International Dimension of Entrepreneurship

Abstract

Entrepreneurship revival at the turn of the 21st century has also been reflected in international business operations. Smaller companies, taking advantage of the new opportunities engendered by modern information and communication technologies (ICT) and progress in international economic integration, sought to conquer international markets. The latter trends coincided with a strategic direction observed in emerging economies that strive to achieve long-term development goals through deeper integration with global capital and product markets. It has translated into several policy directions. Firstly, it has been recognized that the expansion in international markets can accelerate the growth of domestic firms, particularly in manufacturing and modern service sectors. In the case of high-tech start-ups from emerging economies, their success is practically impossible without co-operative links and a direct presence in key global technology centres. Secondly, the widespread criticism of the negative role played by multinational corporations in developing host countries has been gradually replaced with a more balanced approach. It has been acknowledged that foreign direct investment brings both negative and positive effects and that the overall balance of gains and losses can be improved by effective policy measures vis-à-vis transnational corporations. The third direction has been based on the notion that emerging economies need to develop the upper echelon of domestic companies that will operate as truly global players, thus strengthening the position of a given country in the global economy.