International and Traditional Entrepreneurship
International entrepreneurship can be defined as a general means of creating grounds for business success, generating new ideas, as well as creating a base for economically setting up value creation in another country. This definition of international entrepreneurship arises from the fact that IE arises from the desire to expand its operation beyond the borders of the countries of their operation. International entrepreneurship is becoming increasingly important in many economies around the world as corporations take advantage of the vast opportunities availed by globalization. Consequently, companies, both small and large multinationals, are increasingly finding it necessary to expand their operations into other countries or regions so that that they can tap the numerous benefits availed by such ventures. Hence, a perfect definition for international entrepreneurship must entail the desire to create a successful business venture in a country different than the present country of operation. My definition captures this aspect of IE.Although the wording used in defining IE differs from one scholar to another, almost all of the definitions point to one area: that of seeking out and conducting new and innovative business activities across national borders. For example, McDougall and Oviatt (903) define IE as ‘a combination of innovative, proactive, and risk-seeking behavior that crosses national borders and is intended to create value in organizations’. On the other hand, Zahra and George (45) defined IE as ‘the process of creatively discovering and exploiting opportunities that lie outside a firm’s domestic markets in the pursuit of competitive advantage.’ I agree with these two definitions as they point out to companies becoming innovative and opening up business opportunities outside the company’s domestic market, or simply embracing innovativeness with an aim of expanding operations across the international border. McDougall and Oviatt go a step further in their definition to state that IE creates value in an organization. This is absolutely right as IE elevates the profile of a company to that of a multinational, particularly if it establishes markets in numerous international markets. Expansion into foreign markets also adds value in form the company gaining skills and experience from the challenges and successes realized in the foreign markets. The same concept is captured in by Zahra and George’s definition of IE when they mention that companies establish operations in foreign markets in pursuit of competitive advantage.