International Entrepreneurship: Smart Home Expansion Assignment Sample

Introduction: Global Smart Home: International Entrepreneurship Strategy

The study of entrepreneurship and international business are combined in the multidisciplinary field of international entrepreneurship (IE) (Chakravarty et al., 2021). This field first appeared in the early 1990s as a result of research showing that, in contrast to the conventional wisdom represented in the Uppsala model, some small and recently founded businesses were entering foreign markets from the outset. According to the Uppsala model, businesses, especially multinationals, would systematically and gradually enter foreign markets (Schweizer and Vahlne, 2021). Nevertheless, the observation of the early internationalisation of these new ventures called into question the long-held assumptions of the Uppsala model. This change in viewpoint created new avenues for IE research, with an emphasis on the traits of these pioneering internationalising companies and their creative strategies for breaking into international markets.

The act of entrepreneurs growing their companies outside of their nation of origin is known as international entrepreneurship (Tabares, 2021). This growth can take many different forms, like licencing, exporting products, or opening sales offices overseas. It entails carrying out commercial operations beyond national borders, denoting the expansion and advancement of the enterprise globally.

Companies need to generate value and promote expansion (Zervina, 2022). In the process, they take part in a variety of creative endeavours in an effort to take advantage of the opportunities that come with global markets. When companies adopt and change in response to the various demands and difficulties of operating in different countries, it frequently results in the creation of innovative goods and services.

In the context of business and management theories, the dynamic school of thought is based on the idea that change is a constant and intrinsic part of the business environment. This viewpoint departs from conventional static models by highlighting the necessity of ongoing evolution and adaptation within organisations. A strong emphasis on innovation as a strategy for expansion and survival, the development of adaptability and agility to react quickly to changes in the market, a dedication to continuous learning and development at the individual and organisational levels, and the adoption of systems thinking to recognise the interdependence of various business aspects are all important components.

Business Idea

Business Idea Overview: Customized Smart Home Integration Service

As an entrepreneur, I will focus on the enhancement of business services through innovative ideas and aspects. Therefore, this school promotes strategic foresight, pushing companies to plan and get ready for opportunities and challenges rather than just responding to them as they present themselves. This approach's hallmark is its embracement of uncertainty and complexity rather than its attempt to eliminate them (Tourangeau, 2022). This helps businesses create strategies that are flexible and resilient to a variety of potential future scenarios. The core of this business proposal is a Customized Smart Home Integration Service designed to offer a full range of options in the rapidly expanding smart home market (Radha, 2021). Selling smart devices is only one aspect of the service; other offerings include expert installation, tailored consultations, smooth integration of multiple smart technologies, and customization to suit unique needs and lifestyles.

The continuous maintenance and support that guarantees long-term client satisfaction is the unique selling proposition (Metz, Ilie? and Nistor, 2020). Through constant adaptation to and incorporation of the most recent technological advancements, this endeavour taps into the dynamic school of thought. With a focus on sustainability and energy efficiency, it seeks to provide homeowners, tech enthusiasts, and real estate developers with innovative, integrated smart home solutions that simplify and improve daily life.

International Target Market And Customer Segments

The Company's Business Plan A strategic tool for creating and recording business models, a canvas offers a comprehensive overview of all the important components of a company on a single canvas (Athanasopoulou and De Reuver, 2020). There are nine parts to it: Value propositions, which outline a company's offerings and the reasons why clients would select it; Customer Segments, denoting the various demographics that the company caters to; channels, describing how the company connects with its clients; Relationships with Customers, which characterise the type of interactions with customers; Revenue Streams, which illustrate how each client segment generates income for the company; Key Activities, outlining the primary tasks the company needs to complete; Key Resources outlining the resources necessary for the business to function Key Partnerships: a list of the outside resources and alliances that the company depends on; and Cost Structure: an accounting of all the expenses incurred (Dwivedi, 2022). This framework is an effective tool for both new business development and the analysis of current models because it helps to visualise and comprehend the relationships between different parts of a business.

Business Model Canvas

A strategic tool called the Value Proposition Canvas is used to make sure that a product or service is in line with the requirements and preferences of its intended market (Islam and Iyer-Raniga, 2023). The Value Map and the Customer Profile are its two primary sections. Customer Jobs (tasks, issues, or needs the customer is trying to address), Pains (bad experiences, risks, and obstacles related to the customer jobs) and Gains (benefits or outcomes the customer desires) are the three main areas of focus in the Customer Profile, which dives deeply into understanding the customer. In line with the business viewpoint, the Value Map describes the given Products and Services Gain Creators (how they produce desired results and benefits for the customer) and Pain Relievers (how the products/services alleviate particular customer pains) (Ahm Shamsuzzoha et al., 2023). By facilitating a closer alignment between the product and the market, this canvas makes sure that the value proposition is developed in a way that strongly resonates with the needs and expectations of the target customers.

