BMG936 International Entrepreneurship Sample
Introduction
Globalisation is considered as a factor which gives opportunity to different local entrepreneurs to come out and explore its business in across the globe. In today’s scenario, international entrepreneur trends exponentially rising due to increasing opportunities in global market through improve customer base or revenue generation (Kataria et al., 2020). However, the term international entrepreneur coined as an individual those pursue internationalization to exploit opportunities at an early growing stage.
The aim of this study is to develop the case study on an international entrepreneur to understand how it grow its business beyond the local boundaries. Moreover, this study undertakes the example of Alien Lau who is born in Hong Long and moved to Canada at age of 19 where in 2006, he founded wattpad organization which is an online platform to allow writers to share their writing with the online Wattpad community (Jilinskaya-Pandey and Wade, 2019). The example of this international entrepreneur would help the reader to understand the motivational factor behind such innovative idea or entrepreneurial traits that converts business idea into successful. Therefore, this study would provide in-depth knowledge about the international entrepreneur concept with the help of justified examples.
International entrepreneurship
According to Wach and Głodowska (2021), IE (international entrepreneurship) can be explained as a combination of innovative, proactive and risk-seeking nature to cross national borders and is intended to create value in organizations. Basically, when an entrepreneur of particular nation goes to other countries to run and operate their business, then this process is called as international entrepreneurship. These types of entrepreneurships include exporting of goods, licensing as well as commencing a sales office in other countries (Rasul et al., 2017). In other language, its also found that international entrepreneurship is also considered as an entrepreneurial behaviour oriented to discover, evaluate or exploit the opportunities across the national borders to create value and get the competitive advantage. In regards to understand the entrepreneurship process, then the example of Allen Lau works well as he is also an international entrepreneur who gained success in multiple countries like Canada with its business idea which he concreates into reality which considered as a Wattpad. He is the founder of Wattap an online platform which provide opportunities to writers to share their motivational stories to people. This is initially designed for children interests then it gains huge acceptances of people which makes it best solution to motivate the people in society or even raise the issues of community to discuss (Coad and Storey, 2021). However, the journey of Allen Lau is not easy as it faced lot of challenges and barriers which will be discussed in the paper in order to understand the entrepreneur struggles or motivational factors that push them to get excel in the international market.
Overview of Allen Lau entrepreneur journey
Allen Lau is recognized as a visionary businessman. Allen is also the most influential person in Canadian tech. By creating Wattpad, Allen’s acknowledged experience and strategic advice helped to determine the future of digital novels as well as some brand-new fiction formats. Wattpad has raised USD 120 from a number of the most reputable and prestigious VCs in New York, Silicon Valley, Asia, and Canada, as can be seen. The company was rumoured to have been purchased by Naver for $600 million in the year 2021 (Zahra and George, 2017). Wattpad now has a community of almost 94 million individuals as a result of the vision and leadership displayed in the co-founder and CEO’s prior position. Numerous Wattpad stories are also modified for use on other sites. One also became a worldwide best-selling book, blockbuster movie, and Emmy-nominated television series.
Additionally, Allen has also joined the board of “The Toronto International Film Festival,” a cultural institution whose stated goal is to use film to change how people view the world. Allen represents the interests of Canadian tech companies at all levels of government as a representative of the Canadian Council of Inventors. He provides guidance on policies and procedures that support innovation and the growth of the tech sector economically. Allen is frequently cited in the news media when discussing the benefits of establishing and expanding an online business in Canada (Muralidharan and Pathak, 2017). It is necessary to keep in mind certain factors, like market share, capital expenditures, and some personnel. Any business initiative must have a certain amount of capital to get started. Furthermore, certain team members are required.
Allen has a remarkable talent for foreseeing the upcoming big thing. He established Two Small Carp Ventures, a company that invests in fledgling online businesses with promising network externalities. The Wall Street Journal, New York Times, and Canada’s renowned Report on Trade Publication, among others, have all included Allen in their publications (Schwens et al., 2018). Under his leadership, Wattpad has numerous times been included on Fast Company’s list of the World’s Most Technology Products. In the year 2020, Allen was inducted into the Toronto Engineering University Alumni Hall of Distinction.
Drivers and motivational factors
In regards to the success of Alien Lau, it’s found that his ability to see the opportunity helped to take the risk which turned out into success. In order to understand his opportunity recognition process, its must to undertake the below given steps which he followed in Wattpad.
