please read the questions and the posts and write a comment for each of them including 350-400 words + at least a reference for each of them
1. Discuss resources (local, state, federal, global) you can use to start your overseas business venture
2. Which resources seem to be most efficient and why?
POST 1: I enjoyed reading your informative post. To extend further as to why firms fail even when prepared may result from industry-specific barriers. Thurner and Proskuryakova (2016) provide further analysis of Russia’s oil and gas sector and describe how dependency upon entrepreneurial activities is necessary for revitalizing the oil and gas industry involving new technological advances (Thurner & Proskuryakova, 2016). It is noted that challenges for startups in this particular industry are not entirely understood as fewer business players dominate such environments (Thurner & Proskuryakova, 2016). Research on Russia’s business environment conveys how the country’s economy consists of high natural resources and investment growth, thus providing an advantageous environment for entrepreneurial activities (Thurner & Proskuryakova, 2016). The oil and gas industry is recognized as extremely “energy-consuming”; however, innovative activities involving production in this sector have been low in the past while the decision for new technological advances depends upon individual risk aversion. Lastly, although firms may be prepared for expansion or establishing a new venture and the future appears to be a successful move for entrepreneurship, factors outside the firm’s control strongly influence the venture’s outlook as Russia encountered a financial crisis in 2008 (Thurner & Proskuryakova, 2016). Consequently, this led oil companies and private investors to endure 80 percent of budget cuts while planned investments had to be put on hold. Although finances were planned initially, unpredicted events may hinder market entry (Thurner & Proskuryakova, 2016).
Thurner, T., & Proskuryakova, L. (2016). Sectoral entry-barriers for entrepreneurial activities – a Russian start-up between challenging global markets and local conservative path dependencies. Foresight (Cambridge), 18(6), 649–659. https://doi.org/10.1108/FS-03-2016-0013
Post 2: Discuss resources (local, state, federal, global) you can use to start your overseas business venture
There are numerous resources that have been established by the government to assist companies that wish to export their product/service to another country in order to expand their business. There are free country commercial guides that help companies conduct research on foreign markets they may wish to enter which are developed by U.S. embassies. This information can be accessed online which is another major resource for companies that want to export their product/service internationally. A company’s website and contact information on the website is the first place many foreign buyers look at when conducting their own research. There are also trade shows which foreign buyers attend to look for new businesses they wish to purchase from. The U.S. Commercial Service also provides matchmaking and promotional services for businesses that are looking for foreign investors in more than 130 countries. All of these resources are put in place to assist businesses in their transition into international business markets.
Which resources seem to be most efficient and why?
One of the most efficient resource a U.S. based business can use is the U.S. Commercial Service which is intended to assist businesses in entering foreign markets and expanding their companies internationally. The U.S. Commercial Service provides businesses with potential foreign investors and is willing to assist businesses who may have a potential buyer but want to verify if they are reputable. They also provide simple export plans online for businesses who are skeptical about making the leap towards international markets or may be preparing themselves for that leap in the nearby future.
(n.d.). Let Our Experts Help. Retrieved May 05, 2021, from https://www.trade.gov/let-our-experts-help-0
Post 3:The California International Trade Center (n.d.) provides ample resources for overseas and global business expansion; this includes a new State Trade Export Program to help small and mid-sized businesses expand their eCommerce sales into international markets. These resources are specific to California businesses, which provides an efficient and secure source of knowledge and funding for California’s entrepreneurs. While this resource equips California’s entrepreneurs with the knowledge to seek out grants and information, the resource itself is not as straightforward as other articles. In addition, entrepreneurs in other states or countries will not find this resource helpful because of its narrow intended audience.
For entrepreneurs who do not live or work in California, the Association of Corporate Counsel can provide information on a variety of subjects, including overseas business ventures (Thevenet et al., 2007). These resources include many scholarly articles related to starting an overseas business venture (Thevenet et al., 2007), including legal analysis, guidelines for nonprofits, global communications, and lessons learned from successful/unsuccessful overseas ventures. This source is highly efficient because its information pertains to entrepreneurs around the nation. Furthermore, the information included in this resource is written by individuals with knowledge and experience in the business world. This increases the reliability and credibility of the information therein.
Another highly efficient resource for emerging entrepreneurs describes five tips for starting a business overseas (Rogowski, 2015). Though far from exhaustive, these tips are important for entrepreneurs in any industry and any location. The generalizability of this information increases its efficiency because the text is free from complicated jargon and the author’s rationale is easy to follow. This means the resource is more accessible by entrepreneurs.
