In_Other_Countries,_What_Business_Strategies_and_Methods_Allow_Small_Business_Owner_to_Succeed_

Executive Summary The abundance of small businesses proliferate our world both nationally and internationally, creating new products and services for consumers and providing an opportunity for job growth for many. Consequently, it is important to understand the characteristics and traits that make a business succeed. Not all businesses are successful; some start off strong only to result in failure; some fall flat on their face even before the doors open, and some rise above all others and prosper. The characteristics that make a business succeed are closely observed and researched to provide future business owners with helpful advice. The infrastructure of a business relies on several different factors including, entrepreneur behavior, employee competency, geographic area, and the need for that product. In this paper we are concerned with businesses in other countries, rather than the United States, because the majority of our products are imported from other countries. In other countries, what specific techniques and methods do businesses utilize that result in grow and viability' Providing both qualitative and quantitative research, we are able to determine that smart entrepreneur behavior, employee competency, and the ability to internationalize allow a business to climb that proverbial ladder, while negative aspects tend to be governmental influences, location, and internal weaknesses. This research involved interviewing numerous business owners in different countries such as, Syria, Vietnam, Malaysia, and Sub-Sahara Africa and obtaining information on the venture growth of each company. Results indicate that success was directly related to entrepreneurial behavior, strategic planning, employee skills, training, drive to internationalize, and utilization of online tools. Alternatively, governmental influences in politically hostile countries, location and weak internal labor negatively impacted small business. With any research there are limitations and immeasurable circumstances that can alter the conclusion of results such as, unexpected events, environmental influences, and differences in goals of each entrepreneur. Situations such as these can change the outcome of any research. With this in mind, we are able to collaboratively understand the general idea of what factors contribute to the success of a business, thus providing future entrepreneurs with smart business advice.   What business strategies and methods allow small business owner to succeed in both the United States and in other countries' In the world of business whether big or small, we are often mesmerized at how companies are assembled and how they maintain success. In view of the fact that successful companies provide a plethora of new job opportunities and innovative products and services, it is important to understand the aspects that brings them to such a successful standing. This collection of sources is geared toward small business located in other countries because so much of our products come from other locations. In order to determine this, researchers study many different subjects, variables and results. Studying entrepreneur behavior is an effective first step in understanding the structural support and growth of a small business. Areas of research included cognitive strategies, planning techniques, motivational resources, and skills of the entrepreneur. Other areas of study include demographics, geographic location, statistics, and type and size of the businesses. The characteristics of a successful business are different from business to business and studying these traits as a whole will allow new entrepreneurs to gain the knowledge and smart business strategies to flourish. What types of entrepreneurial behaviors result in positive business growth' Many successful businesses start off with an idea, from an individual or group of people, followed by the motivation to put the idea into full force. Behaviors of entrepreneurs are often studied to determine what factors contribute to the success of a company or cause a negative downward spiral. A business owner’s aptitude to recognizing and assessing their own skills plays an enormous part in the success of a company. According to Baum and Locke (2004) self-efficacy, motivation and goals all provide means for growth for small businesses (p.587). Having a strong sense of self-efficacy and leadership mind-set provides an individual with the confidence in their skills to deliver and accomplish their goals. Thus to further support this claim, Sambasivan et al. (2009) demonstrates that in 1,275 different Malaysian businesses the driving force behind a successful company is the ability to recognize potential business opportunities, have strong personal awareness and the managerial skills to take the initiative to start building (p. 799). Another characteristic that contributes to positive venture growth in a business is the ability to demonstrate effective planning strategies. Frese, M., Krauss, S.I, Keith, N., Escher, S., Grabarkiewicz, R., Luneng, S.T., et