Opportunity recognition process of Wattpad
He explored these five steps to recognise the opportunities and these process helps him to achieve the success.
- Getting Idea
Early in the year 2000, software entrepreneur and voracious reader Allen Lau made the decision to simplify the process of reading books on mobile devices. Because of this, he intended to launch a site that would enable users to find and further share stories about the subjects they are passionate about. First, the notion was created in the mind (Terjesen et al., 2016). Additionally, the concepts have been investigated to determine if or not such businesses already exist. Knowing how much research a corporation requires is made easier by this.
- Recognised opportunity
Wattpad was founded with the intention of making book reading simpler for its users. When one may confidently presume that someone is in Beijing, Paris, London, or India, the opportunity has been identified. When Lau learned that one of his fellow business partners, Ivan Yuen, is developing a web-based writing tool that tends to connect readers with fictional original work produced by certain individuals across the world, his chance became more apparent (Dimitratos et al., 2016).
- Opportunity development
The next step after spotting an opportunity is to promptly change it so that it meets the market’s current needs. The process of assembling the necessary resources for following the recognised market opportunity is known as opportunity development (Allen, 2016). To develop the concept and revolutionise the market with this original idea, Alien Lau conducted in-depth market research.
- Opportunity evaluation
It is quite uncommon to evaluate an opportunity or a concept. Alien Lau understood very well that it was not enough to establish the business for Canadians alone. Only 10% of the population as a whole speaks English as their first language. As a result, it has begun to develop a bilingual, worldwide product (Dimitratos et al., 2016). The businessman’s choice was the finest one. The product was already being used by numerous people all around the world.
The element of opportunity evaluation that is most important or fundamental to the entrepreneurial process is. It is clear that at this point, the source of income was acknowledged. It is clear that the money made from writing stories goes straight to the author. Through the initiative, Wattpad users all over the world have the opportunity to assist some of their favourite writers (Boso et al., 2017). This programme is a component of its dedication to assisting authors in generating income from their stories and monetizing those stories.
- Assessing team
Every die is successful because to a dedicated team member. Wattpad is a multi-platform entertainment firm that was founded for storytelling, as can be seen. Many team members work hard to operate the business and dedicate themselves to its success. To put the idea into action at first, a specific number of people are needed.
Effectuation and its principles
Effectuation is described as the process of thinking logically and finding an idea through thorough study that is primarily employed by seasoned entrepreneurs to create profitable ventures (Gupta et al., 2021). It is built mostly on five fundamental ideas that are helpful to remember since they give people somewhat varied perspectives on where they are with their projects and how to move forward.
Several principles can be connected to Wattpad’s business concept. Throughout its whole career, Alien Lau has successfully applied the affordable loss principle by investing. It has expended resources, time, and effort. Additionally, he has determined objectives and courses of action for acquiring particular knowledge about the business prospect. With a service that frequently appears to be quite well outside the business model, Wattpad also exemplifies this notion by making brief excursions into the market.
The concept of Alien Lau is also compatible with the pilot in the place adage. They also place a focus on activities that can be managed. Additionally, they have a higher likelihood of producing the desired outcomes. Wattpad thought that individuals shape the future. They also have a strong belief that we can influence the future (Ruzzier et al., 2020). Technology is being used by Wattpad to assist authors in locating the right readers for their works. In the comments section, they will express their amusement, enthusiasm, and concern. Readers and writers grew closer and formed a sense of community.
Entrepreneurs employ these management abilities to create novel items and procedures in place of outmoded technological advancements, which increases production. A growing number of people are thinking about starting their own enterprises because entrepreneurs and businesses offer little to no regularity (Cavada et al., 2017). Others depart, taking the initial customer’s previous corporation model with them. Many consider it a chance to collaborate to enter a brand-new sector.
Entrepreneurial traits
The Entrepreneur has different qualities in themselves. It is seen that effective business visionaries generally keep their hard working attitudes on top. Allen Lau additionally knows successfully about the hard working attitude by enthusiastically working it. Lau anyway was not brought into the world with every one of the abilities that make an effective organization. It appeared at the “TechToronto” to discuss business visionary advancement including models, thoughts, organizations, items, and business. In Allen Lau, there were required five enterprising attributes. The first is an energy that can’t be just evolved through initiative preparation. It was found in the Allen Lau.