California International Trade Center. (n.d.). The new and improved STEP GRANT for eCommerce & digital marketing. https://cainternationaltrade.org/step-grant/
Rogowski, R. (2015, June 5). 5 tips for starting a business abroad. https://www.entrepreneur.com/article/247018
Thevenet, S., Hirter, A.L., & Rodriguez, L. (2007, Oct. 01). Overseas ventures and adventures. https://www.acc.com/resource-library/overseas-ventures-and-adventures#
1. Discuss the sources of information, financing and other support needed to set up a new company in the U.S.
2. Based on Table 6.1, p. 72, in the textbook. compare the monetary costs, time and other resources needed to set up a new company in countries around the world. How would you use this information to select an overseas destination to start your new business venture.
Post1:For entrepreneurs to start a new company in the U.S, various sources of information help point the firm’s direction involving planning operations and assessments concerning the firm’s activities. General surveys, for example, help entrepreneurs understand their customers and offer insight on potential customers, not to mention acquiring further knowledge of competitors. Internal records are another source of information that can be utilized for setting up a new company. At the same time, it is essential to note that internal information sources should not be solely used alone but rather with external business sources of information since there is the risk of the firm’s inability to be uninformed of new products or services. Further research based on the financing of new ventures in the U.S suggests that small companies in the U.S have a significant effect on the economy, accounting for 99.9%. Entrepreneurial ventures acquire most financial processes through external capital and bank loans amongst the U.S, although it is noted that bank and VC financing depend on the firm’s at least 40% account for unsecured loans. Moreover, bank loans provide companies the ability to repay over a length of time and appear to be a more preferred method in the U.S however, so is VC. Aside from incubators, governmental support such as grants, there is also crowdfunding, which the company can consider websites that can pitch the business plan as this approach involves raising funds through solicitation of donations. Monetary costs are notably more significant amongst the U.S compared to other developing countries, for instance, India. De and Nagaraj (2014) describe how small firms have fewer response times in India concerning changes in the market while consisting of advantages concerning the economy and increased accessibility of governmental credits, licenses, and contracts (De & Nagaraj, 2014). As opposed to the U.S financing involving bank loans accounts for at least 11% interest, it is as high as 36% in the U.S.
de Bettignies, J.-E., & Duchêne, A. (2015). Product Market Competition and the Financing of New Ventures. Management Science, 61(8), 1849–1867. https://doi-org.nuls.idm.oclc.org/10.1287/mnsc.201…
De, P., & Nagaraj, P. (2014). Productivity and firm size in India. Small Business Economics, 42(4), 891–907. https://doi.org/10.1007/s11187-013-9504-x
Hillard, R. (2010). Information-driven business : How to manage data and information for maximum advantage. ProQuest Ebook Central https://ebookcentral.proquest.com
POST2:1, There is various information needed to open a new company. Some of them are many surveys from which the company can get to know their competitors in the market. This helps in product production and the way the company can entertain the customer. It also helps finalizing the final product price and its consumption. Price can be fixed by analyzing the nature of the customer in and around the area. Providing free samples to the people helps getting the idea of the product among people an helps making corrective action. Getting surveys done about the competitors product helps making better product and to know the idea of the customers as well as to set the price. If the customer wants the quality product, then the quality products can be produced with higher price. Financial factor is one of the main things in starting a company. Preferable financial method is Bank Loans. Bank loans are preferred as the interest rates are low and the loan amount can easily be paid back from the profits made. Finding investor is another way which is easy to get funds when the person is not able to fulfill bank requirements.
Nature of the business and work also plays a major role as some requires suppliers. This becomes essential as this helps figuring out the right consumption of their production. Logistics is required to transport the products which is the favorite and comfortability of the customers by getting the products at doorstep. United States Small Business Administration helping people in 10 steps. From Market Research, Business Plan, Getting Fund, Choosing Business Location, Business Structure, Business Name, getting tax ID and licenses, and for business bank account.
2. Monetary cost plays an important role in starting the business and it is higher in US like countries and low as like India. As India is developing country, the land and companies’ development is easier and cheaper compared to developed countries. In India, getting loan is easier with low interest rate. As India is growing country, the government also encourages good ides which they believe that this will be successful, and the economy gets increases if the business is successful. Finance is the foundation of the company. Comparing the monetary cost, time, and financing, setting up company in India should be a good option. Gathering employees is easier in India and proper advertisement in local language helps bringing the company to limelight. As India has got great talent, company can easily find hardworking and talented people for work. Lastly, loans can be availed in much less time and the interest rates are also low compared to other countries like US.
1, 10 Steps to start your business. Retrieved from: https://www.sba.gov/business-guide/10-steps-start-your-business.
2, Hisrich, Robert D. (2016) Third Edition, International Entrepreneurship: Starting, Developing, and Managing a Global Venture.
1. Some suggest that foreign markets are graveyards where entrepreneurial firms fail others contend foreign markets are the key to success. If you are a small firm profitable domestically why would you expand overseas?
2. What seems to determine the success of individual international entrepreneurs?