al. (2007) research proves that motivation, intuition and planning are the driving forces that put small business in a successful standing: Owners who are more proactive are more focused on the long term and consider more potential issues and signals; therefore, they tend to develop more elaborate plans. Conversely, owners who develop more detailed plans tend to think of more long-term issues and are thus more proactive. (p. 1484) In contrast, the study presented by Hiemstra, A., Van Der Kooy, K., and Frese, M. (2006) demonstrates that food vendors in Vietnam lack the planning and thought-process of developing a business strategy, however were successful for that particular type of environment (p. 480). In this example, the consumers need for a product contributes to the success of a business rather than the planning skills of the entrepreneur, thus taking us further into analyzing entrepreneur traits. Although entrepreneurial drive, motivation and planning techniques are a characteristic of a winning business, the enjoyment of the work environment also plays a part in the business owner’s success and drive to establish their own. Research conducted by Jeffery Alstete (2008) displays that although entrepreneurs dislike the long hours, risks, and lack of benefits, they enjoy the flexibility and independence of their work life (p. 591). Therefore, the positive aspects of owning a business outweigh the negative aspects and entrepreneurs enjoy their job and are satisfied with their career choices (p. 591). What internal and external factors contribute to the success of a business' Entrepreneurial behaviors play a major role in the progress of a company as demonstrated above, but are not the only components of a successful business. Numerous other factors influence the growth of a company, such as employee competency, training, startup strength, location, product type, and E-Commerce. These internal and external factors all contribute differently to a business and subsequently to its success. With any business, having a sound and competent employee-base resonates throughout the business world as a mediator for success. Employees are the foundation of a company and to lack skilled and trained employees can prove to be detrimental to any kind of business. Alasadi and Abdelrahim (2008) supported these findings by surveying 340 firms in Syria. Results demonstrate that a business lacking in trained employees results in a negative impact on the business and that a positive business performance had correlation to managers who were trained specifically in marketing (p.60). Marketing skills allows an entrepreneur to promote their business to the appropriate crowd and in a manner that would be most effective. According to this study, having marketing skills increased business profits exponentially when compared to accounting skills (Alasadi and Abdlrahim, 2008, p. 60). Over and over again we see businesses gain popularity and momentum from the start only to result in failure. Aldrich and Fiol (1994) reveal that a company tends to succeed based on the structural capacity of its formative years and that new business ideas tend to fail when compared to those that are a continuation of a pre-existing idea (p. 645). Therefore, new entrepreneurs in this situation must “…carve out a new market, raise capital from skeptical sources, recruit untrained employees, and cope with other difficulties steaming from their nascent status” (Aldrich and Fiol, 1994, p 645). As with real-estate, location plays a major role in the success of a business. Based on research conducted in 2008 by Fernhaber, Gilbert, and McDougall, location and the tendency to internationalize are interconnected (p.267). Additionally, when a company provides multiple locations and opens up more resources the possibility of new venture opportunities increases along with competition (Fernhaber et al. p.284). Many companies look to increase on an international level and often find that their business grows substantially as a result. To further support this claim, D’Souza and McDougall (1989) research shows that when competition gets tough, smaller firms look to succeed in foreign markets by participating in joint venturing with other companies (p.20). We often see this in numerous companies today. On the other hand, location can present a negative atmosphere for businesses, especially those located in politically hostile countries. For business in developing countries, such as in Sub-Sahara Africa, political hostility, governmental control, corruption, and weak internal bookkeeping pose a negative threat to small businesses (Okpara and Wynn, 2007). The internet is a widely used tool for many small business owners big and small. Providing access to your business through the internet opens up a new consumer-base for the product or service. Many companies have chosen to take the e-commerce route, whether solely or in conjunction with a storefront. Jaw and Chen (2006) builds on this idea that e-commerce serves as an effective marketing tool and communications conduit especially for international business (p.168). Alternatively, William Wresch’s (2003) research