Developing a Global Enterprise
Business enterprises grow from the basic small organizations; maintain consistency in business from production, modern chains of to distribution, and international marketing. Rebecca and Eileen, (2011, p.660), suggests that changing businesses by global interventions play a greater role in their expansion apart from stimulating international cooperation. Entrepreneurship operates globally and ventures on economic gaps and exploits them governed by the code of ethics. Entrepreneurship is a since of job creation and innovations that elevate business growth. According to( Akhter, 2017), Digital entrepreneurship growth largely depends on entrepreneurial behavior, country’s culture and a belief of investing in education to produce learners who are capable of identifying initiating, and taking risks of exploiting such gaps. Maritz, Nguyen and Bliemel, (2019), say that global Entrepreneurship gets a guide from models, frameworks and theories to impact the global economy. This article identifies the components and discusses their role in the entrepreneurship field.
Models of entrepreneurship
Entrepreneurship applies some methodologies that support incorporating entrepreneurial skills to achieve business goals. The models are main strategies that guide an entrepreneur’ to meet the set objectives of entrepreneurship. The models vary from one another despite working towards the same business goals. The similarity in objectives makes the models dependent on each other for successful entrepreneurship. De Clercq, Dimov and Thongpapanl, (2015, p.514), describe the entrepreneurship models and the challenges they face in their application.
Technology
Technology in entrepreneurship facilitates research when venturing in business into check which business gaps are suitable to invest in. The technology applies scientific knowledge in research to identify a business opportunity and the processes that follow in exploitation. Technology aids in optimization and promoting the development of entrepreneurial skills to run a business. Sabri, (2019), suggests the roles of technology in identifying a suitable chain of distribution for goods, in the digital market that keeps on advancing.
The technology applies modern computer software a business venture can choose on to develop a business plan and modes of business management. Modern technology includes the use of Artificial intelligence (Al) interventions to familiarize with user experience and improve sales. AI is capable of identifying different customer need and groups these preferences then designs the best resolutions to such needs for an entrepreneur. Artificial intelligence helps an entrepreneur generate responses for the consumer possible inquiries from the well-designed features of advertisements. Obschonka and Audretsch, (2019, p.1) explain how Artificial intelligence disintegrates big and complex data into simpler information that an entrepreneur utilizes in different stages of setting the procedures in formulating a business idea. Artificial intelligence also helps to improve the quality of business and relevancy of the business content. The integrated search engines predict the entrepreneur’s search and are familiar to any business content and their relevancy in business.
Technology helps entrepreneurs transform their business into a digital platform by integrating business activities to technology. The business operations like local distributions shift to a more safe and refined method to serve a global interest. An entrepreneur can design his website and use it for advertisement the goods he deals in. The cost of the advertisement on a personal website tends to be lower when put in comparison to an advertisement in private media like the televisions and radio.
Technology fits every age that can support computer literacy thus age does not bar technological knowledge acquisition. The young children can advance in computer in computer knowledge and this forms part of the interest to invest in business research and eventually become good entrepreneurs as seen in Australia and China. The children watch cartoons, cooking films on both television and smartphone YouTube that can promote entrepreneurial skills in the future age. The social platforms reduce the physical movement of an entrepreneur when initiating business collaborations by making it possible to communicate through the social media and reach a variety of consumers as well. The entrepreneur employs technologies such as the Internet of Things ( IoT) to receive, store and analyze data from the prospective customers. The IoT enhances efficiency in information processing and can use additional networks to create incorporated solutions.
O’Hara et al,( 2016), describes the role of technology in developing entrepreneurship research and help him find out the role of culture in determining business operations. In research development, the entrepreneur uses technology to develop innovative skills and products that the business corporation applies to compete with other more advanced business companies globally. Rowland, Knapp and Fargo, (2020, p.1) provide methodologies of how to identify a business opportunity and initiating methods on how to exploit it.
Market Demands
Consumers of different kinds of goods and services form the market that an entrepreneurship targets before venturing into a business.
The entrepreneur studies the culture of the people so that only relevant goods are brought into the business gap. The entrepreneur can apply the digital platform to advertise the products and finally establish where the market has a higher concentration from the data an entrepreneur generates from customer inquiries and order for goods. Gish, Lanahan and Beck, (2019), try how levels of income of people affect their demands for goods and service; people with better income have a higher capital purchase compared to the less economically vulnerable.
In-sale and marketing, the entrepreneur builds an engaging discussion and a more way to interact with the customer when demonstrating the goods via the internet platform. Using the business web, the entrepreneur adds animations on the goods to make them more attractive and appealing to the customer and also increases the chances of buying. Gangi, (2017) argues that more developed market pushes the entrepreneur to develop the urge to be technologically updated therefore trains in more computer packages such as SCORM Compliant HTML packages, intensive classroom training on technology to accelerate computer literacy that never fades with age.
In more competing world markets, the entrepreneur adopts more current software to generate high-quality products to compete favourably. ActiveCampaign, Autopilot and SendinBlue are examples of such technology that creates a modern view of entrepreneurship. The business person uses such software in the design of commodities such as in cloth design and manufacturing to suit the needs of the market within and beyond the country. The entrepreneur applies 3D collaborative requirements such as remote connectivity of minor servers to a major sever to enhance electronic collaborative that more accurate than a human effort to in computing programs.
For better management of the business, entrepreneurs use web developed Apps to sore information about the business enterprise. The business developer also uses the Server-side programming powers to create the script and web applications. The entrepreneur uses web apps and the Internet of Things to run and manage the business from any place once there is internet connects. The business manager can monitor employees’ movements, mishandling of goods and any unethical business operation. Genpott and May, (2016), discuss the efficiency of business experiences from the installation and use of business administration. The digital integration of such technology massively expands the market, improves the economic status of the entrepreneur who takes risks to venture in given business activity.
Frameworks in entrepreneurship
The business framework involves the procedures an entrepreneur undertakes using various models to achieve a business goal. Torabi, Giahi and Sahebjamnia, (2016, p.201), discuss the role of the business framework in the shaping of business organizations. The frameworks act as links between the business models.
The conceptual framework of entrepreneurship.
The concept of a business involves a series of basic information including services and products of a business and product selling strategies that makes entrepreneur perfumes well in the sale of goods and services. The business concept involves infrastructure