text reading, focuses on identifying and evaluating business opportunities both domestically and internationally. Included in the business plan project is the assessment of the business idea and business model canvas assignment. This assignment will give you an opportunity to apply an assessment process similar to the one in the textbook to your group’s business idea. This will address half of chapter 5. Now it is on to international opportunity.
The textbook gives great information on what is needed to be considered in assessing global opportunities. Please read the chapter material carefully.
As stated in chapter 5, there are a number of ways to enter the global market place. The most common and least risky method is direct exporting. In fact, the SBA (Frequently asked questions, 2018) reports that small businesses make up 97.6% of all exporting firms and 32.9% of all export value. The numbers indicate that there is international opportunity for small firms. The Small Business Administration has complete information on exporting (check out the site). In addition, the National Small Business Association and the Small Business Exporting Association teamed up to produce the 2018 Small Business Exporting Survey. Please check out the report and share your thoughts and comments. What did you learn from the survey? You can also comment on the SBA exporting material if you wish. Do you have any experience with exporting? If so, share your experiences.
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Identifying and evaluating business opportunities
Name of Student
University Affiliation
Small Business Exporting Survey
The Small Business Exporting Survey provides invaluable information for small business that wish to go into global business platform. The survey provides critical information about the challenges and opportunities in the international export business (National Small Business Association, 2016). Reading the survey reveals that the major challenge that small business that wish to enter global market place face is payment for their products or services. This creates the thinking that majority of small businesses that engage in global business prefer to deal with their clients directly. Unlike the big companies that have direct foreign contacts, it seems that small businesses rely on direct customer business contact to do business. The major challenge to this is that absence of physical locations in foreign destinations makes it imperative that potential customers make full or use other secure forms of payment in order to get services or products. What was learnt from the Small Business Exporting Survey is that entering the global market place present challenges and opportunities. The strength of the dollar makes the issues of payment critical for small businesses that enter into global market places. Since a majority of the customers come from emerging markets, strong dollar that is relative to the local currencies of the customer makes it imperative that payment is made upfront. In addition, it is important for one to consider challenges related with regulations and trade agreements in order to take advantage of trade agreements that facilitate entry into global market place. Exporting to other global destinations can be bound by tax and other regulations that govern specific exports such as those that involve military equipment. The knowledge………………………………………………………………………………………………
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