Discussion Post Response-

Please respond to the post below. Agree or disagree.  Minimum 100 words.

Ste

Timing Key Term and Why You Are Interested in It The term I chose to discuss for the final forum is timing. As someone interested in starting my own business one day, I am curious to learn more about the best time to enter the market. When starting a new business, timing is key for success, and even though my plans are still a few years down the road, it is always good to keep this key information in my back pocket. Reading through the text, I have learned that along with timing, it will be equally as important to ensure I am working with the right people and not rush important decisions (Satterlee, 2018, p.196). Explanation of the Key Term Timing is one of the key factors to consider as a factor before entering any market. Other factors include location, knowing which market to enter and scale, and knowing if the market is on a large or small scale (Satterlee, 2018, p.195). Knowing the right time to enter the market can greatly affect the business. Timing can be determined by examining the needs of the foreign market, the current economic trends, and the political environment. Many organizations are advised to use their due diligence to ensure perfect timing when entering a new market by strategically evaluating the market’s needs, economic trends, and political environment (Satterlee, 2018, p. 196). Major Article Summary As someone interested in starting my own business, I was immediately drawn to the title of my choice major article, How a Small Business Enters the International Market. I may not be interested in expanding internationally, but I plan to absorb all the information I can to get my idea up and running. Small businesses must develop a global culture, challenge the attitude of key decision-makers, gain crucial wedge strategies, and obtain external support to access foreign customers to hope for a change for success (Rowden, 2001). Regarding growth, a small business may need to consider identifying a new market, what foreign competitors are entering the American market, and how they can provide lower costs by using overseas production facilities (Rowden, 2001). By predicting the environment rather than reacting, a business will be able to keep up with the face of the ever-changing market. For a small business to succeed in internal business, it is encouraged that extensive preparation and research be conducted along with incorporating advanced administrative procedures and methods (Rowden, 2001). In conclusion, for a small business to become successful in the international market, one must consider traditional barriers, develop a global culture, change the attitudes of key decision-makers, gain crucial international experience, and over the size barrier of internationalization (Rowden, 2001). Discussion By expanding my specific focus from a traditional small business model to a small international business, I learned how to incorporate the different aspects that make a small business successful in the modern era. One of the crucial aspects is timing. Since the world is economically linked, timing is essential in analyzing production scaling and shipping costs. These important aspects of a small business can be determined by political global political interests that have nothing to do with your small business but greatly affect the bottom line. In his writing, Rowden displayed the importance of timing in creating, planning, and managing a small business by expanding the playing field internationally. While there are numerous articles about the various aspects of timing in business, many were focused on specific product enhancements or macro business observations. I was much more interested in general guidance as opposed to technical articles. In an article written by Kim and Chaiy, the authors focused on a firm’s market behavior for new product markets. This was very specialized for a specific market and not for small business start-ups in general (Kim et al., 2014). On a macro international business level, an article published in the Journal of Business Strategy explored the strategies of nearly 400 Chinese investment projects and their timing in entering foreign markets Mi et al., 2020). This was too specialized content for what I was looking for. References Kim, N., Min, S., & Chaiy, S. (2015). Why do firms enter a new product market? A two-dimensional framework for market entry motivation and behavior. The Journal of Product Innovation Management, 32(2), 263-278. https://doi.org/10.1111/jpim.12223Links to an external site. Mi, L., Kang, Y., & Liu, Y. (2020). Wanted: Strategic partners for young firms eager to enter foreign markets. The Journal of Business Strategy, 41(1), 3-10. https://doi.org/10.1108/JBS-11-2018-0196 Rowden, R. W. (2001). Research note: How a small business enters the international market. Thunderbird International Business Review, 43(2), 257-268. https://doi.org/10.1002/tie.5Links to an external site. Satterlee, B. C. (2018). International Business with Biblical Worldview. McGraw-Hill Education.