Vittoria Osella 

Exploring similarities 

Internationalization decision-making processes of instrumental musicians 
and entrepreneurs 

 

 

 

 

 

 

 
  

Vaasa 2025 

School of Management 
Master’s thesis in  

International Business (MIB)  



2 

UNIVERSITY OF VAASA 
School of Management 

Author: Vittoria Osella 
Title of the thesis:  Exploring similarities : Internationalization decision-making pro-

cesses of instrumental musicians and entrepreneurs 
Degree: Master in International Business 
Discipline: Management 
Supervisor: Anisur Faroque 
Year: 2025 Pages: 70 

 
ABSTRACT : 
 
This thesis examines the internationalization decision-making processes of instrumental musi-
cians and explores their similarities with entrepreneurial strategies. By analyzing the career 
paths of three Italian musicians, a pianist and two trombonists, this study identifies how they 
recognize opportunities, assess risks, and develop strategies for career growth. It highlights how 
musicians, like entrepreneurs, engage in strategic planning, risk management, and networking 
to expand internationally. However, while entrepreneurs tend to follow structured business 
models driven by market demand, musicians often pursue passion-driven careers that require 
balancing artistic expression with financial stability. 
The research applies entrepreneurial theories, such as effectuation, opportunity recognition, 
and heuristic decision-making, to the careers of instrumental musicians. The findings reveal that 
musicians rely on intuitive, experience-based decision-making when navigating uncertainty and 
international markets. Cultural intelligence plays a crucial role, as musicians continuously adapt 
to diverse audiences, performance traditions, and institutional expectations. Unlike traditional 
entrepreneurs, they operate in a highly competitive and reputation-driven environment, where 
access to global opportunities depends on personal networks, auditions, and cultural institu-
tions. 
This study has also contributed to the discussion on cognitive biases and heuristics in decision-
making under uncertainty. It demonstrates that musicians, like entrepreneurs, use cognitive 
shortcuts to evaluate opportunities, mitigate risks, and make career decisions. However, they 
must also navigate unique challenges, such as maintaining artistic integrity while meeting com-
mercial demands. 
By bridging research from entrepreneurship and the creative industries, this thesis enhances the 
understanding of internationalization beyond traditional business contexts. It provides valuable 
insights for scholars, musicians, and industry professionals, offering practical implications for 
career development, risk management, and strategic decision-making. Ultimately, the study un-
derscores the importance of adaptability, networking, and entrepreneurial thinking in building 
sustainable international careers in the music industry. 
 

KEYWORDS: Decision-making processes, internationalization, instrumental musicians, entre-
preneurs, career. 

  



3 

Contents 

1 Introduction 5 

1.1 Background 5 

1.2 Research gap 7 

1.3 Objectives and limitations 10 

1.4 Structure of the study 12 

2 Theoretical background 14 

2.1 The entrepreneur and entrepreneurial opportunities 14 

2.2 Internationalization process 19 

2.3 Decision heuristics and biases 25 

2.4 Entrepreneurial traits of musicians 34 

3 Research methodology 38 

3.1 Research approach 38 

3.2 Research design 39 

3.3 Data collection and sampling 39 

3.4 Data analysis 42 

3.5 Reliability and validity 43 

4 Empirical findings 44 

4.1 Motivations and influences on career decisions 45 

4.2 Opportunity recognition and strategic choices 47 

4.3 Managing uncertainty and cultural adaptation 50 

5 Discussion and conclusions 53 

5.1 Summary of the findings 53 

5.2 Discussion of findings 54 

5.3 Musicians’ self-perception as entrepreneurs 57 

5.4 Theoretical contributions 59 

5.5 Managerial implications 60 

5.6 Future research suggestions 61 



4 

References 63 

 

List of figures 
 
Figure 1. Heuristic decision-making in the process of firm internationalization 

(Niittymies, 2020). 32 

Figure 2. Initial and subsequent internationalization: paradoxes, cognitive biases and 

post-entry decisions (Faroque et al., 2022). 34 

 

Tables 
 
Table 1. Main characteristics about the interviewees 45 

 

 



5 

1 Introduction 

Music, as all kinds of art, has always been an integral part of human life. Evolving into a 

profession over the centuries, it expanded to become a significant contributor to the 

global economy (Böhm and Land, 2009, p. 9). More and more this field has become a 

business that attracts a lot of people. The artists sell their creativity, just as entrepre-

neurs, in a different way, sell theirs. This study intends to explore this matter, the paral-

lelism that can be identified between the figure of the artist and that of the entrepreneur. 

In particular, the internationalization decision-making processes of the musicians are an-

alysed and compared to the entrepreneurs’, so to understand if there could be potential 

similarities between them. A closer look into the topic is presented in this chapter to 

build the basis of the theory. Further on the research gap, objectives and limitations are 

presented. The end of the chapter offers the explanations of the key concepts and the 

structure of the thesis. 

1.1 Background 

The world of music is a world full of opportunities that need to be exploited through 

creativity and strategy. This context benefits musicians economically, which makes it re-

lated to business. Understanding how musicians navigate this industry, make strategic 

decisions, and handle risk provide insights into fostering economic growth and innova-

tion within the creative sector. As already mentioned, this reality is a pool of opportuni-

ties and Shane and Venkataraman (2000) define entrepreneurship as “the process of 

discovering, evaluating, and exploiting opportunities”. This means that the musician and 

the entrepreneur could be seen as similar. Indeed, musicians often operate as independ-

ent entities while managing their careers. Identifying whether their decisions align with 

traditional business models or if they present distinct approaches could shed light on 

unique business traits. Moreover, this research could be useful in learning for aspiring 

artists. It has the potential to provide insight into how musicians approach decision-mak-

ing, a useful reference for aspiring artists and entrepreneurs that aspire to enter the mu-

sic industry. 



6 

 

The thesis intends to review existing entrepreneurial theories and to establish a frame-

work for understanding entrepreneurial decision-making. Then, it assesses whether mu-

sicians' decision-making aligns with these theories or requires a unique framework. Fur-

thermore, this research delves into the psychology of creativity and decision-making; it 

aims to understand how musicians balance artistic side with commercial viability, man-

age uncertainty, and leverage creativity in their entrepreneurial endeavours. By investi-

gating these aspects, this study could fill the gap in the entrepreneurship theory to be 

well suited with creative industries, offering insights into the decision-making mecha-

nisms of musicians and potentially other creative entrepreneurs. 

 

The process of internationalization has increasingly impacted numerous professions, ex-

tending beyond traditional business sectors into fields where individuals aim to build 

their reputation and reach a global audience. Instrumental musicians, such as orchestral 

performers and soloists, engage with internationalization differently than other music 

professionals who often leverage digital platforms. In contrast to pop artists or inde-

pendent musicians, who frequently use online channels for global reach, instrumental-

ists rely primarily on physical performances, concert tours, residencies, and orchestral 

placements to access international markets. Their careers are thus more deeply inter-

twined with traditional venues, high-profile events, and cultural institutions that operate 

on a global scale, requiring unique strategic approaches to internationalization (Lehman 

et al., 2007; Menger, 2014). The internationalization of musicians in this field entails nav-

igating the highly selective and competitive environment of the music world, where in-

dividual reputation, artistry, and network connections play critical roles in career ad-

vancement. For instrumentalists, expanding internationally involves not only mastering 

their craft but also developing an entrepreneurial mindset capable of identifying and 

capitalizing on opportunities within a global framework. Often, their success hinges on 

opportunities such as securing a position within a reputable orchestra, being invited to 

perform at prominent music festivals, or collaborating with renowned conductors and 

soloists (Menger, 1999). These musicians must approach their careers with a strategic, 



7 

entrepreneurial perspective similar to that of traditional business entrepreneurs, as they 

balance artistic integrity with the practical demands of international exposure and suc-

cess (Zwaan et al., 2010). Entrepreneurial theories, especially those surrounding oppor-

tunity recognition and decision-making under uncertainty, offer valuable insights into 

the ways musicians navigate their careers in an increasingly international and competi-

tive environment. Traditional entrepreneurial models, such as Shane and Venkata-

raman’s (2000) entrepreneurial opportunity theory, examine the processes by which in-

dividuals identify, evaluate, and act on opportunities. Although originally developed 

within business contexts, these models are highly relevant to instrumental musicians, 

who frequently make strategic choices regarding which collaborations, performances, 

and auditions to pursue. In particular, effectuation theory (Sarasvathy, 2001), which em-

phasizes adaptive decision-making and flexibility in uncertain environments, aligns with 

the realities faced by musicians, who must remain adaptable to capitalize on unpredict-

able opportunities in global music networks. Instrumental musicians, similar to entre-

preneurs, must navigate an environment marked by a scarcity of stable employment, 

with high competition for limited positions in esteemed orchestras and concert venues 

worldwide. Their professional trajectories often involve substantial personal investment 

in training and equipment, rigorous practice, and the cultivation of connections within 

an international network of agents, promoters, and artistic directors. This environment 

requires musicians to approach career decisions with the same calculated risk-taking and 

strategic foresight that characterize entrepreneurial behavior (Menger, 2014). By analyz-

ing the internationalization of musicians through an entrepreneurial lens, this study 

seeks to uncover the decision-making frameworks and strategic behaviors that contrib-

ute to their ability to establish and sustain international careers. 

