What are some differences between domestic and international entrepreneurship?
What will be an ideal response?
International entrepreneurship requires the consideration of a multitude of factors that will impact the business decision making process. These factors include:
? The Economics of the new market and how that market’s economy will be able to support the new product or service being introduced.
? The Stage of Economic Development that that market is in and whether it is in the right stage for this business.
? The Balance of Payments in a country and its impact on currency exchange rates,
? Type of Economic System present in that country and how a foreign would go about entering the market.
? Political-Legal Environment and how laws and regulations are created and enforced.
? Cultural Environment of the country and how that country’s cultural practices differ from yours.
? Technological Environment determines if that market is in fact ready for the product and has the necessary technical infrastructure for it to be useful.
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