The Global Entrepreneur - 3616 Words

Best Practice BY DANIEL J. ISENBERG The Global Entrepreneur A new breed of entrepreneur is thinking across borders – from day one. FOR A CENTURY AND MORE, companies have ventured abroad only after establishing themselves at home. Moreover, when they have looked overseas, they haven’t ventured too far aï ¬ eld, initially. Consumer healthcare company Johnson Johnson set up its ï ¬ rst foreign subsidiary in Montreal in 1919 – 33 years after its founding in 1886. Sony, established in 1946, took 11 years to export its ï ¬ rst product to the United States, the TR-63 transistor radio. The Gap, founded in 1969 – the year Neil Armstrong walked on the moon – opened its ï ¬ rst overseas store in London in 1987, a year after the Challenger space shuttle†¦show more content†¦The company may be just six years old, but brand awareness is high, and RacingThePlanet is already proï ¬ table. In this article, I’ll describe the challenges start-ups face when they are born global and the skills entrepreneurs need to tackle them. ARTICLE IN BRIEF ââ€"   More and more start-ups are being born global. By tapping resources or serving customers across nations, entrepreneurs can take on larger rivals, chase global opportunities, and use distance to create new products or services. Distances, differences in cultural contexts, and paucity of resources are the main challenges new ventures face. Successful entrepreneurs are clear in their purpose, strike alliances from positions of weakness, are able to manage global supply chains, and can establish multinational organizations from the outset. ââ€"   ââ€"   ââ€"   Key Challenges Global entrepreneurs, my research shows, face three distinct challenges. Distance. New ventures usually lack the infrastructure to cope with dispersed operations and faraway markets. Moreover, physical distances create time differences, which can be remarkably tough to navigate. Even dealing with various countries’ workweeks takes a toll on a start-up’s limited staff: In North America,Show MoreRelatedChin A Better Market For New Entrepreneurs886 Words   |  4 PagesChina Is a Better Market for New Entrepreneurs Than the U.S. Most of the people believe the U.S. have the best economic system and the most mature market in today’s world, it should be the best market environment for most of the new business or new entrepreneurs; however, in the recent years some Asian markets are also developing rapidly, the most outstanding one is the Chinese market. With the Chinese government’s strong internal motivation and aggressive import and export policy I believe it isRead MoreRoles And Development Of Mncs880 Words   |  4 Pagessupport, MNCs aim to scale up emerging and promising entrepreneurs and enterprises by providing them crucial and targeted resources such as funding capital, social networks, mentoring, technical assistance, and technological platforms. One such example is SAP’s collaboration with Endeavor Global, an NGO, to identify and support high impact entrepreneurs in South Africa, Kenya, Morocco, Angola, and Nigeria through its SAP Emerging Entrepreneur Initiative. According to the announcement, SAP unveiledRead MoreStrategic Planning, Development, And Implementation Of The Organization s Goals And Objectives1427 Words   |  6 Pagesinclude: Developing the core strategies, developing the global program, and applying and regulating the global effort. 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