1.2 Research gap 

Some previous studies have analyzed the similarities between musicians and entrepre-

neurs, in the first place to understand whether the musicians can be considered as en-

trepreneurs or if they feel like they could be seen as entrepreneurs. The first evidence is 

offered by Weber (2004), who thought that a musician who wants to be successful must 



8 

also be an entrepreneur: someone who opens a venue, attracts customers and actively 

markets the business. To be successful, musicians must have entrepreneurial and social 

skills and a strong orientation towards seeking opportunities (Weber, 2004). This is a 

starting point for the study, since it covers almost three centuries of history, from 1700 

to 1914, but it does not include nowadays situation.   

In contrast, limited research has been dedicated to understanding how musicians, spe-

cifically instrumentalists in orchestras or solo performers, navigate internationalization 

and career-building in ways that reflect entrepreneurial behaviors. Existing studies, such 

as those by Lehman et al. (2007) and Menger (2014), have highlighted that musicians 

face unique career challenges, including a reliance on physical performances and the 

need to establish themselves within established networks of cultural institutions and 

performance circuits. However, these studies often emphasize the structural aspects of 

the music industry rather than the decision-making processes that guide musicians’ in-

ternational expansion. The limited examination of decision-making among musicians 

leaves a critical gap in understanding the specific ways these instrumentalists approach 

internationalization. While studies on digital-age musicians often emphasize online 

branding, self-promotion, and direct-to-fan interactions, instrumental musicians are 

more likely to encounter indirect, institutionally mediated pathways to international suc-

cess, such as auditions for foreign orchestras, residencies, and festival appearances 

(Zwaan et al., 2010). As such, their internationalization strategies may involve distinctive 

forms of risk assessment, cultural adaptation, and strategic networking, which remain 

underexplored in both music and entrepreneurial literature. 

Entrepreneurship research provides valuable theoretical insights into the cognitive pro-

cesses that underpin strategic decision-making in high-stakes, competitive fields (Dun-

ning, 1988; Sarasvathy, 2001). These frameworks, however, have not been fully applied 

to musicians operating in instrumentalist performance contexts, where career decisions 

are influenced by factors like artistic reputation, institutional affiliations, and cultural ex-

pectations in diverse performance environments (Lehman et al., 2007). This study seeks 

to fill this gap by examining the decision-making processes of instrumentalists as they 

pursue international opportunities, analyzing how their approaches align with or diverge 



9 

from established entrepreneurial models. This interdisciplinary approach aims to extend 

entrepreneurial theory to the context of instrumental music, providing new insights into 

how musicians can effectively manage the entrepreneurial dimensions of their careers 

in a traditional yet globalized industry. 

Moving to more contemporary works, Weatherston (2009), who conducted their study 

in a university music department, found that both staff and students seem to have a 

natural aversion to being seen as entrepreneurs (p. 12). Moreover, Haynes and Marshall 

(2018) carried out a study about how musicians in the EDM, indie, rock, alt-folk and lo-fi 

genres perceive their condition of actors in the business world. More specifically, they 

wanted to understand “whether musicians are self-consciously entrepreneurial towards 

their work and audience” (Haynes & Marshall, 2018, p. 1). The study found that most 

people were hesitant to identify as entrepreneurs (Haynes & Marshall, 2018), even 

though some of their behaviours were in line with the entrepreneurial approach. 

The study has an interdisciplinary approach, it aims to integrate insights from both busi-

ness and arts disciplines to understand the unique decision-making processes of musi-

cians, and this is still almost an underexplored area. By bridging these disciplines, it is 

possible to gain a comprehensive perspective on how artistic creativity and entrepre-

neurial efforts intertwine. By addressing these gaps, this research could provide a more 

detailed understanding of how musicians operate as entrepreneurs, the cognitive pro-

cesses that underlie their decisions, and the implications for business theory and prac-

tice in creative industries. 

Moreover, in recent years, musicians have been increasingly recognized for their entre-

preneurial attributes. Studies have highlighted that musicians often demonstrate brand-

building skills, develop market strategies, and make strategic choices similar to those of 

entrepreneurs (Weber, 2004; Haynes & Marshall, 2018). However, little research has spe-

cifically addressed how musicians make decisions related to internationalization or com-

pared these processes directly with those of traditional entrepreneurs. Although musi-

cians must consider similar factors, such as the cultural reception of their work, market 



10 

entry timing, and audience adaptation, the parallels and distinctions between their in-

ternationalization approaches and those of entrepreneurs remain underexplored. 

Consequently, a significant gap exists in understanding the comparative decision-making 

processes in internationalization between musicians and entrepreneurs. While studies 

have touched on musicians’ entrepreneurial behaviors (Sen, 2010), they lack detailed 

analysis of the specific internationalization choices that musicians make, nor do they 

fully consider the entrepreneurial strategies musicians use to succeed in international 

markets. This study addresses this gap by exploring how musicians approach interna-

tionalization decision-making, comparing it with the practices of traditional entrepre-

neurs, and examining whether the decision-making frameworks overlap or differ signifi-

cantly.  

Lastly, it is necessary to indicate that this thesis was written with the support of artificial 

intelligence. In fact, the free version of the Open AI tool was used to correct some para-

graphs and to double-check that the translation from Italian to English was done cor-

rectly, so that a more fluent and correct work could be delivered from the point of view 

of text coherence and cohesion. 

1.3 Objectives and limitations 

The central question guiding this study is: How do musicians' internationalization deci-

sion-making processes align with those of traditional entrepreneurs? This research ques-

tion aims to reveal the extent to which instrumental musicians adopt entrepreneurial 

strategies as they navigate the internationalization of their careers. By examining this 

question, the study seeks to highlight the parallels and distinctions between the inter-

nationalization approaches of instrumentalist musicians and business entrepreneurs, fo-

cusing on areas such as strategic decision-making, cultural adaptability, and risk man-

agement. 

This study is designed around three key objectives. The first objective is to identify and 

compare the internationalization decision criteria utilized by musicians and traditional 

entrepreneurs. This involves examining the factors that influence musicians’ decisions to 



11 

pursue international performance opportunities, such as the reputation of the venues 

or institutions involved, the potential for career advancement, and the feasibility of in-

tegrating such opportunities into existing career paths. By focusing on these criteria, the 

study aims to understand the unique motivations and considerations that drive musi-

cians toward internationalization. 

The second objective is to analyze the risk assessment strategies employed by musicians 

in comparison to those of entrepreneurs. For instrumental musicians, internationaliza-

tion often involves risks tied to cultural differences, audience expectations, and financial 

investment in international engagements. This objective seeks to uncover the ways in 

which musicians weigh these risks and determine which opportunities are worth pursu-

ing, thereby providing insights into their risk tolerance and management strategies 

within an entrepreneurial framework.  

The third objective is to explore how musicians adapt their performance and career strat-

egies to suit different cultural contexts during internationalization. Given the cultural 

sensitivity required in instrumentalist music performances, this objective focuses on the 

adaptive strategies musicians employ to resonate with diverse audiences, including ad-

justments in repertoire selection, performance style, and collaboration with local artists. 

This analysis will shed light on the cultural intelligence that instrumental musicians bring 

to their internationalization efforts, comparing these adaptive processes to those found 

in entrepreneurial practice. 

Several limitations inherent to this study may impact the scope and generalizability of its 

findings. First, the research focuses on a specific group of musicians, Italian instrumen-

talists pursuing careers in orchestras or solo performance settings. While these musi-

cians provide a rich context for exploring the entrepreneurial aspects of internationali-

zation, their experiences may differ significantly from those of other types of musicians, 

such as vocalists or digital-era artists, whose internationalization paths rely more heavily 

on digital tools and direct audience engagement, or from musicians coming from other 

countries. Consequently, the findings may be applicable just into limited sectors. 



12 

Another limitation stems from the qualitative data collection approach, which involves 

in-depth interviews with a small sample of musicians. Although this method provides 

valuable insights into the personal and cognitive aspects of decision-making, the results 

may not capture the full diversity of experiences within the broader population of musi-

cians. Additionally, since the study’s participants are primarily European musicians, re-

gional and cultural influences may shape their internationalization experiences, poten-

tially limiting the applicability of the findings to musicians from other regions with dif-

ferent performance traditions and market dynamics. 

Differences between the instrumental music and entrepreneurial sectors may introduce 

challenges in directly comparing the two groups. While both musicians and entrepre-

neurs engage in internationalization, the motivations and constraints that shape their 

decisions may vary significantly. For instance, instrumental musicians’ careers are often 

influenced by artistic considerations and cultural expectations that are less relevant in 

traditional business settings. Recognizing these nuances, the study approaches its anal-

ysis with an understanding of the specific cultural, artistic, and institutional factors that 

uniquely impact musicians, acknowledging that their decision-making processes may not 

fully align with those of entrepreneurs in every aspect. 