Value Proposition Canvas

Figure 1: Business Value proposition canvas

Customer Jobs

• Homeowners looking to upgrade their living spaces with smart home technology (Almusaed, Yitmen and Almssad, 2023).
• Tech enthusiasts interested in the latest smart home innovations.
• Real estate developers seeking to incorporate smart technology into new properties.

Pains

• The complexity of integrating various smart technologies (Phuyal, Bista and Bista, 2020).
• Lack of expertise in installation and setup.
• Difficulty in maintaining and updating smart home systems.
• Concerns about energy efficiency and sustainability.

Gains

• Seamless integration of smart home technologies.
• Customized solutions that fit individual lifestyles and preferences.
• Reliable and continuous support and maintenance.
• Energy-efficient and sustainable smart home solutions (Furszyfer Del Rio, Sovacool and Griffiths, 2021).

Value Map

Products & Services:

• Customized smart home integration solutions (Hu et al., 2020).
• Expert installation services.
• Ongoing maintenance and support (Achouch et al., 2022).
• Consultation services for tailored smart home setups.

Pain Relievers

• Simplify the integration of diverse smart technologies.
• Offer expert installation to ensure optimal functionality.
• Provide reliable support for maintenance and updates (Pech, Vrchota and Bedná?, 2021).
• Incorporate sustainable and energy-efficient technologies.

Gain Creators

• Deliver a user-friendly, integrated smart home experience.
• Tailor solutions to individual customer preferences and lifestyles (Chandra et al., 2022).
• Ensure long-term satisfaction through continuous support.
• Position as a leader in eco-friendly smart home solutions (Furszyfer Del Rio, Sovacool and Griffiths, 2021b).

International Target Market

Figure 2: Smart home market in North America

Because of their high income levels and generally more technologically savvy populations, these regions are leaders in the adoption of smart homes. By concentrating on these markets, one could reach out to existing customer groups that are receptive to and knowledgeable about smart home technology.

UK

The UK represents a rapidly expanding market, with a market value estimated at £7 billion and a projected increase to 5.7 million smart homes by the end of 2023.

The predicted increase to 15.1 million smart homes by 2027 demonstrates the technology's long-term potential and rising consumer interest (Fortunebusinessinsights.com, 2022). With a projected revenue of £814 million in 2023, the UK sector is expected to rank among the top globally, indicating a strong market for your service. Your marketing strategy can be guided by focusing on entertainment-centric smart home solutions and targeting the 79% of users who use smart devices for entertainment.

Serving the 70% of people who use voice assistants regularly highlights how crucial compatibility and usability are to your products. Since only 8% of people own multiple devices, there is a big chance to highlight the advantages of a fully integrated smart home system and encourage the adoption of multiple devices (Statista.com, 2023). The UK's high adoption rate of smart devices (25% of internet users) highlights the market's readiness for more sophisticated and integrated solutions. Marketing that emphasises energy savings (potential annual savings of £450) can draw in cost- and environmentally-conscious customers.

Asia-Pacific Region

The urbanisation and rising income levels in this region are the main drivers of growth, particularly in countries like China, Japan, and South Korea. Given the rising demand and expanding consumer base in Asia-Pacific, it may be strategically advantageous to enter or expand there.

Networks

Engaging in collaborations with foreign trade groups is crucial for gaining industry-specific expertise, establishing alliances, and remaining informed about global trends (Ahi et al., 2021). Associations serve as centres of information and venues for networking across different countries. By the "Role of Networking" thesis, actively participating in trade groups is crucial for gaining industry knowledge and building contacts that extend beyond geographical limitations (Löfsten, Isaksson and Rannikko, 2022). Networking is essential in IE as it enables access to significant resources, knowledge, and opportunities that are vital for achieving success in international business.

This aspect highlights that entrepreneurs who actively participate in varied networks are more strategically positioned to negotiate the intricacies of global markets. Entrepreneurs can acquire valuable insights, collaborations and assistance essential for worldwide expansion by establishing connections with other businesses, industry experts and governmental agencies (Seo, 2020). Networking plays a key role in the domain of entrepreneurship, delivering a plethora of benefits that contribute to the success and growth of companies. Entrepreneurs utilise networking as a strategic instrument to traverse the ever-changing company environment and accomplish diverse goals. In addition, networking acts as a conduit for entrepreneurs to discover opportunities. Entrepreneurs can establish connections with a wide array of individuals, including clients, partners, investors, mentors and others, by actively participating in networking events (Howell, 2022). These linkages facilitate prospective collaborations, investments, and important insights that provide a conducive environment for recognising and taking advantage of new opportunities. Networking enables the crucial opportunity to acquire knowledge and insights from others.

