ABSTRACT
While entrepreneurs are found in every country in the world, the opportunities they face and the institutions which influence their activities differ greatly. In this chapter we focus on the interaction of global factors — linked, for example, to technological change, global supply chains, international trade agreements, etc. — and local factors in shaping the institutional environment for entrepreneur ship. Elizabeth Chell called this ‘glocalization’, meaning that
given increased pressures to globalize, standards of performance need to be matched at that level if the company is to hold its own. Offering products and services which can compete globally will also assure success in local markets. In this way, it may be argued that companies can be both globally and locally competitive: they can be ‘glocal’.
(Chell, 2001, p. 51)