Lastly,  

1.4 Structure of the study 

This thesis is organized into two main sections, a theoretical one and an empirical one. 

The first one aims to discuss the theoretical background, following the introduction. This 

section delves into the decision-making processes of entrepreneurs, focusing on their 

perceptions of international expansion and risk assessment. It includes a comprehensive 

review of the literature related to these concepts and the music industry. Previous re-

search in both fields is examined to establish a foundation for the study. The research 

moves than to the empirical section, which begins with an explanation of the research 

approach. This includes the research strategy, design, measures, data collection methods, 

and the reliability and validity of the study. The methodology is thoroughly discussed to 



13 

provide a clear understanding of how the research was conducted. The empirical find-

ings are then presented and analyzed. To provide a clear and light exposure of findings, 

this section is divided into several three key themes: internationalization decision criteria, 

risk assessment strategies and adaptation to cultural contexts. The final chapter summa-

rizes the study's findings and conclusions. It discusses the theoretical contributions and 

provides recommendations for further research.  



14 

2 Theoretical background 

The following chapter provides an overview of the theoretical setting of this thesis. This 

theoretical background is composed of four main subjects which create the context of 

the study. First the concept of entrepreneurship and the idea of entrepreneurial oppor-

tunity are discussed. Second the process of internationalization is studied in the light of 

the entrepreneurial approach. The third concept is decision making and some of the 

most relevant models will be presented. In the end of this chapter, entrepreneurial traits 

of musicians are addressed. 

2.1 The entrepreneur and entrepreneurial opportunities 

In order to give a proper contextualisation to this thesis, it is necessary to start analyzing 

the concept of entrepreneurship. This is a broad notion and it has been differently inter-

pretated over the time. First, it is necessary to distinguish between functional definition 

and process view. On the one hand, W. Gartner in 1988 defined entrepreneurship as the 

“creation of organizations”, focusing more on what entrepreneurs do to create and man-

age businesses rather than attempting to identify a set of traits or characteristics that 

define them (Gartner, 1988, p. 1). Gartner supports a behavioral approach that examines 

the activities and processes involved in entrepreneurship. This includes, for example, 

how entrepreneurs recognize opportunities, gather resources, and create value. On the 

other hand, there are authors such as Schumpeter, Knight and Druker, Shane and Venka-

taraman, who view entrepreneurship as a dynamic and continuous process. In this sense, 

Schumpeter (1934) focused on innovation and creative destruction as continuous pro-

cesses driving economic change. Indeed, their suggestion is to convert new ideas into 

successful innovation. The belief at the core is that entrepreneurial innovation positively 

disrupts existing markets and industries, leading to the obsolescence of old technologies 

and the creation of new opportunities. Knight and Druker are more concerned about 

risk-taking, information isotropy and true uncertainty. More in details, Knight (1921) dis-

tinguished between risk and uncertainty and emphasized dealing with uncertainty and 

making decisions in unpredictable environments as core to the entrepreneurial process. 



15 

According to this view, profits are perceived as the reward for enduring uncertainty, so 

entrepreneurs earn for making decisions under conditions of uncertainty. Druker (1985) 

instead, advocated for systematic innovation and structured opportunity identification 

as key components of entrepreneurship. In this sense, sources of innovation should be 

identified by entrepreneurs who will consequently engage in creating and exploiting 

market opportunities. Lastly, Shane and Venkataraman (2000) focused more into under-

standing the entrepreneurial process, providing a detailed framework on the stages of 

opportunity recognition, evaluation, and exploitation, highlighting the dynamic interac-

tion between individuals and opportunities. 

Other authors have gone in a different direction and defined some typical traits that can 

characterise entrepreneurs. Goldberg (1981), for example, identified peculiar traits in 

the psychology field to describe the personality, the so called Big-5 factor personality 

model: Openness to experience, Conscientiousness, Extraversion, Agreeableness, and 

Neuroticism. This research was found to have implications in entrepreneurial theory be-

cause certain traits are positively correlated with entrepreneurial intentions and success; 

this helps into identifying and developing potential entrepreneurs. In order to give a bet-

ter understanding of this correlation, these characteristics will now be explained as in 

John et al. (2008, p. 138). Openness to experience describes the individual's mental and 

experimental life in terms of its breadth, depth, originality and complexity. Conscien-

tiousness represents the impulse control imposed by society, which allows one to focus 

better on the task and the goal. Extroversion is the interested approach to the social and 

material world and can be seen in characteristics such as sociability, activity, assertive-

ness and positive emotionality. Agreeableness, on the other hand, emphasises the pro-

social and communal orientation towards others and is characterised by altruism, ten-

derness, trust and modesty. Finally, neuroticism describes negative emotionality, such as 

feeling anxious, nervous, sad and tense. Also in this direction, years later, the BEPE tool 

(Battery for the Assessment of the Enterprising Personality) was elaborated. It desig-

nates an 80-item questionnaire that assesses the eight dimensions of personality which 

the literature has found to be associated with enterprising personality: self-efficacy, au-

tonomy, innovativeness, internal locus of control, achievement motivation, optimism, 



16 

stress tolerance and risk taking (Postigo et al., 2021). Postigo et al. (2021) found that 

there were statistically significant differences between entrepreneurs and non-entrepre-

neurs in all the categories, with entrepreneurs scoring higher. The differences were most 

notable in Autonomy, Innovativeness and Risk-taking, with large effect sizes. The latter 

specifically, showed a strong association with the intention of starting a business.  

After having introduced the main approaches to entrepreneurship, it is now important 

to give some space to modern interpretations. Sarasvathy, an American entrepreneur-

ship professor, developed the effectuation theory, challenging the traditional causation 

approach, offering a fresh perspective on how entrepreneurs create opportunities and 

operate in uncertain and dynamic environments (Sarasvathy, 2001). The causation the-

ory assumes entrepreneurs start with a clear goal and a plan to achieve it. Instead, ef-

fectuation stress a more flexible, means-driven approach where entrepreneurs work 

with what they have and adapt as they along the process. Moving forward in the re-

search, when talking about opportunity recognition and exploitation in entrepreneur-

ship, the already mentioned Scott Shane must be taken into consideration. The author, 

more in details, focused on linking the personal traits and cognitive processes of entre-

preneurs with the opportunities they identify and pursue. This approach gives Shane the 

possibility to bridge psychological and economic perspectives, in order to understand 

entrepreneurial behaviour in a holistic way (Shane, 2003). Alvarez and Barney also con-

tributed to this topic. The distinction between discovery and creation of entrepreneurial 

opportunities has shifted the focus to how opportunities arise. It thus emerges that op-

portunities can be actively created by entrepreneurs, rather than passively discovered, 

which aligns with the dynamic and innovative nature of the entrepreneur (Alvarez and 

Barney, 2020). 

In the previous paragraphs, the concept of entrepreneurial opportunity has been intro-

duced but it is important to deepen more into the topic. An individual can have different 

motives to start a business: they can be profit-driven and/or sustainability-driven, they 

may want to be independent and realize themselves through their business idea or, 

moreover, they feel that there is a necessity in the market and they see an opportunity.  



17 

An opportunity is a set of circumstances that makes it possible to do something, it is 

“when a situation makes it possible to do or achieve something” (Oxford learners). An 

opportunity in this environment is a newly identified need, want, or demand trend that 

a firm can exploit because no competitor on the market is addressing it. In other words, 

it is a situation in which a firm can exploit a new business idea that has potential to satisfy 

a need and generate profits (Faroque, 2023). Opportunities originate mainly in two ways, 

which echo the theories of effectuation and causation. Indeed, the first regards the 

recognition/identification of the opportunity. In this context, one author in particular, 

Kirzner, introduces the concept of entrepreneurial alertness.  They argue that markets 

are not always perfectly efficient, and that information is not evenly distributed among 

all individuals. This mismatch creates opportunities that alert entrepreneurs can recog-

nise and exploit. Kirzner points out that entrepreneurial opportunities often arise when 

some market participants are unaware of certain information that others possess, thus 

creating an environment characterised by information asymmetry. The role of the entre-

preneur, therefore, is to be alert and aware of this condition, recognising where re-

sources are undervalued or where there are unmet or even unidentified needs (Kirzner, 

1997).  

The second one, instead, is about the opportunity creation. The creation of opportuni-

ties, as described by Joseph Schumpeter would normally be caused due to the large-

scale external changes that rock a region destroying existing ways. Schumpeter (1934) 

indicated technological progress, changes in government regulations and taxes as well 

as demographic heritages etc., coming from social behaviour trends can be seen largely 

responsible for new entrepreneurship opportunities. Advances in technology have led 

to the creation of new markets and a consequent demand that did not exist before, such 

as the Internet, introducing new business models and consumer behaviour. In some 

cases, regulatory or policy changes may provide opportunities for innovation by creating 

new markets or by making current practices obsolete and thus requiring renewal to com-

ply with the law. It is necessary to respond to new market needs that arise with social 

and demographic changes, or due to evolving consumer values. Entrepreneurs who are 

aware of these changes can invent a way to provide products or services that meet the 



18 

new needs. Finally, alterations in the external world may reveal new niches and areas for 

improvement for companies willing to restructure their business according to external 

conditions (Schumpeter, 1934). 

