Globalization and Entrepreneurship
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Globalization and Entrepreneurship

Policy and Strategy Perspectives

Edited by Hamid Etemad and Richard Wright

The contributors to this collection provide a wealth of new analyses of both traditional and emerging aspects of entrepreneurship, from a variety of national perspectives and from a variety of disciplines. Globalization has begun to dismantle the barriers that traditionally segregated local business opportunities and local firms from their international counterparts. Local markets are becoming integral parts of broader, global markets. As globalization proceeds apace, entrepreneurs and small businesses will play a more prominent role on the global business arena. The volume is divided into three sections. The first looks at the internationalization process itself while the second focuses on factors facilitating this process in small and medium-sized firms. The last section examines emerging dimensions in management policy.
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Chapter 1: Globalization and Entrepreneurship

Hamid Etemad and Richard Wright


Hamid Etemad and Richard Wright INTRODUCTION The global business environment is changing dramatically. Traditionally, competition in international markets has been the realm of large companies, while smaller businesses remained local or regional in scope. However, the removal of government-imposed barriers that segregated and protected domestic markets and recent technological advances in manufacturing, transportation and telecommunications allows even the smallest firms access to customers, suppliers and collaborators around the world. Economic growth and innovation, both domestically and internationally, are fuelled increasingly by small companies and/or entrepreneurial enterprises. These trends will impact profoundly on management strategies, on public policies, and on the daily lives of all people. This volume focuses on the phenomenon of globalization, and specifically its relevance to and impact on small and medium-sized enterprises (SMEs) and entrepreneurship. The collective writings and insights presented in this book, by authors from around the world, shed new light on prevailing research topics, as well as challenging certain aspects of the received literature. Consider, for example, the unresolved issues surrounding the internationalization process. It seemed initially that theories of incremental internationalization or ‘stage models’, put forth by Bilkey and Tesar (1977), Cavusgil (1984), Cavusgil and Nevin (1981), Johanson and Vahlne (1990 and 1992) and others, which advocated experiential growth in international markets from a small, domestic operation through progressively fuller and riskier international operations organizations, would be more applicable to SMEs than the ‘internationalization theory of MNEs’ as articulated by Buckley and Casson (1976), Hymer (1976), Dunning (1980 and 1988), and others....

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