by using the brand across many consumer groups. His life lessons are invaluable reminders for budding entrepreneurs.
The ability to endure or quickly recover from unfortunate conditions is referred to as resilience. Walt confronted many roadblocks that would have persuaded the average person to give up. Walt was capable of moving ahead because he had faith in himself and his ambitions, which provided him with the courage to work diligently and keep them up (America’s and Scare, 2019). He engaged in going above and beyond the call of duty in order to finish the job at hand, and as a result, he accomplished feats that far beyond anyone's aspirations. Disney's strategy is to develop markets in each of those characters, from timeless classics like Mickey Mouse and Snow White to modern hits like Kim Possible. Each business is geared toward a certain audience and distribution channel (Reuber et al., 2018). Disney is well-known for its effective quality management system. Baby Mickey Mouse and other Disney babies are marketed specifically to infants. Mickey Mouse is distributed via department and specialty stores, whereas Baby Mickey Mouse is distributed through mass-market channels. Mickey's goods is marketed to girls and boys, whereas Mickey Unlimited products is marketed to adolescents and adults.
Course work 2-Literature Review
International Entrepreneurial opportunities
Entrepreneurship study is focused on opportunities, and it is the study of how, by whom, and by what impact possibilities to produce future products and services are found, analyzed, and exploited that defines the domain of entrepreneurship research (Boso et al., 2019). Opportunities, in the widest sense, may be characterized as opportunities to fulfil a market demand creatively by combining resources that produce a higher value than what is now available. As per Schwens et al., (2018) markets can never achieve complete equilibrium, it is the persistence of disequilibria in the form of unmet market demands and/or underutilized resources that results in the emergence of opportunities. When an attentive person finds a market gap ahead of others, he may exploit it to generate value and (temporarily) restore market equilibrium.
By contrast, Schumpeter believes that markets are usually in equilibrium and that disequilibria are involved in the production of entrepreneurial actions. According to Jafari-Sadeghi, Kimiagari and Biancone, (2019), economies undergo continual growth as a consequence of technical and social developments that generate a constant flow of knowledge. Entrepreneurs innovate when they act on this insight and therefore generate value by disturbing the market equilibrium. This process, called 'Creative Destruction', "constantly streamlines the economic structure from within, perpetually destroying the old and continuously constructing a new one."
Apart from disagreements on the structure of opportunities, academics have divergent views on who is capable of acknowledging them; three viewpoints seem to predominate the argument (Alrawadieh and Alrawadieh, 2018). The first viewpoint is based on neoclassical equilibrium models, which suggest that although every person might identify any possibility, (stable) individual traits influence who will be an entrepreneur more than knowledge about possibilities. As per the second viewpoint, which is based on psychological theories, entrepreneurship is entirely reliant on human qualities such as personality. This viewpoint places a higher premium on the choice to seize opportunities than with the actual identification of possibilities (Boso et al., 2019). As a whole, the debate over whether entrepreneurial opportunities arise from market system or disequilibrium and are identified by specific types of individuals or includes information about the possibility to determine a businessman has compelled us to acknowledge the existence of various types of opportunities.
Different types of opportunities
Reuber et al., (2018) describe entrepreneurial possibilities as "situations wherein the novel products, services, raw materials, marketplaces, and organisational techniques may be presented through the establishment of novel means, ends, or means-ends interactions." Since a consequence, many kinds of possibilities emerge, as possibilities arise as a result of changes in various components of the value chain. Some opportunities arise as a result of the development of new products and services, others as a result of the development of new geographical markets, and yet others as a result of the development of new raw materials, new techniques of production, or new organisational structures. Zahra (2021), on the other hand, see an entrepreneurial opportunity as essentially a collection of ideas, attitudes, and actions that provide favorable conditions for new value creation.
Certain methods place a premium on the innovation possibilities generated by the identification of novel means-ends connections, while others focus on the arbitrage conditions afforded by market inefficiencies. The first kind of opportunity focuses on value creation via the establishment of a new enterprise that generates new economic value via creative resource bundling. They may be thought of as equilibrium-based business possibilities that, via creative destruction, push markets into disequilibrium as entrepreneurs develop new solutions (Chandra, 2017). Arbitrage possibilities emerge as a result of the market mechanism's failure to recognise changes in supply and demand. They are receptive to attentive people who generate value by identifying existing market flaws, which is consistent with the Kirznerian perspective of entrepreneurship. Arbitrage possibilities are profit possibilities based on market disequilibrium, which may be viewed as a way of getting markets back to balance.