Jones and Barnir (2019), in this context, developed a model that extends to innovative-

ness in various markets. According to them, the two defining factors for the creation of 

entrepreneurial opportunities are consumer familiarity with a product and strong mar-

ket competition. In particular, the model predicts that opportunities may arise in con-

texts with low levels of competition and low consumer attachment to existing solutions. 

These situations lead to a higher possibility of innovation because there are few compet-

itors and consumers are relatively likely to try new products. This shows that entrepre-

neurs can be more disruptive with new product or service concepts in markets where 

competition is relatively low (because consumer knowledge of goods and services is sim-

ilarly limited), which implies that these opportunities can be significant, producing major 

market disruptions (Jones and Barnir, 2019).  

In addition, it is important to talk about opportunity recognition, a crucial initial step in 

the entrepreneurial process, especially in international markets. Shane (2003) stated 

that entrepreneurs can work with existing opportunities or create their own, but in ei-

ther case the opportunity must be evaluated and understood so as not to move too 

quickly toward exploitation. This phase involves acting on or missing an opportunity 

within a limited "opportunity window," which is influenced by factors like customer de-

mand, competition, and technology. As Ardichvili and Cardozo (2000) explain, the recog-

nition of an opportunity is much more about identifying a situation than trying to find or 

pursue it. This process consists of these determinants: previous experience, entrepre-

neurial orientation, and social networks. Entrepreneurs with a lot of experience in the 

field can often identify opportunities more quickly, and those who remain alert to mar-

ket changes and who maintain a strong network of contacts are better equipped to iden-

tify and capitalize on opportunities that others might overlook and miss.  



19 

Based on these arguments, Faroque (2015) suggests that firms with a greater entrepre-

neurial and market orientation to exporting are more successful in identifying interna-

tional trade opportunities and exploiting them. Moreover, in a rapidly changing market, 

firms must remain agile and adapt. Faroque et al. (2021) also emphasize exploration-

exploitation in the recognition process, which involves firms drawing on their experience 

and networks to respond to changes in the market environment and opportunities for 

potential success from international firms. 

There is one last nuance of entrepreneurship that needs to be addressed in order to be 

as comprehensive as possible, and that is sustainable entrepreneurship. This is a rela-

tively recent concept that associates entrepreneurship with sustainable development, 

focusing on creating economic, social, and environmental value simultaneously. Scholars 

and practitioners started talking about sustainable entrepreneurship in the early 2000s, 

as they recognized the need for businesses that could address global challenges like cli-

mate change, social inequality, health and environmental degradation. Researchers like 

Cohen and Winn (2007), Dean and McMullen (2007), and Schaltegger and Wagner (2011) 

have significantly contributed to understanding this field, giving credit to the perspective 

of the unique opportunities that sustainable entrepreneurs can harness for positive so-

cial impact. The entrepreneur becomes a social entrepreneur, they are the ones estab-

lishing an enterprise with the aim of solving social problems or affecting social change. 

In other words, they can be seen as realistic visionaries, and both change agents and 

social activists (Faroque, 2023).  

2.2 Internationalization process 

The following section explores the concept of internationalization. Indeed, after having 

discussed entrepreneurship and what is entrepreneurial opportunity, it is important to 

complement this with the international context, which is the reference for the research. 

The Oxford dictionary defines internationalization as “the act or process of bringing 

something under the control or protection of two or more nations; the act or process of 

making something international” (Oxford learners); an international business can there-



20 

fore be said to be one that operates in several nations. To better understand this, is use-

ful to introduce key theories about internationalization such as the Uppsala Model, Born 

Global theory and Network theory. In describing the Uppsala Model, Johanson and 

Vahlne (1977) define internationalization as a gradual and incremental process. Accord-

ing to this theory, companies begin by exporting to nearby markets with minimal risk, 

then slowly increase their commitments abroad as they gain more market knowledge 

and experience. Indeed, this model highlights a sequential approach to internationaliza-

tion, emphasizing the importance of learning and reduced uncertainty before entering 

distant or riskier markets (Johanson & Vahlne, 1977). On the other hand, the Knight and 

Cavusgil (2004), introduce the Born Global Theory, which challenges the traditional view 

by positing that some companies internationalize from inception. These firms, often 

small and technology-driven, leverage digital platforms to quickly reach global markets 

without the need for a gradual expansion. The digitalization of business environments 

has made rapid internationalization feasible for smaller, more agile firms. (Knight & Ca-

vusgil, 2004). Lastly, the Network Theory (Johanson & Mattsson, 1988) provides yet an-

other perspective by emphasizing the role of business relationships in internationaliza-

tion. Rather than focusing solely on internal resources, this theory suggests that firms 

expand internationally by leveraging networks of partners, suppliers, and collaborators. 

The network of these relationships helps firms access foreign markets more effectively 

by reducing entry barriers and sharing knowledge across borders (Johanson & Mattsson, 

1988). Understanding these theories is critical for businesses that want to expand inter-

nationally. In today's world, one must be prepared and flexible to adapt to rapid changes 

in technology, market conditions and consumer preferences. On the one hand, the Upp-

sala Model emphasizes incremental growth, and on the other hand, the Born Global the-

ory and network theory emphasize the need for agility and collaboration. it is important 

to consider the various challenges of entering foreign markets, such as cultural differ-

ences, regulatory environments, and competitive pressures, while taking advantage of 

digital tools and global networks to thrive. 

 



21 

The motives which drive firms into internationalize themselves can be both internal or 

external factors which affect them a lot. Companies are looking for market access, reve-

nue diversification and economies of scale to make stronger, more competitive busi-

nesses internally. Apart from this, a firm is always looking overseas when its own domes-

tic market has reached to the maximum saturation point or growth diminishes (Dunning, 

1988). On the outside, stronger global competition and emerging markets driving growth 

mean companies go to market beyond their home boundaries. Having global opportuni-

ties means that these firms can broaden their offerings to new customers, streamline 

the supply chains or gain access to cheaper inputs like raw materials. A second factor 

that prompts internationalization is a desire for innovation. Indeed, companies often go 

for foreign markets because of new technologies, ideas and talent that can kick start 

their growth and innovation. With new markets popping up all the time, it is essential 

for firms to create new products or services that are tailored specifically to those emerg-

ing global markets in order to stay relevant. Furthermore, political and industrial factors 

such as advantageous trade agreements or fewer tariffs encourage companies to glob-

alize by lifting the barriers of entering other countries (Dunning, 1988). Other significant 

drivers for entrepreneurs to go global are motivators such as the risk taker, growth seeker 

and early adopter. Moving into global markets offers a big-time growth opportunity, and 

it becomes even bigger when domestic expansion plateaus. Entrepreneurs generally 

have a greater risk tolerance because of the potential benefits that come with access to 

larger markets, first-mover status and global reputation (Oviatt and McDougall, 1994). 

The ability to accept this ambiguity and adjust to virtually unseen commercial surround-

ings make all the difference between performing globally or regionally. Entrepreneurs 

are also motivated by the pursuit of innovation. Firms further leave their comfort zones 

when they venture new markets where customer tastes, technology wherewithal, and 

the way of doing business are different which is required for innovation. A way entrepre-

neurs often view internationalization is to bring forth new products or services that can-

not be successfully introduced in their home market. But with that promising potential 

also comes sizeable risks, including uncharted regulatory territory in new markets, vast 

cultural distances and a myriad of tricks logistical deployment as well. While all of this is 



22 

true, entrepreneurs are willing to shoulder these risks because they believe there is no 

other option that offer the same kind of hefty returns and promise for long-term persis-

tence in anything else (Oviatt and McDougall, 1994). 

Regarding entering international markets in practice, there are different ways to access 

a foreign market. In their book, "International Business: Competing in the Global Mar-

ketplace", Hill (2022), provides definitions, explanations, and comparisons between dif-

ferent entry modes.  Companies can opt for non-equity and equity modes, depending 

on their risk tolerance, control preferences, and long-term strategic goals. Each mode 

offers specific advantages and challenges that firms must consider when expanding. 

