The Psychology of an International Entrepreneur

The Psychology of an International Entrepreneur

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Abstract

Entrepreneurship has been in existence since the 1920s. This act started in America, with so many people practicing it to fend for their families. Many immigrants went to America for a better future for their kids, and some of them were not employed. Over the years, entrepreneurship has spread to so many countries and has transited to international levels. By the 2000s, entrepreneurship had hit most parts of the world, and many people today are their managers. As much as not everyone will fit in the white-collar jobs, some people have found their way into international entrepreneurship and excelled significantly. 

The Psychology of an International Entrepreneur

Introduction

Entrepreneurship refers to the act of being a business owner who seeks to make profits through taking risks and initiatives. Entrepreneurs are the managers of the company since they often oversee the launch and the operations of the company. Entrepreneurship is the process through which individuals or a group of people identify a viable business opportunity and exploit it by acquiring and deploying the required resources. Thus, international entrepreneurship refers to the process by which a person or a group of people can practice entrepreneurship at an international level. They engage in their businesses in different countries with the sole aim of making profits. International entrepreneurship has many business operations in different countries but they sell the same products.

In the early nineteenth century, around the 1920s, an Economist from France, Jean Baptiste Say gave a wide definition of the word entrepreneurship. According to Say, entrepreneurship shifts the economic resources from a margin of lower productivity to a margin of higher productivity to come up with good profits. Thus, entrepreneurs are people who come up with new things. They venture into ideas that are from low-productivity regions to high-productivity regions in a bid to come up with profits for the operations of their businesses (Zahra & George, 2017). They come up with different things. They transmute and change values. Irrespective of the size of the firms, whether small or big, entrepreneurs can take risks in these opportunities. For people to have such opportunities, they should have four criteria. The first one should be the opportunities or circumstances to come up with profits (Mainela, Puhakka & Sipola, 2018). Secondly, entrepreneurship needs the difference in people, like preference in accessing certain people, or the target market, and the ability to know the information on the available opportunities. Thirdly, the primary necessity for entrepreneurs is to take risks. All entrepreneurs are risk-takers because when they take the initiative to start a business operation, they do not know whether they will make profits or losses (Zahra & George, 2017). Lastly, the process of entrepreneurship needs a good organization skill for both the people who will offer their services and the resources.

Thus, international entrepreneurship dates back to the 19th century. The 1920s was a time when the world was full of factory production, job creation, and invention. During this period, capitalism started to soar and it had a notion of upward mobility for average people (Shane & Venkataraman, 2000). An ethic of hard work and independent and creative thinking came up with the greatest entrepreneurs during that time. Many entrepreneurs during that time started from humble beginnings. These entrepreneurs initiated their business ideas and they have helped to change the world as it is today (Terjesen, Hessels & Li, 2016). The common traits that they had included hard work, invention, creative thinking, curiosity, and humble beginnings and they did not show any indication of failure or fear. Most of the families of these people immigrated to the United States as they hoped that they would secure a good future for their children (Oviatt & McDougall, 2015). Therefore, the fact is that entrepreneurship first started in the United States before it spread to other countries, and later became common all over the world. An example of the entrepreneurs that existed at that time is Thomas Edison and Henry Ford, and the world feels their impact on entrepreneurship to date.

Throughout the 1930s, America received large numbers of immigrants since many people were relocating to this country as they thought that they had better opportunities to manage their businesses. With the emergence of new ideas from different daily, many people saw the need to come up with their businesses according to their preferences (Carter & Evans, 2006). The whole idea of entrepreneurship was the thing and it became a cliché. People came up with both big and small business ideas, and they were willing to dedicate themselves fully to the business (Hisrich, 2013). The likes of Alfred Sloan, Henry Ford, and others came up with big business ideas and they took the risks to initiate them.

According to Thomas McCraw, the discussion of the 1980s and the 1990s is inevitable. He brings out the standard democratic or liberal interpretation of the tax cuts and the growing wealth gap, which caused an increase in the number of the rich in America (Carter & Evans, 2006). The people who were wise enough to invest and start their businesses at that time acquired more wealth and they formed part of the affluent members of the society. For instance, the wealth from Bill Gates compares to over 60 million Americans who come from the poorest backgrounds (Terjesen, Hessels & Li, 2016). The price crash of Microsoft between 1999 to 2000 reduced the number significantly to half. The point is that the wealth gap that existed and continues to exist today attributes its existence to innovation, investment, and above all, the potential that the technology has for earning. The drill is that entrepreneurship has changed the lives of many people over the years (Sarasvathy, 2008). Some people depend entirely on entrepreneurship and that is their [only source of income.

As entrepreneurs focussed on what they made, the products of the likes of Steve Jobs, Bill Gates, Rockefeller, and Carnegie improved daily and they were in demand. International entrepreneurship attributes its existence to these products. They were in demand even across the American borders. They were in high demand and that is why the entrepreneurs had to expand their horizons and supply their products outside of America (Reuber, Knight, Liesch, & Zhou, 2018). These products improved the daily lives of people significantly. Therefore, throughout the years from the 1920s to the 200s and date, many entrepreneurs have existed and they have helped bring about the economy of the world (Zucchella & Magnani, 2016). The existence of these international entrepreneurs is what forms multinational corporations, and many people try their hands at businesses through various means (Carter & Evans, 2006). Whether people engage in importing their products or exporting them, the fact is that they engage in international entrepreneurship, which has been rampant over the years.

To conclude, whether it is a small business or a big business, it seems like the world is taking a different toll on entrepreneurial issues. Many people want to venture into the business and therefore the world has come up with many people who are entrepreneurs. It takes good business ideas that are viable and sustainable for people to become entrepreneurs. After all, not everyone will get the opportunity to fir in the white-collar jobs. Some people have to find something to do with their lives and make a living. The reason why entrepreneurship has prevailed in most countries for such a long time.

References

Carter S. & Jones Evans, D (2006). Enterprise & Small Business pp 152 – 176 Hisrich, R.D. (2013) Chapters 5 & 7

Mainela, T., Puhakka, V., & Sipola, S. (2018). International entrepreneurship beyond individuals and firms: On the systemic nature of international opportunities. Journal of Business Venturing, 33(4), 534-550.

Oviatt, B. M., & McDougall‐Covin, P. (2015). International entrepreneurship. Wiley Encyclopedia of Management, 1-3.

   Reuber, A. R., Knight, G. A., Liesch, P. W., & Zhou, L. (2018). International entrepreneurship:           The pursuit of entrepreneurial opportunities across national borders.

Sarasvathy, S. (2008).Effectuation: Elements of entrepreneurial expertisepp17-22

Shane, S. &Venkataraman, S. (2000). The promise of entrepreneurship as a field of research.The    Academy of Management Review,25,220-223., 

Terjesen, S., Hessels, J., & Li, D. (2016). Comparative international entrepreneurship: A review and research agenda. Journal of Management, 42(1), 299-344.

Zahra, S. A., & George, G. (2017). International entrepreneurship: the current status of the field and future research agenda. Strategic entrepreneurship: Creating a new mindset, 253-288.

Zucchella, A., & Magnani, G. (2016). International entrepreneurship: theoretical foundations and practices. Springer.