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MGT520 - International Business - Lecture Handout 02

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MODES OF INTERNATIONAL BUSINESS

A. Merchandise Exports and Imports:

Merchandise exports are tangible products (goods) manufactured in one country and sent out of that country to another one. Merchandise imports are tangible products (goods) brought in from another country.

B. Service Exports and Imports:

Service exports and imports are international earnings that do not come from a tangible product which physically crosses a border. The company receiving payment is making a service export. The company paying is making a service import. Exports are goods and services produced in one country and then sent to another country. Imports are goods and services produced in one country and then brought in by another country. Information about exports and imports helps us to explain the impact of international business on the economy.

  1. Tourism and Transportation. When an American flies to Germany on Lufthansa (a German airline) and spends a few days in a German hotel, the payments made to Lufthansa and the hotel are service exports for Germany and service imports for the United States.
  2. Performance of Services. When an American engineering firm receives a payment for designing a plant in France, it is a service export for the United States and a service import for France.
  3. Use of Assets. International licensing agreements and franchising allow foreign entities to use another firm’s trademarks, patents, or technology. Payments for the right to use these assets are a service export for the country receiving those payments and a service import for the country making the payments.

C. Investments:

Foreign investment means ownership of foreign property is exchanged for a financial return (e.g., interest and dividends).

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MGT602 - Entrepreneurship - Lecture Handout 08

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THE INDIVIDUAL ENTREPRENEUR

THE INDIVIDUAL ENTREPRENEUR

  1. To identify some key entrepreneurial feelings and motivations.
  2. To identify key elements in an entrepreneur’s background.
  3. To discuss the importance of role models and support systems.
  4. To identify the similarities and differences between male and female entrepreneurs.
  5. To explain the differences between inventors and entrepreneurs.

ENTREPR E NEURIAL FEELINGS

There is no "true entrepreneurial profile"- entrepreneurs come from many educational backgrounds, family situations, and work experiences. A potential entrepreneur may presently be a nurse, secretary, assembly line worker, sales person, mechanic, home maker, manager or engineer. A potential entrepreneur can be male or female and of any race or nationality.

Locus of Control

One concern people have when forming is whether they will be able to sustain the drive and energy required to form something new and to manage the new enterprise and make it grow. While research results are inconsistent, internal control seems to be a characteristic of entrepreneurs.
Internal beliefs appear to differentiate entrepreneurs from the general public, but not from managers. Managers and entrepreneurs both have an internality tendency.

Read more: MGT602 - Entrepreneurship - Lecture Handout 08

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