Non-equity modes, as the designation suggests, do not involve equity investments in 

foreign infrastructures and primarily include exporting and contractual agreements like 

franchising and licensing. Exporting is one of the most common non-equity entry modes, 

where a firm sells its products or services to foreign markets while maintaining produc-

tion facilities in its home country (Hill, 2022). This strategy requires relatively low com-

mitment and investment, reducing financial risk. However, exporting exposes to several 

disadvantages also, like transportation costs, tariffs, and limited control over how prod-

ucts are marketed or distributed in the foreign market (Root, 1994). Despite these limi-

tations, exporting is often an ideal entry point for companies exploring international 

markets for the first time. Contractual agreements instead, allow firms to expand inter-

nationally by granting rights to local partners to use their brand, technology, or business 

model. International franchising involves the operation of a business modelled on the 

system developed by the franchisor in exchange for a fee or mark-up on goods or services 

provided by the franchisor itself. Whereas licensing agreements enable firms to grant 

intellectual property rights to foreign companies for manufacturing or selling their prod-

ucts (Hill, 2022). Both methods allow rapid market entry with relatively low capital in-

vestment, although they require close oversight to ensure brand integrity and quality 

standards are maintained across markets (Hoffman and Preble, 2004). On the other hand, 

Hill moves on describing then the equity modes, which involve a higher level of invest-

ment and ownership, providing firms with greater control over operations but also 

higher risks. These modes include strategic alliances, joint ventures, and foreign direct 



23 

investment (FDI). A strategic alliance occurs when two companies decide to pursue a 

mutually beneficial project while each one is maintaining its independence. These alli-

ances are particularly useful for entering markets where it is fundamental to own local 

knowledge. Indeed, they provide access to the partner’s resources, market knowledge, 

and networks, while spreading the risk between the two parties (Beamish, 1993). Joint 

ventures instead involve the creation of a new and jointly-owned company with a foreign 

partner for the purpose of completing a specific task, like a project. They offer significant 

benefits, for example shared risks, access to local expertise, and greater control over 

operations than non-equity modes. However, they can also be difficult to manage due 

to differences in culture, business practices, and conflicting interests between partners 

(Brouthers et al., 2016). Lastly, the Foreign Direct Investment (FDI) represents the highest 

level of equity commitment. An FDI designates a purchase of physical assets (greenfield) 

or a significant amount of property (M&A, brownfield) of a company in another country 

to gain some degree of management control. In this way, the firm can acquire full control 

over their operations and the ability to tailor their strategies directly to local market con-

ditions. However, it also exposes them to the highest risks, including political instability, 

cultural differences, and significant financial investments (Dunning, 1998). FDI is often 

pursued by firms seeking long-term growth and a substantial presence in the foreign 

market.  

An aspect that must be taken into account nowadays is the advent of digitalization. In 

fact, digitization has revolutionized how people access international markets, reducing 

traditional barriers. Thanks to digital platforms, e-commerce and cloud technologies, a 

company's physical presence in the market or large investments are no longer necessary 

conditions for reaching international customers (Hill, 2022). For example, small and me-

dium-sized enterprises (SMEs) can now engage in exporting via e-commerce using plat-

forms such as Amazon or Alibaba, enabling them to access global markets without large 

capital commitments (Sinkovics et al., 2013). In addition, digitization facilitates interna-

tional strategic alliances, in which firms collaborate on virtual platforms to share data, 

technologies, and resources across borders. 



24 

Another significant aspect is that when businesses expand internationally, they face sev-

eral challenges. Key barriers that must be overcome include cultural differences, legal 

and regulatory complexities, intellectual property issues, and economic constraints. 

These obstacles must be understood and addressed strategically, with firms remaining 

flexible to succeed in foreign markets. Differences in culture are often one of the most 

critical barriers during this process. Communication styles, decision-making processes, 

and consumer behavior vary widely across cultures, which can influence everything from 

marketing strategies to negotiation tactics (Hofstede and Søndergaard, 2001; 

Trompenaars & Hampden-Turner, 1997). Mismanagement of these cultural differences 

can lead to misunderstandings, reduced brand credibility, and even failed partnerships 

(Ghemawat, 2001). Moreover, Hall & Hall (1990) note that communication styles in low-

context and high-context cultures can differ significantly, further complicating interac-

tions between businesses and foreign consumers. Legal and regulatory environments 

also bring substantial challenges in foreign markets. Each country has its own set of laws 

and regulations regarding trade, labor, environmental standards, and taxation. Compli-

ance with these local regulations is critical but can be both difficult and expensive (Peng, 

2014; Rugman & Verbeke, 1998). Intellectual property (IP) protection presents another 

serious concern. Entrepreneurs may struggle to safeguard their innovations and trade-

marks because IP laws can be weak or inconsistently enforced in certain markets 

(Maskus, 2000). This is particularly problematic in emerging economies, where firms may 

face risks of counterfeiting or unauthorized use of their products, potentially leading to 

a loss of competitive advantage (Cavusgil et al., 2014; Yang & Clarke, 2005). Economic 

barriers, such as exchange rate fluctuations, inflation, and differences in consumer pur-

chasing power, also must be taken into consideration. Economic instability or unfavora-

ble exchange rates can increase costs or erode profitability, making it difficult for com-

panies to execute market strategies effectively (Hill, 2022; Dunning, 1993). To overcome 

these challenges, companies must prioritize learning and adaptation. Johanson and 

Vahlne (1977) emphasize the importance of learning about local markets, competitors, 

and consumers as a critical factor in successful internationalization. Firms that build their 

absorptive capacity, which means the ability to recognize, assimilate, and apply external 



25 

knowledge are better equipped to adapt their strategies (Cohen & Levinthal, 1990). 

Companies should adopt an adaptive strategy, customizing their products, marketing, 

and operations to local preferences and regulatory requirements (Barkema, Bell, & Pen-

nings, 1996). By engaging with local partners, businesses can gain valuable insights into 

market conditions and cultural nuances, ultimately enhancing their competitiveness in 

international markets (Sinkovics et al., 2013). Thus, learning and adaptation are not just 

survival tactics but critical success factors in the ever-evolving landscape of international 

business. 

This section has attempted to provide a summary of the literature related to internation-

alization. It has been shown that it is a complex process that requires companies to nav-

igate multiple theoretical models offering different approaches, from incremental and 

cautious expansion to rapid globalization driven by digital technologies and strategic 

partnerships. Understanding the needs, challenges and ways of entering international 

markets enables companies to strategically plan their growth. However, success ulti-

mately depends on the company's ability to learn and adapt to new cultural, legal, and 

economic environments, taking advantage of the opportunities offered by globalization 

and digitization. 

 

2.3 Decision heuristics and biases 

The following section of this paper moves on to describe in greater detail the figure of 

the entrepreneur but from a different perspective, analyzing what makes them different 

from other people and then why some entrepreneurs are more successful than others 

(Baron, 1998). Recently, authors understood that the answers to these questions could 

be found in understanding the role of cognitive processes in entrepreneurship. There are 

some key dimensions that authors such as Lumpkin and Dess (1996), Sundqvist et al. 

(2012, p. 205) and McDougall and Oviatt (2000) have identified in entrepreneurial ori-

entation and that are also reflected in international entrepreneurial orientation. These 

can be described as behavioural patterns associated with potential value creation and 



26 

manifest themselves as risk-taking, innovativeness, proactivity, competitive aggressive-

ness, and autonomy. All these characteristics are instrumental in the discovery, imple-

mentation, evaluation, and exploitation of opportunities within and beyond national 

borders (Faroque, 2023). Moreover, they can be said to define the strategic orientation 

at the corporate level, and this can be understood by briefly analyzing these behavioral 

traits more specifically. Indeed, risk-taking refers to an entrepreneur's willingness to en-

gage in ventures with an uncertain outcome, such as which entering new markets or 

investing heavily in innovation. Covin and Slevin (1989) argue that risk-taking is a key 

entrepreneurial characteristic, since it reflects the boldness required to compete inter-

nationally. Innovativeness represents the propensity to support creativity and experi-

mentation, which give rise to new products and services. This dimension emphasizes the 

importance of remaining competitive in dynamic international environments (Lumpkin 

& Dess, 1996). Proactivity is about anticipating future market needs and acting on op-

portunities before competitors do. It reflects an aggressive approach to market leader-

ship, often cited as crucial to international success (Rauch et al., 2009). Competitive ag-

gressiveness then concerns how a company directly challenges its competitors and 

strives to outperform them. This can manifest itself, for example, in aggressive marketing 

or pricing strategies (Lumpkin & Dess, 1996). Finally, autonomy refers to the independ-

ence that employees and teams have in developing and pursuing new ideas. It fosters an 

entrepreneurial spirit that drives innovation and rapid decision-making in international 

firms (Covin & Slevin, 1989). 

In entrepreneurial decision-making, two primary logics are often considered: causation 

and effectuation. When discussing these topics, it is necessary to refer to Sarasvathy 

(2001). Causality represents a goal-oriented approach; the entrepreneur knows what he 

or she wants to achieve. Processes take a particular effect as given and focus on selecting 

the means and resources needed to create that effect. This approach can be defined as 

linear and rational, like traditional management thinking. Sarasvathy (2001) describes, 

indeed, causation as a planning-driven process that suits stable, predictable environ-

ments where future outcomes can be reasonably forecasted. Entrepreneurs using this 



27 

logic analyze available alternatives, evaluate risks, and choose the most efficient path-

way to their predefined goal. In contrast, effectuation involves a means-driven logic, in 

which entrepreneurs start with available resources, such as knowledge, networks and 

personal strengths, and are open to different results. Sarasvathy (2001) emphasizes that 

this process is also particularly useful in uncertain environments, where entrepreneurs 

cannot foresee future outcomes but remain flexible and adaptable. Rather than rigid 

planning, entrepreneurs using effectuation constantly pivot and iterate based on feed-

back and opportunities that arise through experimentation. This approach is described 

as more suited to high-risk or dynamic markets where future scenarios are unpredictable. 

