This study takes a strategic approach to international entrepreneurship with special attention to small and medium-sized enterprises (SMEs), including small family firms, as these organizations strive to survive in the increasingly intertwined and often volatile global marketplace. Key factors examined include some unique characteristics of small and family businesses (e.g., entrepreneurial vision, entry niche, resources and capabilities, major challenges, and strategic options to go international) and social institutional variables (e.g., culture, economic system, government regulations, and institutional reforms both at home and abroad), which may assist or hamper an entrepreneur’s capability to create, build, and expand a new venture within the national context or across borders. The primary focus of the study is to explore how small and family businesses triumph over barriers in the time of economic
downturns. It expands prior research on entrepreneurship by developing a contextual global strategic framework for entrepreneurial firms. Country-firm specific examples are incorporated to illustrate ways to assess and exploit market opportunities, including firm registration procedures and costs, capital formation, and fund raising. Through this endeavor, the study provides practical implications for small business owners and managers as they attempt for resource acquisition and capability development, particularly in the rapidly globalizing industries. Practical implications are discussed and suggestions for future research provided.