Figure 1: Growth
(Source: Maxime Eyraud, 2020)
The vision of Allen Lau was likewise clear prior to bringing the Wattpad thought into reality. They generally think ahead and plan the future with intelligence and creative mind. Numerous people need to utilize their insight and mastery, or even a special imaginative reasoning or open market, to make up for a shortfall in their industry. Earlier business showed a few business visionaries somebody’s main goal and conceivable outcomes (Reuber et al., 2018). Whether supporters have spent their whole working lives in the business local area, they comprehend how well the underlying period of a pioneering biological system requires a lot of experiential work. Allen Lau has likewise altogether sued its insight about the market and carried Wattpad into reality with incredible achievement. It very well may be accordingly expressed that it has risk-taking quality moreover.
Motivation
The main driving force behind the creation of Wattpad was to tell moral stories in fresh and original ways so that kids may creatively learn new things. Lau is aware that the traditional paper reading format is antiquated and unpopular with young children. Lau wants to launch an application that can both entice children and educate them about new concepts. The main purpose behind the software is learning (Azmi, 2017). In 2002, while working part-time at Tira corporation, the developer concentrated on creating a gadget that could display more than five lines of content at once.
As a result, in the year 2006, a mobile app that can be downloaded and used by users to communicate exclusively about fiction written by authors from across the world was developed. People take about three years or more to completely accept the implementation and benefit from it. Numerous more programmes, like Kindle and eBooks, are totally built around Allen Lau’s idea. Customers of Wattpad may now read and record motivational stories from anywhere at any time (Cnossen et al., 2019).
According to the McClelland theory of motivation, each person has three primary motivators: power, affiliation, and power. Additionally, Wattpad has achieved these three goals via absorbing culture and life experience (Alom et al., 2016). The organization has used this theory to solve issues and accomplish objectives.
Barriers
Wattpad is a novel reading format that needs a lot of experimenting because it is still poorly defined and understood. The primary challenge was promoting the utility of this service for the users. The majority of the things being tested require a significant amount of zigzagging to reach where they are. In the beginning, a barrier could also be considered to be a lack of resources. To hire more skilled workers, more money is needed. According to Lau, the largest problem or challenge in creating Wattpad was the “chicken and egg” conundrum, which involved getting writers to contribute without receiving any readership and also attracting some users without providing any content (Kwapisz, 2019).
The issue has been resolved by seeding Wattpad using public domain content. It has aided the business in expanding from having zero users to about 100. Although it was not a large event, it did at least introduce a few people to the neighbourhood. Although the first year was perceived as sad, the number of users has increased from 100 to 110. Allen has solved the obstacles by focusing on these problems and identifying workarounds. The problem has finally been resolved by selecting the finest option for that specific problem (Mota et al., 2020). They made the decision to use a two-pronged approach to recruit the writer in the year 2008.
They removed barriers by making it very simple for people to upload their tales in the first place. Second, people gave readers a way to interact with them, which is something that few authors do. In addition to having many users in 2008, Wattpad also allowed readers to comment on stories. Writers are informed when a remark is submitted and have the option to reply. Reading and writing are solitary pursuits, and Wattpad’s social networking feature proved to be quite popular, encouraging some readers to start their own stories and receive comments from readers.
There are countless potential Wattpad users, and many business owners may have tried to cater to a wide variety of readers and authors. Instead of a sprinkling of topic matter dispersed across the place, Mr. Lau and Mr. Yuen discovered that it was advantageous to focus on specific art forms to gain a mass of instructive articles in a few art forms, which may enable them to diversify from a strong, dedicated bottom.
Type of internationalization
The conceived worldwide methodology is being utilized for the Wattpad. It is seen that Wattpad is making a reality where the narrative of every individual can be heard. A world greater narrating stage will in general hug the distinctions. Consideration and variety assume significant part in the organization. Presently, it is attempting to construct a group as different as its client base. It is likewise cultivating a protected culture and climate where the underestimated gathering can be legitimate. It likewise has a broadened panel that aides in addressing the difficulties looked by minimized individuals will more often than not face at work. Wattpad is likewise ready to acquire an upper hand by offering its types of assistance in numerous nations. The vision of Wattpad was additionally begun with the vision to become worldwide and quickly grow across the world. It is seen the organization lately has had a great many global guests in Canada, the US, and Asia. It is enabling the greatest social narrating stage in almost pretty much every market.