Figure 3: Networking framework

Networking enables the crucial process of acquiring knowledge and insights from others. Entrepreneurs acquire valuable feedback and advice from seasoned professionals in their industry through meaningful connections (Wang, Tang and Cheng, 2021). Having access to this abundance of information enables entrepreneurs to enhance their strategies, steer clear of obstacles, and make well-informed choices that are crucial for achieving ongoing growth and success in their ventures. Networking offers entrepreneurs an opportunity to increase visibility and establish brand recognition. Entrepreneurs can exhibit their endeavours, products or services by forging ties with a diverse audience (Wang, Tang and Cheng, 2021). This exposure not only amplifies their market presence but also establishes the groundwork for cultivating a prestigious brand that deeply connects with their intended audience. Establishing connections is fundamental to successful networking. Entrepreneurs establish connections with individuals who possess a similar enthusiasm and outlook, building significant and mutually advantageous associations (Subramaniam and Shankar, 2020). These connections transcend mere transactional contacts, developing into partnerships collaborations and a support system that can play a crucial role during both difficulties and successes.

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Entrepreneurs strategically utilise their networks to obtain a competitive advantage, particularly when seeking financial support (Cenamor, Parida and Wincent, 2019). Established ties help validate an entrepreneur's trustworthiness, enhancing their appeal to prospective investors. Networking events and platforms serve as channels for obtaining finance, either through direct investments or through partnerships established during these contacts.

Weak Ties

The weak ties idea posits that establishing connections with persons who are not part of one's immediate network, characterised by weaker and less frequent encounters, can be especially advantageous. Furthermore, weak connections offer the advantage of accessing a wide range of information, opinions and opportunities that may not be available through strong connections within an international environment (Smith and Ruiz, 2020). Entrepreneurs derive advantages from weak relationships by accessing untapped markets, discovering novel solutions and acquiring knowledge about diverse cultural nuances and business methodologies. The notion of "strength of weak ties" posits that occasional, distant relationships referred to as weak ties are more advantageous for securing job prospects, promotions, and higher income compared to strong ties.

The concept of weak ties advanced by sociologist Mark Granovetter that has been examining the dynamics of social networks and the intensity of relationships within them (McMillan, 2022). Granovetter's theory distinguishes between strong ties, which denote tight connections like family and close friends and weak ties, which refer to weaker connections with acquaintances or distant contacts. The theory suggests that weak connections are crucial in the spread of information and the investigation of opportunities.

The theory of weak connections corresponds to the notion that innovation frequently arises at the junctures of diverse fields or industries within entrepreneurial contexts (McMillan, 2022). In addition, entrepreneurs who have limited connections to individuals outside their specific field are more prone to coming across new ideas, unique partnerships and market insights that can drive innovation and business expansion. Furthermore, Granovetter's theory emphasises the importance of maintaining an equilibrium between strong and weak connections to foster a diversified and valuable social network (Kopren and Westlund, 2021). The notion of weak ties emphasises the significance of these less close connections in facilitating the exchange of information, promoting innovation, and broadening opportunities within social networks.

Strong Ties

The theory of strong links, commonly attributed to sociologist Mark Granovetter, has been centred on the profound and deep connections that individuals have with others in their social networks (Coburn, 2021). Strong ties have been characterised by close relationships with family members, close friends, or those with whom there is a high level of trust and emotional closeness. Granovetter's thesis highlights the significance of close connections in offering social assistance, cultivating trust and establishing a feeling of belongingness within a community (Coburn, 2021). Robust connections play a key role in multiple facets of individuals' lives, providing emotional assistance during difficult periods, fostering a feeling of inclusion and enhancing overall welfare. These bonds are distinguished by a profound level of comprehension, mutual past experiences and a significant level of confidence. Individuals in a robust social network are more inclined to provide support, guidance and resources rooted in a shared sense of concern and understanding (Lim and Rasul, 2022). The theory of strong links emphasises the significance of profound, emotionally intense relationships in establishing a basis of assistance, confidence, and mutual experiences. The idea acknowledges that both robust and feeble connections make diverse contributions to social networks, each fulfilling a distinctive function in influencing people's experiences personal growth and the overall structure of social unity.