In terms of implications for business decision-making, causation is seen as more appro-

priate in scenarios where there is high certainty, as it focuses on reducing risk by adher-

ing to proven methods. In contrast, effectuation is often deployed in uncertain, turbulent 

environments where entrepreneurs must rely on adaptability and resourcefulness (Read 

et al., 2009). Research suggests that entrepreneurs often switch between causation and 

effectuation depending on market conditions. For example, an entrepreneur may ini-

tially start with effectuation during the exploration phase in a new market but later 

switch to causation once clear objectives and pathways are established (Sarasvathy, 2001; 

Read et al., 2009). Synergy of causation and effectuation leads to better performances 

and the ability to alternate between decision logics allows entrepreneurs to navigate 

complex environments more effectively (Smolka et al., 2016). 

After discussing the main decision logics, it is important to consider heuristics, which 

play a crucial role in entrepreneurial decision-making, particularly in fast-paced and un-

certain environments where entrepreneurs often lack complete information. Often as 

human beings, we seek to minimize the effort, both cognitive and physical. Heuristics 

are learned rules, both conscious and unconscious, that individuals apply to their deci-

sion-making and sense-making processes in lieu of deliberately thinking about and pro-

cessing large amounts of information (Gigerenzer & Gaissmaier, 2011). In other words, 

they consist in cognitive shortcuts that simplify complex decision-making processes, al-

lowing individuals, specifically in this case entrepreneurs, to make quick, yet reasonably 

effective, judgments, being highly beneficial when rapid decisions are necessary, as they 



28 

reduce the cognitive load and time required to evaluate all possible options (Tversky & 

Kahneman, 1974). For entrepreneurs this speed can be a significant advantage, enabling 

them to seize opportunities before competitors. However, there are some factors that 

can contribute to acting with bounded rationality, like cognitive limitations, information 

imperfection and time constraints and brings to suboptimal decisions (Faroque, 2023). 

This occurs in new situations with high degrees of uncertainty where the individuals can 

feel overloaded, leading to increasing susceptibility to cognitive biases.  One mostly dis-

cussed heuristic is the representativeness heuristic, where individuals judge the proba-

bility of an event based on its similarity to a prototype or a typical case (Kahneman & 

Tversky, 1972). Entrepreneurs might, for instance, assume that a new market oppor-

tunity resembles a past success, leading to overconfidence in their decision. Another 

significant heuristic is the availability heuristic, which involves relying on immediate ex-

amples that come to mind when evaluating a situation (Tversky & Kahneman, 1973). 

Entrepreneurs might focus disproportionately on recent or highly memorable events, 

which may not represent the broader context, influencing their decision-making. Then, 

anchoring heuristic also plays a critical role, where decisions are heavily influenced by 

the first piece of information received, the "anchor" (Kahneman, 2011). In any case, alt-

hough heuristics are traditionally perceived as a suboptimal way of making decisions, 

they have nonetheless proven to be more accurate than such “rational” strategies in 

many real-world conditions where rationality and perfectly informed decisions are im-

possible (Luan et al., 2019). While heuristics help navigate uncertainty, understanding 

their limitations and potential biases is essential for entrepreneurs to mitigate their neg-

ative impacts. Strategies such as seeking diverse perspectives, engaging in reflective 

thinking, and utilizing data-driven insights can help counteract the cognitive biases in-

troduced by heuristics (Baron, 2004). 

As already mentioned, entrepreneurs often encounter decision-making biases that can 

distort their judgement and lead to sub-optimal results. This section will address some 

of the most common biases in more detail. One of the most prevalent is overconfidence 

bias, where entrepreneurs overestimate their skills, knowledge, or control over a situa-

tion (Hayward, Shepherd, & Griffin, 2006). This can lead to unrealistic projections and 



29 

underestimating risks, often resulting in poor strategic decisions or resource allocation. 

Another common bias is confirmation bias, where entrepreneurs seek out information 

that aligns with their pre-existing beliefs, while ignoring contradictory data (Klayman, 

1995). This selective perception can hinder objective decision-making, causing entrepre-

neurs to overlook critical market signals or risks. The escalation of commitment, also 

known as the sunk cost fallacy, occurs when entrepreneurs continue to invest in a failing 

course of action simply because they have already committed significant resources, thus 

having the perception that they are not wasting them (Staw, 1981). This bias often leads 

to throwing good money after bad, as entrepreneurs resist abandoning a project despite 

mounting evidence of failure. Optimism bias is another key bias, where entrepreneurs 

overestimate the likelihood of positive outcomes and underestimate potential risks 

(Busenitz & Barney, 1997). Although optimism is essential for entrepreneurship, uncon-

trolled optimism can lead to poor risk management, causing entrepreneurs to over-com-

mit resources without properly preparing for challenges. Lastly, status quo bias refers to 

the preference for maintaining the current state of affairs, even when changes are war-

ranted (Samuelson & Zeckhauser, 1988). Entrepreneurs displaying this bias may resist 

pivoting or adjusting their business strategy, even in the face of new information sug-

gesting the need for change. The presence of these biases can lead to suboptimal deci-

sion-making, such as sticking to failing strategies or misjudging market opportunities. To 

mitigate these biases, entrepreneurs must actively seek diverse perspectives, rely on 

data-driven analysis, and regularly reassess their strategies to ensure they remain 

aligned with evolving market conditions. 

To try to overcome these cognitive biases, a few strategies have been identified over 

time that help in preventing them from occurring. First, an effective technique is aware-

ness and education, which involves educating entrepreneurs about common biases, such 

as overconfidence, confirmation bias, and optimism bias. The deeper knowledge of risks 

means that entrepreneurs can better recognize when biases influence their decisions 

(Kahneman, 2011). Another valuable technique is the so-called pre-mortem analysis. 

This approach involves entrepreneurs imagining that their project has failed and working 

backwards to be able to identify potential risks or oversights in advance in this way. In 



30 

this way, vulnerabilities that might otherwise be overlooked can be identified (Bazerman 

& Moore, 2009). The use of decision journals is also a practical strategy. By recording the 

decision-making process, entrepreneurs can review past decisions and analyze whether 

biases have influenced their thinking. This retrospective analysis can improve future de-

cision making by fostering self-awareness (Milkman, Chugh, & Bazerman, 2008). Then, 

another effective tool is group decision making. Collaboration with others, who may be 

co-founders, advisors, or a diverse team, introduces diverse perspectives and can coun-

ter individual biases, such as overconfidence or status quo bias. The inclusion of multiple 

viewpoints reduces the likelihood of group second-guessing and leads to more balanced 

decisions, limiting risks (Janis, 1982). Finally, experimentation and iteration are key strat-

egies to reduce the risks of bias. Instead of committing significant resources right away, 

entrepreneurs can conduct small-scale experiments to test the feasibility of their inten-

tions. This adaptive strategy allows for learning and refinement before making larger in-

vestments, ultimately leading to more informed decision making (Thomke, 2003). By ap-

plying these strategies and thus being more prudent and aware, entrepreneurs can min-

imize the negative impact of biases and improve the overall quality of their decisions, 

leading to better business outcomes. 

Since the focus of this research is on the decision-making process in internationalization, 

it is important to address the role of heuristics and cognitive biases in this context. A 

noteworthy reference in this area is Niittymies’s study on heuristic decision-making in 

the process of internationalization (2020). It explores how firms, particularly small and 

medium-sized enterprises (SMEs), use heuristics to navigate the complex and uncertain 

environment of international markets. Niittymies emphasizes that internationalization 

decisions are inherently complex and characterized by uncertainty. Traditional, analyti-

cally intensive decision-making processes can be less effective in such environments due 

to high levels of complexity and ambiguity. Instead, heuristics offer a more practical ap-

proach by simplifying decision-making processes, allowing managers to make quicker 

and often more effective decisions. The model in Figure 1, developed by Niitymies (2020), 

illustrates the development of heuristic decision-making as firms gain experience. Ini-

tially, firms face the inability to harness the positive impact of heuristics, struggling with 



31 

challenges such as a lack of experience in the target environment, an inability to make 

sense of foreign markets, and difficulties in planning strategies. This aligns with Niitty-

mies’s observation that early in the internationalization process, managers may struggle 

to apply heuristics effectively due to a lack of relevant experience. However, the model 

shows that through systematic gathering of experience (learning from networks, institu-

tions, and their own experiences), managers accumulate context-specific knowledge, 

which eventually leads to crossing an “experience threshold”. Niittymies's study uses a 

qualitative and inductive approach, focusing on two Finnish SMEs as they embark on 

their first international ventures. The research highlights that the effectiveness of heu-

ristic decision-making is significantly influenced by context-specific experience, as repre-

sented by the “Development Process” in the model. As managers gain more experience, 

they refine their heuristics, enabling quicker and more effective decision-making. The 

“Triggering Event” in the model represents how unexpected challenges during interna-

tionalization can accelerate the refinement of these heuristics. Once firms cross the ex-

perience threshold, as illustrated in the center of the model, they are better positioned 

to engage in heuristics-based strategy work. This phase involves the application of spe-

cific heuristics such as market knowledge heuristics, capability heuristics, and interna-

tional expansion heuristics. Similarly, Niittymies’s research (2020) suggests that heuris-

tics become particularly valuable after managers have accumulated sufficient experi-

ence in international markets. This experience helps them recognize patterns, make in-

formed decisions based on past encounters, and develop a practical approach to navi-

gating complex international environments. The study also points out that while heuris-

tics can lead to more efficient decision-making, they are not a one-size-fits-all solution 

and must be adapted to the specific context of each internationalization effort. This is 

reflected in the model's depiction of various heuristics tailored to different aspects of 

international strategy. Niittymies (2020) therefore shows that heuristic decision-making, 

supported by context-specific experience, can significantly help SMEs in their interna-

tionalization processes by providing a practical and adaptive approach to navigating 

complex and uncertain environments. 

