Minority entrepreneurs and International strategy selection Research Paper

Minority entrepreneurs and International strategy selection - Research Paper Example This means that these minorities have to plan an international strategy for their businesses in their nascent stages. The strategy needs to be planned effectively because the ability of the business to take risks and endure failure is very low and the owner may not be able to recover after a loss. Planning an international strategy for such a small and highly constrained business is extremely difficult and requires caution. Because of the cultural differences, minority entrepreneurs have a different style of management and therefore adopt different strategies that make them different from local entrepreneurs. The advantage of this distinctiveness is that they are better able to reach communities and generate referrals along with community support. The disadvantage is that this different style makes these entrepreneurs lesser at ease as compared to the local entrepreneurs. Minority entrepreneurs face a multitude of problems which decrease their chances of success. It is therefore impe rative that structures are set up that provide support to and encourage this important segment of the society. The problems of such businesses are unique and therefore require a unique solution as well. Entrepreneurs are the life blood of any economy as they operate at the grass root level and penetrate markets that the larger enterprises are unable to reach. Each year, thousands of immigrants leave their homelands and settle in other countries in pursuit of better economic and social conditions. Most of the influx also occurs in the western countries or the developed world where the economies are able to support these incomers and the markets are well developed to allow these small businesses to flourish at such a small scale. Contradictory to common understanding, entrepreneurship does not necessarily involve developing an innovative product, it has various definitions. For such entrepreneurs, it is equivalent to launching their businesses in an international