Fundamentals of Entrepreneurship

Never before in the history of the world has there been such a variety of exciting international business opportunities. The movement of the once-controlled economies to more market-oriented ones, the advancement of the Pacific Rim and the new markets in the Middle East provide a myriad of possibilities for entrepreneurs wanting to start a new enterprise in a foreign market as well as for existing entrepreneurial firms desiring to expand their businesses globally. The world is truly global. This need to internationalize is accelerating because of the self-interest of these organizations as well as the effect of a variety of external events. Today, more than seven eighths of the world’s economic states have some form of market economy. A few large trading blocs such as the European Union and NAFTA (the North American Free Trade Agreement between Canada, Mexico, and the United States) have emerged and are growing. Once- developing countries, like China, are economic powers.