 



32 

 

Figure 1. Heuristic decision-making in the process of firm internationalization (Niittymies, 2020). 

Another valuable insight is given by Faroque et al. (2022), whose study delve into the 

complexities of early internationalization, focusing on experience gap paradox, cognitive 

biases, and decision-making in the face of negative events. The study highlights the par-

adox where firms, particularly new ventures, face significant challenges due to their lim-

ited international experience. This experience gap can lead to suboptimal decision-mak-

ing and increased vulnerability to negative events. The model in Figure 2, developed by 

Faroque et al. (2022), illustrates the relationship between these factors. Firms with prior 

limited international experience, as seen on the left side of the model, enter foreign 

markets quickly, driven by pre-entry biases such as overconfidence, overoptimism, and 

psychic proximity. This “Fast and Furious Entr” often leads to post-entry negative events 

(e.g., market entry failures), as the firms are not sufficiently prepared for the complexi-

ties they encounter. The experience gap paradox refers to the situation where firms with 

limited international experience are more likely to encounter difficulties and setbacks in 

foreign markets. These firms often lack the necessary knowledge and skills to adequately 

navigate the complexities of internationalization. As a result, they are more likely to 

make decisions that may not be well-informed or strategically sound. Cognitive biases 



33 

are critical factors in this context, as indicated in the model's depiction of “Pre-entry 

primary biases”. Faroque et al. (2022) identify several cognitive biases that influence de-

cision-making during early internationalization. For example, overconfidence bias can 

cause managers to underestimate the risks of entering new markets, while confirmation 

bias may lead them to seek information that aligns with their preconceptions, disregard-

ing contradictory evidence. These biases drive the firm's initial decision-making process, 

leading to premature internationalization without adequately addressing the experience 

gap. When faced with negative events, such as market entry failures or financial losses, 

these cognitive biases can exacerbate the situation, leading to the “Adaptive Paradox", 

where the experience gap is recognized but often too late. Post-entry, reverse biases 

such as diffidence, cautious optimism, and psychic distance may emerge, influencing the 

firm's subsequent actions. As shown in the lower section of the model, firms typically 

respond to negative events by either exiting the market, adopting a slow and cautious 

re-entry approach, or in some cases, re-engaging with the same market (“Return to the 

old flame”). The adaptability paradox reflects the tension between learning from nega-

tive experiences and the biases that continue to influence decision-making in uncertain 

environments. The study suggests that to mitigate these challenges, firms should adopt 

a more cautious and incremental approach to internationalization, as seen in the “Slow 

& Cautious Entry” strategy highlighted in the model. Building a strong foundation of in-

ternational experience and recognizing cognitive biases can help managers make better-

informed and more strategic decisions. Additionally, seeking external advice and learn-

ing from the experiences of other firms can offer valuable insights and reduce the impact 

of the experience gap paradox. 



34 

 

Figure 2. Initial and subsequent internationalization: paradoxes, cognitive biases and post-entry 
decisions (Faroque et al., 2022). 

2.4 Entrepreneurial traits of musicians 

This last sub-chapter is meant to give an overview on the link that there could be be-

tween instrumentalists and entrepreneurs, before moving to the empirical section and 

given the necessary background to contextualize the discussion. Musicians, particularly 

instrumentalists, can share many traits and behaviors that closely align with entrepre-

neurial principles. This alignment arises from the nature of their careers, which require 

not only artistic creativity but also strategic decision-making and adaptability. The pro-

cess of building a sustainable career in the competitive world of music mirrors entrepre-

neurial behaviors, making musicians an intriguing subject for exploration in the context 

of entrepreneurial theory. Entrepreneurship is fundamentally characterized by oppor-

tunity recognition, resource mobilization, and risk-taking (Shane & Venkataraman, 2000). 

Instrumental musicians often exhibit these same traits as they navigate opportunities 

such as performance engagements, collaborations, and international tours. Unlike pro-

fessionals who operate within structured organizations, musicians frequently act as in-

dependent entities, managing their careers with a blend of artistry and business acumen. 

This duality positions musicians as cultural entrepreneurs who balance artistic vision 



35 

with the pragmatic demands of career development (Menger, 2014). Several entrepre-

neurial traits are particularly evident among musicians. First, their ability to recognize 

and seize opportunities parallels the entrepreneurial alertness described by Kirzner 

(1997). Musicians identify unique performance niches, create innovative projects, or fill 

gaps in the cultural market. This process requires not only a keen awareness of their 

environment but also the strategic foresight to capitalize on these opportunities effec-

tively. For example, an instrumentalist might recognize an underexplored repertoire or 

forge collaborations that enhance their artistic and market value. Risk tolerance is an-

other critical entrepreneurial trait evident in musicians. Like entrepreneurs, musicians 

operate in an environment characterized by uncertainty and competition. They face un-

predictable outcomes, such as the success of a concert or the results of auditions. This 

willingness to embrace uncertainty mirrors the entrepreneurial approach, where calcu-

lated risk-taking is viewed as essential to achieving innovation and growth (Knight, 1921). 

Musicians invest significant resources like time, energy, and finances, into their craft 

without guarantees of success, much like entrepreneurs launching a venture. Adaptabil-

ity is also a hallmark of entrepreneurial thinking, and it is crucial for musicians navigating 

dynamic environments. Sarasvathy’s (2001) effectuation theory emphasizes the im-

portance of flexibility in decision-making under uncertainty. Musicians often adopt this 

effectual mindset, leveraging their skills, networks, and available resources to create op-

portunities rather than pursuing rigidly defined goals. For instance, when faced with un-

foreseen challenges, musicians may adjust their performance plans or explore alterna-

tive collaborations to maintain momentum in their careers. Networking and social capi-

tal play pivotal roles in the success of musicians, further aligning them with entrepre-

neurial practices. The ability to cultivate relationships with agents, promoters, conduc-

tors, and fellow artists is vital for gaining access to prestigious venues and international 

opportunities (Johanson & Mattsson, 1988). These networks serve as essential resources, 

providing musicians with the connections and platforms needed to expand their reach. 

Entrepreneurs similarly rely on networks to acquire resources, knowledge, and market 

access. Creativity, an inherent quality of musicians, takes on entrepreneurial dimensions 

when applied to career-building. Beyond their artistic work, musicians innovate in how 



36 

they present, market, and monetize their art. This entrepreneurial creativity enables 

them to design unique experiences, such as themed performances or collaborations that 

differentiate them in the market. The entrepreneurial orientation toward innovativeness, 

as highlighted by Lumpkin and Dess (1996), is equally relevant for musicians seeking to 

distinguish themselves in competitive and saturated cultural markets.  

The entrepreneurial traits of autonomy and self-efficacy also resonate strongly with the 

experiences of musicians. As independent professionals, many musicians assume full re-

sponsibility for their career trajectories, often acting as their own managers and deci-

sion-makers. These qualities are essential for navigating the demands of a highly individ-

ualized profession. The BEPE model (Postigo et al., 2021) identifies autonomy and self-

efficacy as critical components of an entrepreneurial personality, traits that are equally 

evident in successful musicians. In their decision-making processes, musicians frequently 

employ heuristics and adaptive strategies that are similar to those used by entrepre-

neurs. Niittymies (2020) highlights the role of heuristics in navigating complex and un-

certain environments, a skill musicians use when making choices about repertoire, ven-

ues, or collaborators. These cognitive shortcuts enable them to process information 

quickly and make effective decisions under pressure. However, like entrepreneurs, mu-

sicians are also susceptible to cognitive biases, such as overconfidence or optimism bias, 

which can shape their judgment in both positive and challenging ways (Busenitz & Bar-

ney, 1997). Despite the alignment of these traits, musicians face unique challenges that 

differentiate their experiences from traditional entrepreneurial contexts. The instrumen-

tal music industry, in particular, is characterized by institutional gatekeeping, where ac-

cess to opportunities often depends on reputation and network connections (Menger, 

1999). This environment requires musicians to navigate a highly selective market while 

balancing their artistic integrity with the practical demands of career sustainability. Nev-

ertheless, adopting entrepreneurial strategies enables musicians to overcome many of 

these challenges. For example, embracing digital platforms for self-promotion and audi-

ence engagement has become a vital tool for expanding their reach and creating new 

revenue streams in an increasingly globalized and digitalized world (Sen, 2010).  