From Southeast Asia to Latin America to Europe, the assorted voices are associating with a large number of journalists and perusers in various dialects. The methodology can be plainly appeared through the vision of the organization. The vision is to interface individuals everywhere. The organization has likewise evolved huge story DNA, a licensed innovation utilizes profound learning and furthermore large information examination to acquire understanding first from the world’s broadest assortment of stories and information, throughout recent years. Profound learning models like our Emotions Identity (story curve, composing intricacy, and clarity), Quality Indexer, Theme Identification, and others are essential for its key Story DNA developments.
The conceived worldwide methodology is being utilized so it can connect with the worldwide clients through its intriguing stories and give a voice and name to different essayists. This likewise helps in connecting with a colossal number of individuals from various nations. Through this, they likewise come to be familiar with the various dialects of various networks individuals. The organization approach can likewise be found in the organization. It is clear through the organization impact graph. By keeping the interest side, it is seen that great many creators are transferring motivating data consistently. This help empowers the peruses in finding new creators and furthermore offers help to a portion of their number one maker. The stockpile side is somewhat unique since journalists can be keen on different ways considering how extreme they appear to be about their art. For instance, while Wattpad doesn’t give particulars, obviously only one out of every odd part expects, or even longings, to earn enough to pay the bills as an expert, extensive creator.
Figure 2: the network effect
(Source: Maxime Eyraud, 2020)
The internationalization hypothesis connected with stages utilizes the five phases. The first is the homegrown showcasing stage in which the organization is expected successfully. The subsequent stage is a pre-send out stage and the third one is the exploratory inclusion stage which requires the contribution of specific individuals. The fourth stage is the dynamic association stage and the fifth is the serious contribution stage. The best course for internationalization is the computerized course since it turns out best for the organization to keep up with its organization. Wattpad will actually want to incorporate a colossal market base by utilizing this course.
Recommendations
Wattpad is an international platform that handles every facet of global enterprise. This worldwide platform or the global corporation should ensure that the business is employing all necessary methods, and it should use more than two methods for greater comprehension. The general criterion shouldn’t include unethical behaviour or some other restrictions of international entrepreneurship because they could be detrimental to the organisation. The arts should be the main emphasis for both enterprises since they will quickly find solutions to any issues. Lau needs to adapt her methods in order to avoid such problems (Bernardino and Santos, 2020).
Conclusion
It is clear from the dialogue that Allen Lau possesses the entrepreneurial skills necessary to realise the project. To successfully implement the idea, additional factors like market research and a clear vision are needed. The opportunity recognition paper has been explored in the essay. The opportunity recognition approach assisted in bringing the project to a successful conclusion by identifying alternatives and selecting the most suitable ones. Some lessons have also been gleaned from the conversation. The organisation must conduct adequate research before beginning any venture. The product was already being used by numerous people all around the world. The element of opportunity evaluation that is most important or fundamental to the entrepreneurial process is. Allen Lau has successfully identified the needs of today’s youth through Wattpad, and the company’s start-up is inspiring millions of individuals. Before creating any product or service, an international entrepreneur must consider the needs of varied global populations as well as their ways of thinking.
Any entrepreneur’s concept depends on their motivation in some way. Lau introduced Wattpad to the market so that kids might learn something new and be inspired in a special way. Lau is aware that the traditional paper reading format is antiquated and unpopular with young children. Lau wants to launch an application that can both entice children and educate them about new concepts. As a result, developing specific entrepreneurial traits is crucial to being a successful entrepreneur. Allen Lau was regarded as a clear-headed businessman who enjoys taking chances and entertaining guests from many ethnic backgrounds.
References
Allen, I., 2016. International entrepreneurship theory: Past, present and way forward. Entrepreneurial Business and Economics Review, 4(4), p.93.
Alom, F., Abdullah, M.A., Moten, A.R. and Azam, S.M., 2016. Success factors of overall improvement of microenterprises in Malaysia: an empirical study. Journal of global entrepreneurship research, 6(1), pp.1-13.
Azmi, I.A.G., 2017. Muslim women entrepreneurs motivation in SMEs: A quantitative study in Asia Pacific countries. Asian Economic and Financial Review, 7(1), pp.27-42.
