The Impact of Globalization on Entrepreneurship

Abstract

This paper aims to explore the importance of globalization for the development of entrepreneurship. Changes in global business environment require new business strategies. Small business owners are expected to be able to develop the resiliency of their businesses so that they can face severe external conditions. Their sustainability depends on the resilience but also on the perspectives of long-term business operations. Therefore, small and medium-sized enterprises must demonstrate their ability to anticipate changes in the market, react to them, and initiate them. This implies improvement of basic processes, learning new skills and closer cooperation with external and internal partners. Small enterprises need to redefine their goals and use their resources more effectively as a necessary condition for expanding maneuvering space for growth and for achieving sustainable development. Finally, it is concluded that organizations must establish the right balance between the challenges and benefits of globalization, and the four basic areas for achieving the right balance are adequate cost, human resources and risk management, as well as the formulation of a strategy that follows the requirements of the global market game.

Survey on women's innovative entrepreneurship in Serbia

“…Along with the sector of small and medium-sized enterprises, women's entrepreneurship is important for economic development for it contributes to reduction of unemployment, establishment of businesses in new spheres, implementation of new technologies, development of entrepreneurial sector, as well as to real GDP growth, regional and rural development (Jovanović and Lazić, 2018). Women's entrepreneurship is an important issue in terms of gender equality and women empowerment, but also for the promotion of sustainable development and economic growth through the creation of high growth, innovative enterprises (Radović-Marković et al, 2019;UNCTAD, 2013).…”

Globalization, entrepreneurial development and unemployment: a mediation analysis in the context of South Africa

“…Haller, 2016). Nonetheless, it is imperative to recognize that the scope of globalization extends beyond such conglomerates and also permeates small and medium-sized enterprises (Radović-Marković et al. , 2019).…”

A Critical Study on the State of Globalization Today, Focusing on Selected Current Global Issues

“…Jobs are being displaced by the MNCs from the high costs developed countries, to the lower cost in developing nations. Leading to less job opportunities in the developed nations (Radović-Marković, Brnjas and Simović, 2019). MNCs outsource overseas for cheaper labour to minimise expenses, which largely does not help in developing the economy (Heimberger, 2020).…”

“…al., 2020), immigration policy for working visa, tariff and fees for export and import (Bound, Braga, Khanna, et. al., 2021), changes in regulations in employment and wages, the required capital to expand overseas (Radović-Marković et. al., 2019;Ahmad and Sood, 2019).…”

“…All countries are relying on each other heavily, putting them at greater risk (Ahmad and Sood, 2019). MNCs are relocating the job opportunities from home countries to the developing countries for cheaper cost (Radović-Marković et. al., 2019), and avoiding taxes.…”