Objective:
To develop an understanding of their capacity to undertake internationalisation as a way to grow their business.
Overview:
Entering a foreign market could help your business reach new heights in terms of growth, revenue and longevity. This evaluation of a small business’s capabilities will reveal its potential for growth.
Activity:
Instructions
Invite the entrepreneur / small business owner to consider the business from 3 perspectives to analyse their business’s ability to seize opportunities in foreign markets.
Organisational Structure Assessment & Actions
Does the small business have the structure and capability to expand?
Do the internationalisation plans contribute to and fit with the business mission and objectives?
Does the business model take internationalisation into consideration?
Are marketing and sales activities / plans in place to reach international markets?
Are products and services suitable for the international market?
Do they introduce innovation to the international market?
Does the small business staff team have the skills, knowledge and commitment to implement the internationalisation plans?
What actions are needed to support the internationalisation plans?
Financial HealthAssessment and Actions
Does the small business have the financial resources needed to support its international goals?
How much will the internationalisation activities cost?
Does the business have the cash / working capital to meet these costs?
Have alternative / additional sources of finance to internationalisation been explored?
Can the business afford to repay any debt incurred with international activities?
What actions are needed to support the internationalisation plans?
Leadership Assessment and Actions
Does the entrepreneur and their team have the commitment and understanding of what’s involved?
Is the entrepreneur or small business owner committed to internationalisation?
Do they have the support of their team?
Does the team have knowledge and experience of the international market?
Has advice been sought from experts and others with experience of internationalisation?
What actions are needed to support the internationalisation plans?
Skill Development:
This activity draws together the key skills of an entrepreneur in terms of information handling and decision making. By using research skills and entrepreneurial effectiveness, this task invites the learner to determine actions based upon their own judgement.
Resources:
- Post-its or similar sticky pads
- Pens