This article deals basically with the dynamic environment of today’s businesses. Despite all of the efforts a company puts forth to scan the environmental issues, crises can occur and have to be managed. We have first reviewed several crises in businesses during the recent times, to define and identify the nature of a crisis. Then the anatomy of a crisis is presented schematically. Finally, by recommending certain preventive measures and interventions, the article concludes that acknowledging a crisis and communicating with the stakeholders are as important as planning the prevention, diagnosis, and intervention to solve crisis situations.

Firms involved in international business are affected by many crisis and crisis‐like events not generally associated with normal operations. Crisis management provides a business firm with a systematic, orderly response to crisis situations. Many crises can be prevented – or at least coped with more effectively – through early detection. The real challenge is not just to recognize crises, but to recognize them in a timely fashion and with a will to address the issues they represent. A crisis in an international business firm can consist of as many as four different and distinct phases: prodromal crisis stage, acute crisis stage, chronic crisis stage and crisis resolution stage. Recognizing these phases, and dealing with them effectively, gives the business manager an important edge in addressing issues of importance to the organization.

During the past decade, several studies have explored the characteristics of Born International and Born Global business firms, and the reasons for their increase in size and numbers. The objective of this study is to explore the influence of financing strategies and the commensurate finance management capabilities on the globalization of Finnish Born International and Born Global small and medium size enterprises (SMEs). The resulting knowledge from this study should prove valuable for academic researchers, political decision-makers and business managers. Interestingly, the results of the study show that Born Globals had greater access to superior financial resources and stronger finance-related managerial resources right from the start-up phase than did Born Internationals. An interesting finding also focused on the fact that Born Globals were able to more quickly obtain global management-related skills and industry-specific business experience through the use of external business partners and venture capital representatives. These findings may partially explain the Born Globals' rapid expansion into world markets in comparison to Born Internationals, and also the failures of other types of enterprises in these same markets.

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