Most exporting entrepreneurs trade with the country of their birth, their parents’ birth, or where they have prior experience.Another approach that has grown dramatically in the past 15 years is e-commerce Sites like eBay and Amazon handle the global trade.Formally, this is called virtual instant global entrepreneurship (VIGE).VIGE uses Amazon or eBay (for products) or Upwork (for services) to quickly establish a global presence.Most sites offer procedures, services, and web page templates that incorporate best practices for global trading.
VIGE sites provide the assurance of honesty on the part of buyers and sellers, using rules, warranties, and mutual ratings.
Challenge and the Entrepreneurial Way
Entrepreneurs’ stories often reflect the following strategies.
< >If you don’t succeed the first time, try, try againThis is called the strategy of perseverance.Scale backIf you don’t have enough resources for your big dream, find a smaller, scaled back version that will get you started.Bird in the handStart with the resources you already have (knowledge, contacts, money, etc.) and think about the best use you can make of them. This is one of the strategies in effectuation.PivotStart anyway you can and then look for better opportunities as you go. This is also known as the corridor principle because until you start going down the corridor (your business) you can’t tell what opportunities you might find.Take it on the roadYour best market may be other than where you live.Try another market, in person or through the Internet.Ask for help You can harness the wisdom of crowds with techniques like crowdsourcing.Use specialized websites as funding or for finding or testing product ideas.Plan to earn
Inspirational images for entrepreneurs: Kauffman Foundation pinterest.com/kauffmanfdn/entrepreneurial-inspiration/?lp=true
Inspirational stories: Entrepreneur Magazine entrepreneur.com/topic/inspiration
Why firms fail: Autopsy.io getautopsy.com/ 
Figure out the best idea for you and plan to make it happen.
Buyers: people who purchase an existing business.
Corporate entrepreneurship: the form of entrepreneurship which takes place in existing businesses around new products, services or markets.
Corridor principle: a theory in entrepreneurial occupation theory that says as you start pursuing one line of work or opportunity (which is like going down a corridor) you will encounter other opportunities.
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Learn More Online Importing and Exporting: SBA’s Exporting page sba.gov/business-guide/grow-your-business/export-productsImporting and Exporting: The US Government’s Exporting page export.gov/welcome |
VIGE sites provide the assurance of honesty on the part of buyers and sellers, using rules, warranties, and mutual ratings.
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Learning Objective 01-06: Recognize the seven key strategies of the entrepreneurial way. |
Entrepreneurs’ stories often reflect the following strategies.
< >If you don’t succeed the first time, try, try againThis is called the strategy of perseverance.Scale backIf you don’t have enough resources for your big dream, find a smaller, scaled back version that will get you started.Bird in the handStart with the resources you already have (knowledge, contacts, money, etc.) and think about the best use you can make of them. This is one of the strategies in effectuation.PivotStart anyway you can and then look for better opportunities as you go. This is also known as the corridor principle because until you start going down the corridor (your business) you can’t tell what opportunities you might find.Take it on the roadYour best market may be other than where you live.Try another market, in person or through the Internet.Ask for help You can harness the wisdom of crowds with techniques like crowdsourcing.Use specialized websites as funding or for finding or testing product ideas.Plan to earn
Learn More Online
Inspirational images for entrepreneurs: Kauffman Foundation pinterest.com/kauffmanfdn/entrepreneurial-inspiration/?lp=true
Inspirational stories: Entrepreneur Magazine entrepreneur.com/topic/inspiration
Why firms fail: Autopsy.io getautopsy.com/
Figure out the best idea for you and plan to make it happen.
Key Terms
Bootstrapping: using low cost or free techniques to minimize your cost of doing business.Buyers: people who purchase an existing business.
Corporate entrepreneurship: the form of entrepreneurship which takes place in existing businesses around new products, services or markets.
Corridor principle: a theory in entrepreneurial occupation theory that says as you start pursuing one line of work or opportunity (which is like going down a corridor) you will encounter other opportunities.