Great BUSI1692 International Entrepreneurship Sample
Introduction
International entrepreneurship is, considered to be, the internationalization of the business organization that has a very strong impact concerning the entrepreneur and the connection that the entrepreneur is developed with the foreign/international actors.
It tends to follow an opportunistic approach, which is slightly different from the usual entrepreneurship. The concept of “international entrepreneurship” is, connected with the technological progress and with the cultural awareness that is permitted in the new market ventures so that it can access and avail the untapped foreign market potentials (Etemadi, 2017).http://Great BUSI1692 International Entrepreneurship Sample
It encompasses innovative and novel activities that cross the international borders to develop value and advancement in the organizations. It takes into consideration the value-seeking elements, as the organizations tend to leave their home nations so that it can seek new market opportunities in the unexplored and unknown markets.
The report will highlight a new family business. The report will point out the variations between the SME’s and the family business. It will also elucidate how the organizations can contribute to society so that the local people can assist them in return.
The way the family business can transform business opportunities and develop networks with the other SMEs has also been, comprehensively highlighted in the study. The entry mode and the other related marketing target have also been highlighted that will support the organization in processes of internationalization to expand its business operation.
The rights and patents that the new firm can use to protect the copyrights of its products have also been, highlighted with the legal guidelines. In the report, the SME’s that will be selected to operate in the UK market.
Discussions
SME
Southern Business Technologies is engaged in wired telecommunication services of the telecommunication activities. The company was, incorporated in the year 2001 and is, headquartered at Basingstoke, Hampshire.
Currently, the organization has been functioning for almost 18 years. They are five Directors in the company who still actively engage themselves with the company’s work.
It provides a wide range of communication services, which includes mobile solution, broadband and call charges. Moreover, it also looks into installations of the telephone system (Contact Us, 2020).http://Great BUSI1692 International Entrepreneurship Sample
Entrepreneurial Family Business
The new family business wants to engage its business operation in the telecommunication sector. The family has huge financial capabilities for establishing such an undertaking (Kraus et al, 2018).http://Great BUSI1692 International Entrepreneurship Sample
The firm wants to operate currently in the UK and wants to expand in the other markets so that it can advance with the business operation. For this, it is necessary for the company to know about the telecommunication market in the UK and about the products that it has to offer to the people (Dinitrates et al, 2016).http://Great BUSI1692 International Entrepreneurship Sample
The name of the Family Business is Thompson Telecommunication Pvt. Ltd. and the products that it wants to offer to its customers include, phone recharges, internet services, installation of the internet and telephone cables. The Thompson Telecommunications Pvt. Ltd.
has its family members to operate the business functions; however, they have eight people working with them. The people working with the company have the required skillets and the technical specialties that will help in the innovative growth of the company.
Difference between SME’s and Family Business Organization
| Family business | SME’s |
| It is managed by the member of the family | It is a privately held organization. Very few SME’s are, publicly held (Persson et al, 2015).http://Great BUSI1692 International Entrepreneurship Sample |
| The members have definite roles to implement them in the functional operation of the family business. The people who work here have the required expertise with the help of which it can proceed with the organizational functions. | There are professionals and the members of the family who tend to look after the functioning of the business corporation. |
| Here the planning is, done with the short-term market focus as they do not enough capabilities for the long-term business procedures. | Mostly the management executives of the organization do the long term strategic planning for the benefit of the company. |
| Most of the business process is undertaken informally (Gershwin et al,2015).http://Great BUSI1692 International Entrepreneurship Sample | Most of the functional process in the organization is, done formally and by maintaining the work ethics/ standards implemented by the company officials. |
| The family’s financial savings mostly meet the capital requirements of the business organizations. | There is limited financial access |
| Here the family business mostly targets the local market with a small customer base. This helps them to cater to the short-term requirement of the chosen customer base. | Here the company has a limited customer base and the industry is not large enough to attract the customers. |
| There is less development opportunity for company employees. | The personal development is provided to the employees who are proficient in managing the business operation of the SME’s |
| The input that the company considered for its business operation is all close by connection. | Fewer supplier sources required for the management of the functional operation of the SMEs. |
Table 1: Difference between the Family business and SME’s
(Source: Muster fetal, 2018)
Engagement with the Local Communities
The factors in the business environment are important to understand so that the company can plan for their future business functions (Porges et al, 2016).http://Great BUSI1692 International Entrepreneurship Sample
Here the Thompson Telecommunications Limited must abide by the political and the legal guidelines so that it can sustainably operate its business engagements. The family business can send a certain amount of its proceeds to the underprivileged children of the society. This will enhance the future of the nation (Perini and Solondz,, 2018).http://Great BUSI1692 International Entrepreneurship Sample
The community can also harness employing smart employees and asking for new ideas for organizational development. With the local community, the business can go for partnership alliances for efficient distribution of the services and products.