Granovetter's thesis emphasises that strong links are especially efficient in situations when trust and commitment are crucial, such as in familial relationships or close friendships. Robust connections are essential for individual growth (Darko Tipuri?, 2022). In addition, they establish a network of assistance that strengthens one's sense of self and principles. Furthermore, they function as dependable sources of information particularly in situations where the consequences are significant or the information is delicate. Strong connections provide emotional assistance and a feeling of safety that may be limited in terms of exposing folks to a wide range of viewpoints and fresh opportunities (Davidescu et al., 2020). Granovetter's influential research on social networks posits that strong links derive their efficacy from the intensity of their connection and the emotional attachments they foster. However, they may not be as proficient in providing access to new knowledge or resources beyond the immediate social circle.

Risks

Intellectual Property (IP) Risks

There is a chance of unintentionally violating patents or copyrights that are already in existence, particularly in nations with disparate IP legislation and enforcement standards. This may result in pricey legal disputes and harm to a company's reputation. In global markets, a company's intellectual property can be difficult to protect (Sec.gov, 2019). Securing innovations and proprietary technology can be challenging due to differences in intellectual property laws and the degree of enforcement in various countries. There can be a greater chance of piracy and counterfeiting in some markets, which could result in lost sales and diluted brands.

Political risks

Brexit, the United Kingdom's decision to leave the European Union, created a great deal of political and economic uncertainty (Auer and Tetlow, 2022). Following Brexit, companies have had to deal with new rules, trade restrictions and labour movement adjustments that influence operations, particularly for those that depend on EU markets or supply chains. Moreover, profitability may be impacted by decisions made by the UK government about corporate taxation. Investment decisions may be impacted by any increases in taxes for foreign companies or modifications to tax relief programs (Rahman, 2022). Businesses that handle consumer data,a particularly those in the smart home sector, may be impacted by the UK's implementation of GDPR and any future modifications to data protection legislation (Li, Yu and He, 2019). Even though political stability is generally high in the UK policy can change as a result of elections and government changes. Businesses need to be aware of these developments, particularly in areas where government regulation is stringent.

Trade policies could present political risks in this situation, given the current dynamics of trade relations with China (Whitten et al., 2020). It's also important to monitor US policy regarding tech company regulation and data privacy. China poses risks regarding government intervention intellectual property rights, and data security. It is well-known for its stringent regulatory controls and internet censorship known as the Great Firewall (Wang, 2019). Geopolitical tensions, regulatory changes, and political instability can all be serious issues. For example, diplomatic relations and international sanctions present difficulties for companies doing business in Iran and other similar nations.

Currency risks

When a business conducts foreign financial transactions, it is considered emerging. For example, a UK-based company selling smart home devices to the US may receive less in pound sterling than expected if the US dollar depreciates against the British pound between the time of sale and payment.

Interpretation International subsidiaries of multinational corporations are subject to risk (Barry and DiGiuseppe, 2018). Exchange rate fluctuations may affect the value of the assets and liabilities of the subsidiary when they are combined into the financial statements of the parent company. A weaker yen relative to the pound, for instance, might lower the value of the Japanese subsidiary's assets when combined with those of the UK company. Economic risk, which is sometimes referred to as forecast risk concerns the long-term impact of fluctuations in exchange rates on a firm's ability to compete in the market (Yusoff et al., 2023). An example of this would be a UK-based smart home company that finds its products becoming less competitive in overseas markets and more expensive due to a stronger pound.

Source of Finance and business support

The growth and sustainability of a Customised Smart Home Integration Service depend heavily on successfully navigating the financial and business support landscape (Furszyfer Del Rio, Sovacool and Griffiths, 2021c). Venture capital, angel investing, and personal savings are important forms of equity financing, particularly for a tech-focused start-up looking to raise a substantial sum of money for R&D and market entry. Debt financing via government or bank-backed loan programmes can provide a more organised funding path, especially helpful for consistent growth. Furthermore, looking into grants and subsidies, especially those centred around innovation and technology, can offer non-repayable financial support that is essential for a smart home company (Owen, Vedanthachari and Hussain, 2023). In addition to raising money crowdsourcing both reward and equity-based funding can be a useful tool for establishing a clientele and assessing market interest.

