Early internationalization concepts focus on personal relationships, and the internationalization process is viewed as ‘value-creating-events’ (Jones and Coviello, 2005: 297). Internationalization performance is understood as the result of human behavior (e.g., open mindset, innovative, global mindset) in a context of time (e.g., taking the opportunity at the right time). New internationalization concepts focus on learning through personal relationships (e.g., the entrepreneur and the firm’s team and their relationship to suppliers, customers, and other stakeholders), which significantly influence the internationalization activities of the firm. The extent and the quality of personal relationships change over time. Consequently, the behavioral characteristics of the people involved in international business have a vital impact on the firms’ internationalization path (Hurmerinta-Peltomaki, 2003: 226).

In the next chapter, the most relevant modes of market entry are explained and discussed along with their individual strengths and weaknesses.

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