Functioning in a combine’s way will help the organizations to help each other during the complex business cycles. The partnership with the other organizations will help the company in comprehending the other business connections or elements related to the operation of the telecommunication company. Partnership increases the collaboration and productivity of the activities (Antonucci et al, 2015).http://Great BUSI1692 International Entrepreneurship Sample
The people working with the family business can be, provided with training concerning the functional operations of the company. This will increase the competency and the skillets of the employees concerning the operation.
The company can act responsibly toward the environment, by using the digital platform. No kind of paper is, used to highlight the ads of the company. The company can use a digital advertisement to save the trees.
This will highlight the caring mindset of the company. The company can participate with other organizations concerning the reduction of the carbon footprints on the planet. This will increase the recognition and awareness of the company’s functions.
Harnessing the business opportunities by the Thompson Telecommunications Company
The family business concentrates on moving forward with the telecommunication connection to the local people where it is operating. Currently, there are only eight employees and five family members operating the functions of the business.
The organization needs to understand the sources that will help the company in transforming the business procedure. The aspects here include Pestle factors. Evaluating the pestle factors will help the company in understanding how it must proceed with the business activities (Olson and Whittaker, 2015).http://Great BUSI1692 International Entrepreneurship Sample
The business needs to align with the factors and proceed with the implementation of the business strategy. Politically there is a lot of pressure for the telecommunication operators to provide smooth business service to the customer.
Without efficient service plans, the telecommunication business will not last for the family business. The political high pressure is there due to the growth of many organizations that require such service. This makes the government provide the legal specification so that the organizations can function ethically and legally (Ferreira et al, 2017).http://Great BUSI1692 International Entrepreneurship Sample
The Thompson telecommunication communication must abide by the political factors for ensuring sustainable operation. UK’s political environment is stable and will provide a positive opportunity for growth and advancement of the company (Etemadi, 2015).http://Great BUSI1692 International Entrepreneurship Sample
Economically, the nationals of the UK are wealthy and tend to have high disposable income. The customer base that the company has selected, can afford the plans that it has laid down for them.
Here the company is also trying to provide internet broadband services for the customers. It has laid down different plans for the students and the adults so that both sections can opt for the plans.
There is an increase in the number of companies in the industry so the Thompson Telecommunications must provide differentiated service to its customers to increase the appeal (Elo et al, 2018).http://Great BUSI1692 International Entrepreneurship Sample
The socio-cultural elements help the business to grow as it depends upon the company to affect the profitability and sales of the company. The social trends are changing which is making the people look for affordable and quality plans for their needs.
The pattern concerning the usage of the telecommunication products highlights “overtime consumption”. Here the organization must consider the viable service mix solution that will be of the immediate requirement of the company. In the telecommunication company, the role of technology is huge (Andersson and Evers, 2015).http://Great BUSI1692 International Entrepreneurship Sample
Digital technology related plan charges concerning the internet package could be, offered conveniently to the people. This is due to the high usage of technology. Environmentally, the company needs to go for responsible management.
This would help the company to understand and the needs of the local community. Developing a socially responsible image will help the company in progressing with its business operation in a fast manner.
The government has also provided with laws so that the companies pay attention to community development.
Developing networks with the MNE
For developing sustainable networks with the multinational organizations, it is necessary to follow the techniques of operation that it follows. For example, the multinational organizations have customer care executives to know about the problems of the customer so that they can make product improvements to increase the acceptability of the product in the market.
The Thompson company can initially keep one customer executive to attend the calls from the external stakeholder who want to function with the company (Chandra et al, 2015).http://Great BUSI1692 International Entrepreneurship Sample
Here the calls must be, recorded to improve the business functions. The family members included in the business can do the research and development activities with the help of brainstorming and creative design thinking skills for bringing out better product solutions concerning call offer plans, new products, and service options.
