Strategy and the Entrepreneurship Norback and Persson

Question: Discuss about the Strategy and the Entrepreneurshipfor Norback and Persson. Answer: Introduction Norback and Persson (2014) postulates that these two strategies are beneficial to a company, depending upon the international market where the company seeks to exploit the present opportunities. This study analyses Norback and Persson (2014) findings and how these findings relate to Peng's five entrepreneurial strategies. Further, the research explains whether Norback and Persson's assertions contradict or complement Peng's five entrepreneurial strategies with a clear outline of their implications for small, new, and innovative enterprises. How Norback and Persson Findings Align with Pengs Five Entrepreneurial Strategies Norback and Persson (2014) argues that there are various foreign market entry strategies used by different companies. In particular, the ability of firms to sell themselves and innovation to born to be global businesses, and the existence of enterprises in the global market since they are born to be global are two perfect strategies of thriving and entering foreign markets (Norbck Persson, 2014). Born to be global firms have ventures aimed at exploiting unique global markets. For example, Facebook whose access to technology advancements is affordable for already the products is widely recognized by customers internationally. On the other side, the Pengs Five Entrepreneurial Strategies postulates that entrepreneurs must trench every day and stay focused. The five entrepreneurial strategies include growth, strategy in action, innovation, financing and governance, and networking (Peng, 2013). Internationalizing the entrepreneurial firm requires the global markets to have viable foreign market entry strategies. Global companies need to recruit skilled, qualified, and knowledgeable employees who can innovate new ideas for the success of the company in the international arena. Norback and Persson (2014) findings as explained above align with Peng's Five Entrepreneurial Strategies in numerous ways. The Peng's five entrepreneurial strategies focus on the growth of a firm, and this is aided by innovation (Yamakawa, Peng, Deeds, 2015). Born to be global companies operate under intense financing and frequent governance from the management. For example, Google firm has been sustainable globally due to improved features on the web page which come as a result of innovative ideas by the employees. Norback and Persson (2014) agreement that the ability of firms to sell their innovations and themselves to the born to be global companies aligns with Peng's strategy in action and networking entrepreneurial strategies. A business cannot sell its innovation to another company when there is no networking between the two firms (Peng, 2013). Additionally, global companies have to employ responsible employees to ensure that right idea are innovated and that the quality of innovation sold to born to be global firms is maintained to be high. Understanding the dynamics of international markets helps firms to be competitive and sell their innovation ideas optimally. Peng's strategy of innovation is aided by the adoption of modern technology, and this supports Norback and Persson argument that for a firm to excel globally, technology is key (Wild, Wild, Han, 2014).For example; Facebook a born to be global company employs the use of sophisticated technologies in innovating new features that are attractive to the global, market customers. This adoption of advanced technologies require financing and governance from the top authorities of a firm; this hence aligns his arguments with Peng's funding and entrepreneurial management strategy. Comparison of Norback and Perssons Assertions with Pengs Norback and Persson (2014) statements compliment with Peng's five entrepreneurial strategies in various ways. First and foremost, the two argue that born to be global and the selling of a given company's innovative ideas to the incumbent is a perfect strategy of undertaking international business. Entrepreneurship and strategy go hand in hand. Companies require capital to facilitate entrepreneurship and meet networking events under which different business owners get to know each other. Selling innovation ideas to born to be global firms acts as a building block for a company to establish competitiveness in the international arena. Peng's five entrepreneurial strategies are similar to the assertions provided by Norback and Persson which requires firms to invest in technologies so as to innovate quality and valuable ideas (Norbck, Persson, T?g, 2014). However, entrepreneurial companies need adequate resources regarding capital and efficient management so as to thrive in the market. Also, they both talk about strategic innovations and entrepreneurial strategies that aid a firm in positioning itself firmly in the global market. According to Norback and Persson (2014), entering the global arena is challenging and thus requires creativity. Therefore, firms may establish joint ventures with the domestic companies in the targeted nations by selling their innovation ideas, products, and services with their brand name. This would hence assist the firm in entering the global market efficiently. Implications for Small, New, Innovative Firms Peng's five entrepreneurial strategies together with Norback and Persson assertions significantly impact on the operations of small, new, and innovative companies. Small businesses experience challenges while entering and functioning in the global market. There are resource constraints regarding finances which hinder innovation since even the firm cannot acquire skilled personnel (Helm Gritsch, 2014). Further, these assertions and entrepreneurial strategies only favor the large companies whose governance and capital outlay. As a result, small businesses find it difficult to compete in the international markets for they can neither innovate nor buy any innovation from other companies. New entrants in the global marketing environment also face difficulties in their attempt to position themselves in the market. New firms lack networks with the born to be global businesses and thus cannot have any link to do with purchasing innovative ideas (Boso, Story, Cadogan, 2013). Further, the already existing firms have a proper understanding of the environment and will always respond to new opportunities with action. Contrarily, new businesses have to undertake market research to understand the market demands, and this is costly. To the innovative companies, they will enjoy a competitive advantage in the global market environment. Innovative companies have skilled and knowledgeable personnel who come up with new ideas that are in surplus and can get sold to the born to be global enterprises in the market (Davis Olson, 2008). Innovative companies experience growth, viable networks with other companies, and always respond to customer demands with strategies in action. As a result, their sustainability and competitiveness in the international market are enhanced. Conclusion Most organizations have diversified their operations to the global markets. Innovation plays a significant role in the growth and sustainability of a company in the business environment. Organizations whose dreams are going global should invest in technology so as to aid innovation and entrepreneurship. Therefore, entrepreneurship depends on the ability of a firm to innovate with the help of existing resources and governance. References Boso, N., Story, V. M., Cadogan, J. W. (2013). Entrepreneurial orientation, market orientation, network ties, and performance: Study of entrepreneurial firms in a developing economy.Journal of Business Venturing,28(6), 708-727. Davis, A., Olson, E. M. (2008). Critical competitive strategy issues every entrepreneur should consider before going into business.Business Horizons,51(3), 211-221. Helm, R., Gritsch, S. (2014). 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