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Concluding Comments
This chapter provides outcomes obtained from the analyzed data to answer the research problem with new conceptual model. In addition, it provides study contribution, managerial implication and further research suggestions. Effectuation and its principal explains BGs, while distinguishing characteristic of Pace Scale and Pattern came into existence due to the effectual interpretation of several underlying factors by an entrepreneur. This is their Effectual perspective that provides greater pace, scale and informal pattern to BGs. BGs in general and Pre startup phase in particular are highly influenced by the entrepreneurial orientation of their founder or mangers acting as entrepreneurs. Their entrepreneurial perspective of Effectuation combined along with their prior international knowledge and experience give rise to the idea of BGs that is in line with Bird in hand principle of Effectuation. Triggering effect of motivating factors in opportunity creation or recognition is in line with lemonade principal. In Pre Internationalization Phase making of alliances, acquisition of resources, innovation, accumulation of knowledge is in line with Crazy Quilt principal. Formation of these alliances is also explained by affordable loss principle. In Post internationalization Phase 1, Lemonade Principle explains business model flexibility. While effect of prior and new alliances is again in line with Crazy Quilt principle which helps BGs in terms of liability of newness and outsider-ship.
6.1 Revised Conceptual Model Our revised conceptual model starts with highlighting distinguishing characteristics of Pace Scale and Pattern. All these characteristics developed Born Globals and identified from incremental firms. The identification of pace was mainly based on the speed of international operation from inception to foreign market entry. Secondly, scale was based on the level a firm internationalize and the number of markets where it penetrates. Lastly, pattern was based on the choice of international market and choice of entry mode. All these characteristics were explained by their associated factors that’s comes in the effectuation area. In the model the highlights of these underlying factors, giving rise to Pace Scale and Pattern and contribute to Three Phases of BGs development. These are Venture Creation or pre startup Phase, Pre Internationalization Phase and Post Internationalization. The relationship of these underlying factors towards distinguishing characteristics and BGs phases are linked according to similarities and roles. Thus when effectuation explains the factors simultaneously it also contributes to the pace scale, pattern and phases of BGs Internationalization. Factors contributing to BGs characteristic and internationalization phases are as follows. Pace Pace is first the distinguishing characteristic of a BG firm, it represent the time taken by a firm from inception to entry into a foreign market. In our study findings it depends on: Entrepreneurial Orientation, Firm Internal Resource, Innovation, Motivating Factors and Enabling Factors erosion. Scale
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