The company can approach the MNE with a business proposal to provide B2B activities. They can act as the intermediary or the supplier between the multinational enterprise and the final product delivery to the customer (Covelo et al, 2015).http://Great BUSI1692 International Entrepreneurship Sample
The business proposal must be, sent via email then meetings and follow up must be, done accordingly with the wishes and desires of the MNE (now stakeholders. This will increase the business opportunities for the company and proceeds from here can be, invested in the company’s functions to improve the product and service delivery options.
Entry Mode Strategies
The entry mode strategy for the Thompson Telecommunication Company, which is currently a Family business can partner with the Southern Business Technologies (Rebuker et al, 2018).http://Great BUSI1692 International Entrepreneurship Sample
Southern Business Technologies is an SME functioning in the UK market, which provides telecommunication distribution services. This is for the short term. Here as the company will be using its saved family funds, so keeping the expansion option now will provide efficiency in the current tenure of the activity.
The company can use a penetrating pricing strategy for reaching the maximum number of the customer base in the local community (Muralitharan and Pathak, 2017).http://Great BUSI1692 International Entrepreneurship Sample
Providing affordable rates to the customers will attract the customer to purchase their service options. The company initiated a website linked with the company’s plans and offers to enter the digital market.
The digital market presence will help the company in advertising the product and service offers on the social platform to target the digital audience. In the long term, the company can develop its products and service to increase acceptability. It can send more proposals to the multinational enterprises with partnership strategic and business plans. This will help the company to enter the market deeper (Dinitrates et al, 2016).http://Great BUSI1692 International Entrepreneurship Sample
It can take green investment options to increase the financial investment options in the business facilities. From time to auditing must be done to ensure the proper functioning of the company’s business operations.
Intellectual Property Rights
For getting the Intellectual Property Rights, the company must have:
- The name of the products and brand, which the company is willing to offer to its customers.
- The innovations or any self-developed plan for the product or the service
- The design, plan, structure, and type of the products and service
- The things that the organization will manufacture and produce for its people.
The company needs to know about intellectual property rights are, highlighted below:
- The company must check whether it has the registered rights that encompass the UK (Wash, 2015).http://Great BUSI1692 International Entrepreneurship Sample
- The company must confirm whether the rights are registrable or not.
- The company must consult before it files any further application to increase the strength in the market.
The telecommunication company can check whether any grants and tax credits are, provided to the businessperson or not to initiate new business in the nation. The company must place all the proper business contracts for the creation of IP rights.
Licensing in the IP rights will help Thompson Telecommunication to improve the potential of the investors or the purchasers signifying that they have the right to utilize the third party (Taylor, 2018).http://Great BUSI1692 International Entrepreneurship Sample
The IP health check is mandatory for the business. The British Library Business IP center assists the inventors, entrepreneurs and small businesses to protect their business rights (Approach, 2015).http://Great BUSI1692 International Entrepreneurship Sample
This will result in valuing the IP this helps in recognizing the services and products that the Thompson Company will be solely offering for its customers. This will also help the company in increasing the standards of the business operation signifying that they follow the legal guidelines.
This also provides the business with the market opportunity for the other business to join hands for synergetic production output in the business functions.
When an organization attains the licensing rights it uses for selling and manufacturing the products and services. It does attain revenue-earning but avoids taking risks in selling, promoting or manufacturing the products and services (Teresian et al, 2016).http://Great BUSI1692 International Entrepreneurship Sample
Then the license offers the right to utilize and access the IP without the cost of developing the service or product.
Conclusion
The report highlights the entry strategy for the Thompson Telecommunication company so that it can increase and optimize the market resources. It also explains the partnership proposal, which will help the new family business to increase the connections.
This will support the business with additional capabilities to progress the operation. The community help will allow the business to operate in a sustainable and viable manner. This will help the business in increasing the community associations thus increasing the value and reputation of the company.
The intellectual property rights are important for the business so that it can safeguard its valuable assets of the business, especially in the digital economy. This helps the company so protect its creative works, brands, and inventions.
This prevents other companies from copying the organization’s products or services. This helps the company is differentiating its products from the other companies’ deliverables in the market.
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