Bernardino, S. and Santos, J.F., 2020. Crowdfunding: an exploratory study on knowledge, benefits and barriers perceived by young potential entrepreneurs. Journal of Risk and Financial Management, 13(4), p.81.
Boso, N., Oghazi, P. and Hultman, M., 2017. International entrepreneurial orientation and regional expansion. Entrepreneurship & Regional Development, 29(1-2), pp.4-26.
Cavada, M.C., Bobek, V. and Maček, A., 2017. Motivation factors for female entrepreneurship in Mexico. Entrepreneurial Business and Economics Review, 5(3), pp.133-148.
Cnossen, B., Loots, E. and van Witteloostuijn, A., 2019. Individual motivation among entrepreneurs in the creative and cultural industries: a self‐determination perspective. Creativity and Innovation Management, 28(3), pp.389-402.
Coad, A. and Storey, D.J., 2021. Taking the entrepreneur out of entrepreneurship. International Journal of Management Reviews, 23(4), pp.541-548.
Dimitratos, P., Johnson, J.E., Plakoyiannaki, E. and Young, S., 2016. SME internationalization: How does the opportunity-based international entrepreneurial culture matter?. International Business Review, 25(6), pp.1211-1222.
Dimitratos, P., Johnson, J.E., Plakoyiannaki, E. and Young, S., 2016. SME internationalization: How does the opportunity-based international entrepreneurial culture matter?. International Business Review, 25(6), pp.1211-1222.
Gupta, R., Pandey, R. and Sebastian, V.J., 2021. International Entrepreneurial Orientation (IEO): A bibliometric overview of scholarly research. Journal of Business Research, 125, pp.74-88.
Jilinskaya-Pandey, M. and Wade, J., 2019. Social entrepreneur quotient: An international perspective on social entrepreneur personalities. Journal of Social Entrepreneurship, 10(3), pp.265-287.
Kataria, D.A., Nandal, D.N. and Malik, D.R., 2020. Shahnaz Husain-A Successful Indian Woman Entrepreneur. International Journal of Disaster Recovery and Business ContinuityVol, 11, pp.88-93.
Kwapisz, A., 2019. Do government and legal barriers impede entrepreneurship in the US? An exploratory study of perceived vs. actual barriers. Journal of Business Venturing Insights, 11, p.e00114.
MaximeEyaud. 2020. How Wattpad is building next entertainment giant. [Online] Available from: https://maximeeyraud.com/blog/how-wattpad-is-building-the-next-entertainment-giant/
Mota, I., Marques, C. and Sacramento, O., 2020. Handicaps and new opportunity businesses: what do we (not) know about disabled entrepreneurs?. Journal of Enterprising Communities: People and Places in the Global Economy.
Muralidharan, E. and Pathak, S., 2017. Informal institutions and international entrepreneurship. International Business Review, 26(2), pp.288-302.
Rasul, O., Bekun, F.V. and Saint Akadiri, S., 2017. The impact of self-efficacy on international student entrepreneur intention. International Review of Management and Marketing, 7(1), pp.169-174.
Reuber, A.R., Knight, G.A., Liesch, P.W. and Zhou, L., 2018. International entrepreneurship: The pursuit of entrepreneurial opportunities across national borders. Journal of International Business Studies, 49(4), pp.395-406. https://link.springer.com/article/10.1057/s41267-018-0149-5
Ruzzier, M., Douglas, E.J., Ruzzier, M.K. and Hojnik, J., 2020. International entrepreneurial orientation and the intention to internationalize. Sustainability, 12(14), p.5647.
Schwens, C., Zapkau, F.B., Bierwerth, M., Isidor, R., Knight, G. and Kabst, R., 2018. International entrepreneurship: A meta–analysis on the internationalization and performance relationship. Entrepreneurship Theory and Practice, 42(5), pp.734-768.
Terjesen, S., Hessels, J. and Li, D., 2016. Comparative international entrepreneurship: A review and research agenda. Journal of Management, 42(1), pp.299-344.
Wach, K. and Głodowska, A., 2021. How do demographics and basic traits of an entrepreneur impact the internationalization of firms?. Oeconomia Copernicana, 12(2), pp.399-424.
Zahra, S.A. and George, G., 2017. International entrepreneurship: The current status of the field and future research agenda. Strategic entrepreneurship: Creating a new mindset, pp.253-288.
Know more about UniqueSubmission’s other writing services:
