Entrepreneurs often create a new business by acquiring an existing firm and then improving it. The acquirers attempt to create growth and new value for the firm. Another strategy is for entrepreneurs to start and build their own firm and then expand the company by acquiring other firms. A series of successful acquisitions can help build a firm into a powerful leader in an industry. The integration of the newly acquired firm within the existing firm is a large challenge, however, especially when the cultures of the two firms differ significantly.
Most new firms develop, at the appropriate time, a plan for building an international strategy for growth. The forces for globalization are powerful, and new business ventures need to plan for them.