The biggest difference in moving from corporate life to entrepreneurship is that entrepreneurs do not have a buffer between a mistake and total failure.
Venture funding can create unreasonable demands on the entrepreneur to produce results without the proper procedures and research required for long-term success.
In order to operate effectively, businesses need to know that contracts are binding, that their property and intellectual property rights are protected, and that there is a fair system for handling disputes.
A newly founded company that develops a revolutionary new way to do a particular activity and seeks to expand that new method nationally and internationally would be considered entrepreneurial.
The distinguishing feature of born-global firms is that their origins are international, as demonstrated by management's global focus and the commitment of certain types of resources to international activities.
A local dry cleaner has been through four different owners and provides dry cleaning facilities to customers in a particular locality.The current owner would be considered an entrepreneur.
There are two phases of a global start-up assessment, which consists of deciding whether a firm should become a global start-up and what the firm needs to do to make that happen.
A born-global firm is a business organization that seeks to derive significant competitive advantage from the use of resources and the sale of outputs in multiple countries.
Born-global firms follow the traditional pattern of businesses that operate in the home country for many years and gradually evolve into international trade.