The nature of opportunity emergence
Entrepreneurial option activities may be viewed as a rational way of coordinating data in order to build a strategic business concept, as the assembling and interpretation of data in order to identify market or technological advancements gaps, and as one of the Schwens et al., (2018). Management must have the resources, time, and expertise necessary to evaluate and capitalise on international possibilities, which serve as the springboard for efforts at value capture via internationalisation. Proactivity is a component of entrepreneurial orientation that is often associated with the sense of value creation and appropriation possibilities in international markets.
Zahra (2021) showed that the number of entrepreneurship research treats possibilities as objective entities awaiting discovery and exploitation. Entrepreneurs are supposed to use whatever data gathering methods and tactics are available in order to identify and seize opportunities before others. Alternatively, possibilities are generated and changed along the road, manifesting themselves via entrepreneurial activity. Rather of seeking and analysing, entrepreneurs act and watch how their customers and marketplaces react. Numerous authors have attempted to resolve this schism. Indeed, many entrepreneurship experts have realized that both objective and subjective opportunities could be visible in reality (Chandra, 2017). Reuber et al., (2018) take it a step further and suggest that an opportunity may have both objective and subjective qualities. They do this via their model, which emphasises the processual character of opportunity identification, and also the critical role of market circumstances in addition to the entrepreneur's search mode.
Galindo-Martín, Castaño-Martínez and Méndez-Picazo, (2019) outline three distinct ways in which concepts may be transformed into opportunities, much as. To begin, opportunity perception may be explained as the method through which opportunities in the immediate environment are identified. It is analogous to allocative chances, which Snow (2020) describe as any chances to maximise the utilisation of resources. Both supply and demand exist in this scenario, but an entrepreneur must see the potential to combine them in a new business.
The second method is opportunity finding. Snow (2020) assert that opportunities are identified when a person sees an opportunity to improve the match between customer needs and available resources. It is necessary to find either supply (solution) or demand (issue) in order to recognize an opportunity. Several examples of this type of opportunity discovery includes exporting current products to places where they are not yet available and repurposing a current product in a new area (e.g. the introduction of Viagra). Thus, discovery is required in circumstances when neither supply nor demand exists, and economic innovation is required leading to the introduction of a company. Both observation and discovery are more readily linked to Kirzner's view on opportunities since they are predicated on the concept of existing market gaps and the existence of an opportunity window.
The third method of identifying opportunities is referred to as creation (America’s and Scare, 2019). The act of opportunity creation entails rerouting or merging resources in order to generate and provide value that exceeds what is presently available. Creation may extend far beyond the adjustment of present resource and demand mismatches and may even result in a major reorganisation of an established business or "radical innovation." As such, opportunity generation is inextricably linked to Schumpeter's conception of what possibilities are. As Salah (2020) demonstrates, technical innovation is often the springboard for opportunity creation. Nonetheless, opportunity, like perception and discovery, is not produced in its ultimate form. In Salah (2020) example, a single technology generated at least eight distinct types of business possibilities, four of which were explored.
International opportunities, according to a set of research, are the outcome of the sense making and enacting of a range of actors immersed in diverse contexts and affected by dynamic social situations. As a result, each opportunity may be viewed as performed by people within their own social, cultural, and institutional context, which culminates in opportunities evolving via a cognitive process (Hollands, 2019). The potential to create value is not to be identified as such, nor is it to be seized; rather, value is created via experimentation and learning. Furthermore, the newness value is relative, since what is novel in one environment could be well established in another. As a result, value-creating opportunity arises only as a result of its creation and use in a particular environment. International possibilities may also be viewed primarily through the lens of activity and engagement in the process of business internationalisation. They are a result of the active internationalisation efforts. According to Jafari-Sadeghi, Kimiagari and Biancone, (2019) stress co-designing, co-distributing, co-innovating, and even co-consuming in internationalisation efforts, whereas Galindo-Martín, Castaño-Martínez and Méndez-Picazo, (2019) emphasize co-learning to co-create value. International possibilities that generate value are a matter of cross-border contacts and adapting to the unforeseen in the relationship environment.
Conclusion
To conclude, it can be stated that Entrepreneurship is a strategy that stresses the importance of the entrepreneur's authority and the relationships he or she has developed with foreign players in helping companies internationalize. The preceding paper analyses the international entrepreneur Walt Disney's case study and details the methods he used to achieve success in international business. Entrepreneurial opportunities are often defined as situations in which products or services may be sold for a profit above their manufacturing costs. International opportunities that add value need cross-border connections and the ability to react to the unexpected in the relationship context.
References
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