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Role of Managerial Experience of Entrepreneurs in Choosing Approaches to Internationalization of Their Business

In: The International Entrepreneurship: Trends, Challenges, Achievements. Proceedings of the Eighth International Conference, 6 – 9 June 2017, Varna, Bulgaria

Author

Listed:
  • Kostadin Kolarov

    (Institute of Entrepreneurship, UNWE, Bulgaria)

  • Yordanka Ivanova

    (Institute of Entrepreneurship, UNWE, Bulgaria)

  • Petar Todorov

    (Institute of Entrepreneurship, UNWE, Bulgaria)

Abstract

Knowledge, skills, and experience of entrepreneurs are crucial to better meet challenges of the external environment that enterprises face nowadays. This is especially valid for enterprises operating internationally and facing intense competition and various obstacles and uncertainties. This study is targeted at exploring the role of individual characteristics, such as training and experience of entrepreneurs in the internationalization process. Experience and training can be regarded as basic prerequisites for management and development of businesses able to break through and compete internationally. More specifically, the paper aims to justify the link between management training and experience as essential elements of entrepreneur's personality and the choice of internationalization approach with a focus on import and export as preferred internationalization modes by SMEs. To achieve this objective, the authors draw from a broad overview of available research in different contexts, and from data of their own empirical studies on the issues of internationalization and management training of entrepreneurs from an emerging market. This study contributes to the extant literature by relating the concept of the entrepreneur-manager in SMEs and his/her respective skill set with the choice of internationalization approach. Findings show that the availability of managerial experience and training is a prerequisite for choosing more active, direct and riskier, but at the same time more effective approaches to internationalization. Entrepreneurs who have no previous experience or have been employed operate with a significantly smaller number of countries. The choice of first foreign country is determined by the existence of previous management experience – those who have it are directed to traditional foreign trade partners of Bulgaria, regardless of geographic and cultural differences, while those who do not have such experience are more oriented towards geographically and culturally proximate countries.

Suggested Citation

  • Kostadin Kolarov & Yordanka Ivanova & Petar Todorov, 2018. "Role of Managerial Experience of Entrepreneurs in Choosing Approaches to Internationalization of Their Business," Conference Proceedings Chapters, in: Kiril Todorov & Kostadin Kolarov (ed.), The International Entrepreneurship: Trends, Challenges, Achievements. Proceedings of the Eighth International Conference, 6 – 9 June 2017, Varna, Bulg, edition 1, chapter 127, pages 135-150, Bulgarian Association for Management Development and Entrepreneurship.
    • Handle: RePEc:mdv:cpchap:y:2017:7
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    References listed on IDEAS

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    1. Mike Wright & Paul Westhead & Deniz Ucbasaran, 2007. "Internationalization of Small and Medium-sized Enterprises (SMEs) and International Entrepreneurship: A Critique and Policy Implications," Regional Studies, Taylor & Francis Journals, vol. 41(7), pages 1013-1030.
    2. Léo-Paul Dana, 2007. "Toward the Future," World Scientific Book Chapters, in: Asian Models Of Entrepreneurship — From The Indian Union And The Kingdom Of Nepal To The Japanese Archipelago Context, Policy and Practice, chapter 18, pages 311-329, World Scientific Publishing Co. Pte. Ltd..
    3. John Child & Sek Hong Ng & Christine Wong, 2002. "Psychic Distance and Internationalization: Evidence from Hong Kong Firms," International Studies of Management & Organization, Taylor & Francis Journals, vol. 32(1), pages 36-56, January.
    4. Vanessa Ratten & Leo-Paul Dana & Mary Han & Isabell Welpe, 2007. "Internationalisation of SMEs: European comparative studies," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 4(3), pages 361-379.
    5. Benjamin M Oviatt & Patricia P McDougall, 2005. "The internationalization of entrepreneurship," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 36(1), pages 2-8, January.
    6. Velko Marinov, 2004. "On the Prospects of the National Economy after the Accession of the Republic of Bulgaria to the European Union," Godishnik na UNSS, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 7-41, May.
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    Cited by:

    1. Kostadin Kolarov & Yordanka Ivanova & Branimir Yordanov & Krasimira Shindarova & Nedialko Nestorov, 2021. "Determinants and Models of Competitive Performance of SMEs in an International Business Environment: Combining Macro-Level and Firm-Level Analyses," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 106-125.
    2. Mitko Dimitrov & Alexander Tassev & Nedialko Nestorov, 2021. "Contribution of SMEs to the Bulgarian Export," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 72-92.

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