Strategies for Internationalising Small and Medium-Sized Enterprises: Exploring Opportunities in Foreign Markets

The objective of the article is to present the results of the study exploring trends in the internationalisation of small and medium enterprises (SMEs), their strategies for entering global markets, and identifying the market barriers. Methods. It implies the data and reports from international organisations, as well as the study of activities of foreign companies. Particular attention is focused on the markets of Asia, North Africa, and the Middle East. In conclusion the authors assume, that these regions hold promise for Russian SMEs, however, for successful expansion, their unique characteristics, obstacles, and particularities must be carefully considered. As a result, the study determines the on-going process of internationalisation of SMEs, despite the pandemic and geopolitical changes.

1. Pawęta E., Kirillov Yu.G. Factors contributing to internationalization and access to foreign markets for entrepreneurs amidst the COVID 19 pandemic. Ekonomika, predprinimatel’stvo i pravo = Journal of Economics, Entrepreneurship and Law. 2021;11(7):1795-1808. (In Russ.). DOI: 10.18334/epp.11.7.112339

2. Maksud L. Problems on the way of internationalization of small and medium-sized businesses. Gorizonty ekonomiki. 2023;(4):191-196. (In Russ.).

3. Thompson A.A., Strickland A.J., Peteraf M.A., Gamble J. Crafting & executing strategy: The quest for competitive advantage: Concepts and cases. New York, NY: McGraw Hill Education; 2017. 920 p.

4. Laufs K., Schwens C. Foreign market entry mode choice of small and medium-sized enterprises: A systematic review and future research agenda. International Business Review. 2014;23(6):1109-1126. DOI: 10.1016/j.ibusrev.2014.03.006

5. Komarova I.P. The concept and types of network capital (example of aircraft industry). Ekonomika i matematicheskie metody = Economics and Mathematical Methods. 2022;58(1):104-112. (In Russ.). DOI: 10.31857/S042473880018963-8

6. Pozhidaev RG. Inter-firm networks development process: Theories and models. Vestnik Voronezhskogo gosudarstvennogo universiteta. Seriya: Ekonomika i upravlenie = Proceedings of Voronezh State University. Series: Economy and Management. 2011;(1):286-291. (In Russ.).

7. Coviello N.E. The network dynamics of international new ventures. Journal of International Business Studies. 2006;37(5):713-731. DOI: 10.1057/palgrave.jibs.8400219

8. Zhou L., Wu W., Luo X. Internationalization and the performance of born-global SMEs: The mediating role of social networks. Journal of International Business Studies. 2007;38(4):673-690. DOI: 10.1057/palgrave.jibs.8400282

9. Pu H.L., Zheng Y.D. The FDI of small- and middle-sized enterprises: A literature review. Technology and Investment. 2015;6(1):63-70. DOI: 10.4236/ti.2015.61006

10. Zaheer S. The liability of foreignness, redux: A commentary. Journal of International Management. 2002;8(3):351- 358. DOI: 10.1016/S1075-4253(02)00070-4

11. Bodyagin O.V., Balanova M.M. Peculiarities of I-business (platform) firms’ internationalization in the context of classical theories of international business. Finansovye issledovaniya = Financial Research. 2019;(2):134-142. (In Russ).

12. Johanson J., Vahlne J.-E. The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of International Business Studies. 2009;40(9):1411-1431. DOI: 10.1057/jibs.2009.24

13. Likhareva N.D., Gafforova E.B. SMEs internationalization research in Russia: A domain ontology and thematic analysis. Izvestiya Dal’nevostochnogo federal’nogo universiteta. Ekonomika i upravlenie = The Bulletin of the Far Eastern Federal University. Economics and Management. 2023;(3):22-48. (In Russ). DOI: 10.24866/2311-2271/2023-3/22-48

14. Wang J., Wu H., Chen Y. Made in China 2025 and manufacturing strategy decisions with reverse QFD. International Journal of Production Economics. 2020;224:107539. DOI: 10.1016/j.ijpe.2019.107539