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Course: INTERNATIO 665, Spring 2012School: MN State
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r Growingand Internationalizingthe EntrepreneurialFirm PartII:BusinessLevelStrategies Global 5 5 chhaptteer ca Strategy Global MikeW.Peng Copyright 2009 Cengage. Copyright 2009 Cengage. All rights reserved. PowerPoint Presentation by John Bowen, Columbus State Community College PowerPoint Presentation by John Bowen, Columbus State Community College Outline Entrepreneurship, entrepreneurs, and...
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r
Growingand
Internationalizingthe
EntrepreneurialFirm
PartII:BusinessLevelStrategies
Global 5
5
chhaptteer
ca Strategy
Global
MikeW.Peng
Copyright 2009 Cengage.
Copyright 2009 Cengage.
All rights reserved.
PowerPoint Presentation by John Bowen, Columbus State Community College
PowerPoint Presentation by John Bowen, Columbus State Community College
Outline
Entrepreneurship, entrepreneurs, and
entrepreneurial firms
A comprehensive model of entrepreneurship
Five entrepreneurial strategies
Internationalizing the entrepreneurial firm
Debates and extensions
The savvy entrepreneur
Copyright 2009 Cengage. All rights reserved.
5 2
Entrepreneurship,Entrepreneurs,and
EntrepreneurialFirms
Entrepreneurship - the identification and exploitation of
previously unexplored opportunities
Entrepreneurs - set of individuals who discover,
evaluate, and exploit opportunities
Foundersandownersofnewbusinessesandmanagersoffirms
withfewerthen500employees
Not the exclusive domain of small, young firms
Small and medium-sized enterprises (SMEs) globally
95%ofallfirms
Create50%oftotalvalueadded
Generate6090%ofallemployment
Eachyear46%ofadultworkingpopulationinNorthAmerica
andEuropestartanewventure
Copyright 2009 Cengage. All rights reserved.
5 3
Entrepreneurship,Entrepreneurs,and
EntrepreneurialFirms(contd)
Onlyasmallnumberofentrepreneurialfirmssurvive
Entrepreneurship also exists in large firms
International entrepreneurship
Innovative,proactive,andriskseekingbehaviorthat
crossesnationalborders
Intendedtocreatewealth
Copyright 2009 Cengage. All rights reserved.
5 4
A Comprehensive Model
of Entrepreneurship
Figure 5.1
Copyright 2009 Cengage. All rights reserved.
5 5
AComprehensiveModelof
EntrepreneurshipResourceBased
Industry-based considerations
Intensityofinterfirmrivalry
Fewerincumbents,morelikelytocolludetokeepout
newcomers
Entrybarriers:capitalintensive
Bargainingpowerofsuppliers:howtoreduceit
Bargainingpowerofbuyers:howtoreduceit
Threatofsubstituteproducts/services
Copyright 2009 Cengage. All rights reserved.
5 6
AComprehensiveModelof
EntrepreneurshipResourceBased(contd)
Cautions:Factorsunderlyingtheabovefiveforces
maybeunknown
Consumer
preferences
Effective
pricing
Capacity needed
No guarantees
Copyright 2009 Cengage. All rights reserved.
57
AComprehensiveModelof
EntrepreneurshipResourceBased(contd)
Resource-based considerations
EntrepreneurialresourcesmustcreateVRIO(value,
rare,inimitable,organizationallyembedded)
Signsofcredibility:specialization,reputation,
alliances,etc.
Institution-based considerations
Formalinstitutionsgovernnewventures
Strikingdifferencesingovernmentregulationsof
startups
Copyright 2009 Cengage. All rights reserved.
58
AComprehensiveModelof
EntrepreneurshipResourceBased(contd)
General conclusions: Level of entrepreneurship
affected by:
Economicdevelopments
Harshnessofregulations
Friendlinessofformalinstitutions
Supportofinformalinstitutions(valuesandnorms)
Copyright 2009 Cengage. All rights reserved.
5 9
FiveEntrepreneurialStrategies
Growth
Innovation
Network
Financing/governance
Harvest/exit
A sixth strategy, internationalization, will be
covered in the next section
Copyright 2009 Cengage. All rights reserved.
510
EntrepreneurialStrategies:Growth
Attempt to utilize resources and capabilities
Entrepreneurialvision
Entrepreneurialdrive
Entrepreneurialleadership
Hallmarks of growth
Dynamic,flexible,guerillastrategy
Emphasizeaction,notanalysisemergentstrategies
Cautions
Avoidoveraggressiveness
Embraceuncertainties,butavoidexcessiverisk
Carefullystageandsequenceriskyprojects
Copyright 2009 Cengage. All rights reserved.
511
EntrepreneurialStrategies:Innovation
An innovation strategy is a specialized form of
differentiation strategy
Onaverage,thereisapositiverelationshipbetweena
highdegreeofinnovationandsuperiorprofitability
Advantages of an innovation strategy
Createsamoresustainablecompetitiveadvantage
Technological
breakthroughs and organizational
innovations (new ways of doing business)
Owners,managers,andemployeesatentrepreneurial
firmsaremoreinnovativeandrisktakingthanthose
atlargefirms
Copyright 2009 Cengage. All rights reserved.
