Business Internationalization - Conditio Sine Qua Non of Entrepreneurial Venture Success

Abstract

The incentive for launching an entrepreneurial venture determines also the entrepreneur’s striving towards the growth of the venture, development of innovation or business internationalization. Assessment and understanding of outcomes of the launched entrepreneurial venture is possible if one have insight into both endeavor and motivation of an entrepreneur towards expressed entrepreneurial initiative. Entrepreneurs as holders of the entrepreneurial process based on recognition and profitable exploitation of identified opportunities, often find possibilities of venture growth outside the borders of their country. Internationalization of business is available to new established entrepreneurial ventures. Using available technologies, innovative products/services and available market, they find potential for entrepreneurial venture growth outside the framework of national economies. Therefore, the subject of this paper is analysis of the impact of the business internationalization on entrepreneurial venture, observing it towards maturity stage of entrepreneurial ventures. The aim of this paper is to determine relationship between business internationalization and maturity of entrepreneurial venture. For the purpose of analysis of interaction between the observed variables, database of Global Entrepreneurship Monitor has been used. For statistical analysis Spearman's correlation coefficient has been used. The results of statistical analysis confirmed a positive correlation between the level of business internationalization and maturity of the entrepreneurial venture. Also, a positive correlation has been confirmed between the level of education and business internationalization. Within this relationship, higher degree of entrepreneurial education simultaneously means a higher degree of business internationalization