shows that companies in developing countries are trying the e-commerce route but without any success, and that the type of product and the ability to ship that product plays a big role in that outcome (p.68). Unsuccessful e-commerce in these countries could be due to the fact that digital goods and services had the highest sales rate when compared to tangible goods, with the latter often sold in these countries (Wresch, 2004, p.75). Therefore, the rate at which a company succeeds using internet technology depends on a number of different factors, including internal infrastructure and the type of the product sold. Conclusion Small businesses pave the way for new products and services and provide an avenue for new job opportunities. Since the United States acquire a majority of its products from other countries, it is imperative to understand what factors allow for these businesses to stay successful. Research supports the claim that when an entrepreneur contains a certain level of motivation and skills success is within her/his reach. Research also demonstrates that effective planning strategies can increase venture growth depending on the type of market. In addition, business success also has strong ties to its formative years and understanding the risks associated with starting a new business. Another important component of any business big or small is the skills and training of its employees. Possessing this characteristic provides a solid framework and increases growth potential. Participating in e-commerce, selling goods and service using the internet, also provides a considerably large opportunity for growth for organizations that have strong internal infrastructure. There are many negative factors that can present challenges to some business causing a decrease in sales or complete failure all together. Governmental influences, political instability, location, and weak internal structure can cause a business to spiral downward. Studying these components will help provide sound-full advice to new entrepreneurs entering the market. This research has provides us with much information on what factors contribute to the success of a company. Taking and understanding these components and using for future endeavors may end up helping new entrepreneurial ideas to flourish and grow. References Aldrich, H.E., Fiol, C. M., (1994) Fools rush in' The institutional context of industry creation. Academy of Management Review, 19(3) 645-670. Retrieved from Business Source Complete. Alasadi, R., Abdelrahim, A., (2008) Analysis of small business performance in Syria. Education, Business and Society: Contemporary Middle Eastern Issues, 1(1) p50. doi: 10.1108/17537980810861510 Alstete, J.W., (2008) Aspects of entrepreneurial success. Journal of small business and enterprise development. 15(3) 584. doi: 10.1108/14626000810892364 Baum, J.R., Locke, E. A., (2004) The relationship of entrepreneurial traits, skill, and motivation to subsequent venture growth. Journal of Applied Psychology, 28(4) 587-5890. doi: 10.1037/0021-9010.89.4587 D’Souza, D., McDougall, P., (1989) Third World Joint Venturing: A Strategic Option for the Smaller Firm. Entrepreneurship: Theory & Practice, 13(4) 19. Retrieved from Business Source Complete. Fernhaber, S., Gilbert, B., McDougall, P., (2008) International entrepreneurship and geographic location: an empirical examination of new venture internationalization. Journal of International Business Studies, 39(2) 267-290. Retrieved from Business Source Complete. Frese, M., Krauss, S.I, Keith, N., Escher, S., Grabarkiewicz, R., Luneng, S.T., et al. (2007). Business owners’ action planning and its relationship to business success in three African countries. Journal of Applied Psychology, 92(6) 1481. Retrieved from Business and Company Resource Center Hiemstra, A., Van Der Kooy, K., Frese, M., (2006) Entrepreneurship in the street food sector of Vietnam-assessment of psychological success and failure factors. Journal of Small Business Management, 44(3) 474-481. Retrieved from ABI/INFORM Global Jaw, Y., Chen, C., (2006) The influence of the internet in the internationalization of SMEs in Taiwan. Human Systems Management, 25 (3) 167-183. Retrieved from Business Source Complete Jennex, M., Amoroso, D., Adelakun, O., (2004) E-commerce infrastructure success factor for small companies in developing economies. Electronic Commerce Research, 4(3) 263-286. Retrieved from ABI/INFORM Global Okpara, J., Wynn, P., (2007) Determinants of small business growth constrains in Sub-Sahara African economy. S.A.M Advanced Management Journal. 72(2) 24-32. Retrieved from ABI/INFORM Global Sambasivan, M., Abdul, M.,Yusop, Y., (2009) Impact of personal qualities and management skills of entrepreneurs on venture performance in Malaysia: Opportunity recognition skills as a mediating factor. Technovation, 29(11) 798-805. doi: 10.1016/j.technovation.2009.04.002 Wresch, W. (2003) Initial e-commerce efforts in nice least developed countries: A review of national infrastructure, business approaches and product selection. Journal of Global Information Management, 11(2), 67-78. Retrieved from ABI/INFORM Global