512
EntrepreneurialStrategies:Network
Intentionally construct and tap into relationships,
connections and ties that individuals and organizations
have Translate developed
personal networks into value-adding
organizational networks
Distinguishing characteristics
Neededtoovercomeliabilityofnewness
Intensityofrelationshipsisimportant
Networksrepresentsignificantresourcesandopportunities
Mayleadtosuccessfulentrepreneurialperformance
Centrallylocatednetworkpositionsaremosthelpful
Copyright 2009 Cengage. All rights reserved.
513
EntrepreneurialStrategies:
FinancingandGovernance
Strong ties (e.g. family, friends, etc.) are the most likely
sources
Internationaldifferencesinextenttowhichentrepreneursdraw
onresourcesoffamily/friendsversusoutsiders
Outside investors usually demand collateral or some
other assurance
Odds for survival during crucial early years are
significantly correlated with firm size
Fasteranewstartupcanreachacertainsize,themorelikelyit
willsurvive
Entrepreneursoftenchoosetoacceptmoreoutsideinvestment
inordertoreachalargesize
Copyright 2009 Cengage. All rights reserved.
514
One- and Four-Year Survival Rates by Firm Size
FIRM SIZE
CHANCES OF SURVIVING
FIRM SIZE
CHANCES OF SURVIVING
(EMPLOYEES)
AFTER 1 YEAR
(EMPLOYEES)
0-9
78%
0-19
50%
10-19
86%
20-49
67%
20-99
95%
50-99
67%
100-249
95%
100-499
70%
250+
AFTER 4 YEARS
100%
Source: Adapted from J. Timmons, 1999, New Venture Creation (p. 33), Boston: Irwin McGraw-Hill, based on US data.
Copyright 2009 Cengage. All rights reserved.
Table 5.1
515
EntrepreneurialStrategies:
HarvestandExit
Entrepreneurs must think about their exit plan
early in the business cycle and aim at
maximizing the gains from their labor.
Routes for entrepreneurial harvest and exit:
Sellinganequitystake
Sellingthebusiness
Mergingwithanotherfirm
Goingpublicwithaninitialpublicoffering(IPO)
Declaringbankruptcy
Copyright 2009 Cengage. All rights reserved.
516
Advantages and Disadvantages of
an Initial Public Offering (IPO)
ADVANTAGES
DISADVANTAGES
Improved financial condition
Subject to the whims of financial market
Access to more capital
Forced to focus on the short term
Diversification of shareholder base
Loss of entrepreneurial control
Ability to cash out
New fiduciary responsibilities for shareholders
Management and employee incentives
Loss of privacy
Enhanced corporate reputation
Limits on managements freedom of action
Greater opportunity for future acquisition
Demands of periodic reporting
Source: Based on text in J. Kaplan, 2003, Patterns of Entrepreneurship (pp. 428430), New York: Wiley.
Copyright 2009 Cengage. All rights reserved.
Table 5.3
517
InternationalizingtheEntrepreneurialFirm
Entrepreneurs are challenging myths about
internationalization
Transaction costs are higher
International strategies for entering foreign
markets
Directexporting
Licensingorfranchising
Foreigndirectinvestment(FDI)
Copyright 2009 Cengage. All rights reserved.
518
InternationalizingtheEntrepreneurialFirm
(contd)
International strategies for staying in domestic
markets
Indirectexportingthroughdomesticbasedexport
intermediaries
Becomesuppliersofforeignfirmsdoingbusinessin
oneshomecountry
Becomelicenseesorfranchiseesofforeignbrands
Becomealliancepartnersofforeigndirectinvestors
Harvestandexitthroughselloffstoforeignfirms
Copyright 2009 Cengage. All rights reserved.
519
Internationalization Strategies for Entrepreneurial Firms
ENTERING FOREIGN MARKETS
STAYING IN DOMESTIC MARKETS
Direct exports
Indirect exports (through domestic export
intermediaries)
Franchising/licensing
Foreign direct investment (through strategic alliances,
green-field wholly owned subsidiaries,
and/or foreign acquisitions)
Supplier of foreign firms
Franchisee/licensee of foreign brands
Alliance partner of foreign direct investors
Harvest and exit (though sell-off to and acquisition by
foreign entrants)
Table 5.4
Copyright 2009 Cengage. All rights reserved.
520
DebatesandExtensions
Traits versus institutions
Slow versus rapid internationalization
Anti-failure biases versus entrepreneur-friendly
bankruptcy laws
Copyright 2009 Cengage. All rights reserved.
521
TheSavvyEntrepreneur
Entrepreneursareenginesofcreativedestruction
Insightsonentrepreneurshipbythethreeleading
perspectivesonstrategy:Industry,Resource,and
Institutionviews
Fourfundamentalquestionsinstrategyprovide
insight
Copyright 2009 Cengage. All rights reserved.
522
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