In addition to funding, business support from incubators and accelerators can provide priceless networking opportunities, resources, and mentoring, all of which are especially important in the early phases of a company. Engaging in industry associations and networking events, as well as consulting with business advisors, can lead to industry insights, potential market opportunities, and partnership opportunities (Cartwright, Liu and Davies, 2022). Sector-specific guidance, information and support are frequently offered by government and industry organisations. These resources can be especially helpful when negotiating the complexities of global markets and regulations. Maintaining current knowledge of the newest trends and technologies in the smart home space requires ongoing learning through educational materials and training courses. Further, using online resources for operational management and market research in addition to getting legal and regulatory counsel guarantees that the company stays compliant and competitive (Dwivedi et al., 2021). This is especially important for tech-driven, global businesses. This all-encompassing strategy for funding and assistance will contribute to building a strong basis for expansion and prosperity in the rapidly developing smart home sector.

A diverse funding approach may be pursued by Customised Smart Home Integration Service to support its expansion and innovation (Allioui and Mourdi, 2023). A crucial strategy is to look into venture capital investments, which draw money from companies that have a strong interest in businesses that are driven by technology. In addition to providing a sizable infusion of cash, venture capital offers firms access to a wide range of possible partners and mentors in the industry. This could broaden the company's market reach and hasten the development of cutting-edge smart home solutions (Saarikko, Westergren and Blomquist, 2020). It is imperative to recognise, though, that venture capital frequently entails a certain amount of equity and control relinquished.

In addition, if the business concentrates on eco-friendly and energy-efficient smart home solutions, it can be eligible for government grants and loans (Agrawal et al., 2023). The business can pursue research and development initiatives that are in line with its sustainability goals by taking advantage of grants and loans, which can offer the required financial support at favourable terms. Government backing strengthens the company's mission and lends legitimacy to it, which may draw in environmentally conscious clients.

Route of internationalisation

Choosing the right route for international expansion requires a sophisticated comprehension of the business industry patterns and global forces. In addition, strategically aligning the selected theories and market entry methods with the business's objectives and the specific attributes of the intended overseas market is necessary.

Figure 4: Leading cities for startups worldwide in 2023 by total score

According to StartupBlink's data, San Francisco emerged as the global leader in 2023 in terms of offering favourable conditions for startups. San Francisco performed better than other major cities globally, achieving an impressive total score of 546.43, which makes it a great place for businesses like Customised Smart Home Integration Service to grow (Statista.com,2023).

The startup scene in San Francisco is well known for its strong support systems, availability of venture funding and innovative and entrepreneurial culture (Sippel and Dolinga, 2022). A company that provides services for smart home integration may find it advantageous to be located in San Francisco. With a large number of tech giants and startups alike, the city is a centre for innovation and technology (Prado and Bauer, 2022). This ecosystem can offer Customised Smart Home Integration Service access to cutting-edge technologies, collaboration opportunities, and a talent pool of individuals knowledgeable about smart home solutions.

There is a special opportunity for Customised Smart Home Integration Service given the differences in the economies of the United States and the United Kingdom (Sovacool, Martiskainen and Furszyfer Del Rio, 2021). With $224 billion in total trade volume in goods and services in 2020, the bilateral trade relationship between the two countries remained significant despite the pandemic and uncertainties surrounding Brexit. This shows the tenacity of transatlantic commerce.

The significant investment flow between the United States and the United Kingdom is one noteworthy feature of this economic partnership (House, 2023). In 2019, investments from the United Kingdom into the United States totaled $446.1 billion. These investments not only fueled economic expansion but also generated $47.7 billion in export revenue and maintained over 1.27 million jobs in the country. Furthermore, the United States' $851.4 billion in investment in the United Kingdom demonstrated the close economic relations between the two countries.

Conclusion

In conclusion, Customised Smart Home Integration Service is well-positioned to prosper in a market that is dynamic and changing quickly. The notion of offering customised, eco-friendly, and inventive smart home solutions corresponds with the increasing need for contemporary living spaces that augment sustainability, efficiency, and convenience.

The Value Proposition Analysis Canvas provides comprehensive smart home integration services, demonstrating its dedication to fulfilling customer needs. This strategy increases client happiness and loyalty by framing the company as a solution provider as opposed to a product seller.

Furthermore, market data provides strong support for the business's global outlook. With strong adoption rates and forecasts for rapid growth, the UK's smart home market offers a profitable window of opportunity for growth. Furthermore, the growth trends in the global smart home market,t especially in North America, Europe, and Asia-Pacific, create an environment that is favourable for Customised Smart Home Integration Service to reach a worldwide clientele. A comprehensive approach to growth and innovation is highlighted by the company's funding and support strategy, which combines corporate partnerships, government grants, and venture capital. This comprehensive approach guarantees that the resources, know-how, and market openings required for success are available.

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