Entry into global markets

From the interviews, it was established most entrepreneurs firstly assessed whether they could buy or construct their properties in the new market or new country. If the decision to construct new property in the new market is pursued, there is a high likelihood that the process of entry into the market would take long. Also, Cerrato and Piva (2012) argue constructing new structures is very expensive thus, this is not wise decision for small and new firms like Webhair. Another option was to buy or acquire existing properties and modify them to match with the objectives of the acquirer. This was approximated to take a little time which was about six months. Put differently, the entrepreneurs can also enter the new market by merely investing in the existing equipment in the foreign country or new market. According to Cavusgil et al.(2014), merging and acquisition of an existing business is one of the most effective way of a firm penetrating to the new market as it would seem indifferent to the previous company. In turn, this saves the new firm from the difficulty of creating goodwill from scratch. Next, the research pointed out that the entrepreneurs assessed the existing challenges before entry into the global markets. Advance knowledge of the expected challenges assists the entrepreneurs in developing market entry strategies that at least mitigate the effects of the challenges as the market entry process commences (Hitt et al. 2011), at this stage, the entrepreneurs assess whether there is a need to formulate a new strategy or adopt the existing one. In any case, the existing one is adopted, appropriate modifications are made to reflect the uniqueness of the new market(Bass & Dalal-Clayton 2011). Considering the cost implications, it……………………………………….

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