37 

This study aims to explore the parallels between musicians and entrepreneurs, providing 

valuable insights into the evolving nature of both fields. By embodying entrepreneurial 

traits, musicians can contribute to the cultural economy and redefine traditional notions 

of artistic careers. Their ability to fuse creativity and strategic thinking highlights the po-

tential for interdisciplinary learning, being able to offer lessons not only to aspiring mu-

sicians but also to entrepreneurs seeking inspiration from the arts. This convergence un-

derlines the importance of adaptability, innovation and resilience in navigating complex 

professional landscapes, both in business and the creative industries. Indeed, instrumen-

tal musicians can display a range of entrepreneurial characteristics that position them as 

both artists and entrepreneurs. Their ability to recognise opportunities, take risks, adapt, 

network, be creative, autonomous and make heuristic decisions reflects the entrepre-

neurial mindset in action. By exploring these traits, it is possible to gain a deeper under-

standing of the unique challenges and opportunities that musicians face during their ca-

reers, ultimately enriching the broader discourse on entrepreneurship in creative con-

texts. 



38 

3 Research methodology 

This chapter outlines the research methodology employed in this study to address the 

research questions effectively. Firstly, the research approach is described, detailing the 

overarching framework guiding the study. The following section delves into the specific 

research design, providing a comprehensive plan for data collection and analysis. The 

data collection method and sampling adopted to ensure the relevance and representa-

tiveness of the study are then explained. Consistently, the chapter goes on to discuss the 

data analysis process. Finally, it assesses the reliability and validity of the methods, en-

suring the rigor and credibility of the results. 

3.1 Research approach 

This study adopts a qualitative research approach to explore the similarities in interna-

tionalization decision-making processes between instrumental musicians and entrepre-

neurs. According to Saunders, Lewis, and Thornhill (2007), a qualitative approach is par-

ticularly suited to research that seeks to understand complex phenomena and contex-

tual factors. By focusing on subjective experiences and emphasizing the meanings par-

ticipants attribute to their actions, qualitative research allows the researcher to explore 

personal factors influencing decision-making. This approach aligns with the interpretivist 

philosophy, which, as described by Saunders et al. (2007), is often used when studying 

social phenomena that require understanding individuals’ perspectives and contexts. 

Unlike quantitative research, which prioritizes generalization and numerical data, quali-

tative research provides the depth and flexibility necessary to uncover the nuanced fac-

tors shaping musicians' internationalization decisions. The emphasis on narratives and 

experiences in this approach supports the study's goal of identifying subtle elements, 

such as motivations, challenges, and strategies. This allows for a more comprehensive 

understanding of how musicians navigate their internationalization processes and offers 

insights into potential parallels with entrepreneurial decision-making. By adopting this 

approach, the study can achieve its aim of revealing meaningful data about these two 

distinct yet comparable groups. 



39 

3.2 Research design 

The research employs a qualitative research design centered on semi-structured inter-

views, a method recommended by Saunders, Lewis, and Thornhill (2007) for studies that 

require flexibility in exploring participants’ experiences. Semi-structured interviews bal-

ance structure with adaptability, making them ideal for investigating the internationali-

zation decision-making processes of instrumental musicians. While an interview guide 

ensures consistency across participants, open-ended questions allow for in-depth explo-

ration of individual perspectives, as suggested by Saunders et al. (2007). This design sup-

ports the inductive research approach, which Saunders et al. (2007) associate with the 

development of themes and patterns through detailed data collection. By providing op-

portunities to delve more deeply into participants' unique experiences, semi-structured 

interviews facilitate the discovery of unexpected insights that might not emerge through 

more rigid methods. This is particularly important for identifying the contextual and per-

sonal factors shaping musicians’ internationalization strategies and comparing these 

with entrepreneurial decision-making processes. Furthermore, Saunders et al. (2007) 

highlight the suitability of semi-structured interviews for exploratory studies, as they en-

able researchers to refine questions and adapt to new insights as data is collected. This 

iterative process ensures that the design captures the richness and complexity of the 

participants’ lived experiences, contributing to the study’s overall aim of understanding 

the parallels between musicians and entrepreneurs. 

3.3 Data collection and sampling 

As already mentioned, the data for this study were collected through semi-structured 

interviews, a method in qualitative research that facilitates in-depth exploration of par-

ticipants’ experiences. Indeed, according to Saunders, Lewis, and Thornhill (2007), semi-

structured interviews strike a balance between structured and unstructured approaches, 

providing consistency while allowing flexibility to explore emerging themes. The inter-

view questions in this study are designed to examine the internationalization decision-

making processes of instrumental musicians, covering aspects such as motivations, risk 



40 

assessments, and strategies. This method is particularly well-suited for addressing the 

research objectives, as it enables the collection of relevant data that reflects participants’ 

lived experiences and perspectives. Interviews were conducted via online platforms. 

Each interview lasted approximately 30 minutes, providing sufficient time to explore key 

themes while minimizing participant fatigue. Digital recording was employed to ensure 

the accurate capture of responses, a practice recommended by Saunders et al. (2007) to 

enhance the reliability of data. Recording allows the researcher to revisit the data during 

transcription and analysis, ensuring that no valuable insights are overlooked.  

This study employs a purposive sampling strategy to select participants. Saunders, Lewis, 

and Thornhill (2007) describe purposive sampling as a non-probabilistic method used 

when the research requires participants with specific characteristics or expertise. In this 

study, the target population consists of instrumental musicians at the early stages of 

their careers who have already gained international performance experience. The inclu-

sion criteria ensure that participants are directly relevant to the research objectives, as 

they are actively navigating the complexities of internationalization. Three participants 

were selected, each meeting the following criteria: being an Italian instrumental musi-

cian, having experience performing internationally and being at the early stages of their 

career. By focusing on musicians who have begun their internationalization journey, the 

study seeks to explore their decision-making processes, both in the orchestral and solo 

contexts. This approach aligns with the study’s objective of identifying similarities be-

tween musicians and entrepreneurs in their approaches to internationalization. The de-

cision to work with a small sample of three participants is consistent with the principles 

of qualitative research, which prioritize depth of understanding over statistical generali-

zation. Saunders et al. (2007) highlight that in exploratory research, smaller sample sizes 

enable a more detailed examination of participants’ experiences and allow for the iden-

tification of relevant data. Rather than aiming for representativeness, this study focuses 

on capturing the complexities of individual decision-making processes, which are best 

understood through in-depth analysis. 



41 

While larger samples are often required in quantitative research to ensure generalizabil-

ity, qualitative studies like this one emphasize the importance of achieving data satura-

tion. According to Saunders et al. (2007), saturation occurs when no new themes or in-

sights emerge from the data. By conducting detailed interviews with three carefully se-

lected participants, this study aims to gather sufficient data to answer the research ques-

tions while maintaining the depth and richness of qualitative research.  

The data collection process begins with the development of an interview guide, which 

provides a framework for the semi-structured interviews. Saunders et al. (2007) empha-

size the importance of creating an interview guide that reflects the research objectives 

while allowing flexibility to explore unanticipated themes. The guide for this study in-

cludes questions designed to examine participants’ motivations, challenges, and strate-

gies related to internationalization. Open-ended questions encourage participants to 

elaborate on their responses, while the semi-structured format allows the researcher to 

adapt the discussion based on participants’ input. The interviews are conducted in a 

conversational style to create a relaxed and engaging environment for participants. 

Saunders et al. (2007) note that establishing rapport with participants is essential for 

encouraging openness and frankness. By allowing participants to share their experiences 

in their own words, the study ensures the collection of authentic data that reflects the 

nuances of their decision-making processes. The combination of semi-structured inter-

views and purposive sampling provides a robust framework for data collection. Semi-

structured interviews are particularly effective for exploring complex phenomena, as 

they allow for in-depth exploration of participants’ perspectives while maintaining a fo-

cus on the research objectives (Saunders et al., 2007). The flexibility of this method en-

sures that the researcher can adapt to emerging themes and delve deeper into areas of 

interest, resulting in a more comprehensive understanding of the participants’ experi-

ences. Purposive sampling, meanwhile, ensures that the selected participants are di-

rectly relevant to the study’s objectives. By targeting musicians who meet specific crite-

ria, the study maximizes the relevance and richness of the data collected. This approach 

is consistent with the recommendations of Saunders et al. (2007), who argue that pur-



42 

posive sampling is well-suited to exploratory research that seeks to understand the ex-

periences of a specific group. Together, these methods support the study’s aim of exam-

ining the internationalization decision-making processes of instrumental musicians, con-

tributing to a deeper understanding of the phenomenon and its parallels with entrepre-

neurial decision-making. 

3.4 Data analysis 

The data collected for this study will be analyzed using thematic analysis, a qualitative 

method for identifying, analyzing, and reporting patterns or themes within the data. 

Thematic analysis is chosen for its flexibility and ability to provide a nuanced understand-

ing of complex phenomena, as outlined by Braun and Clarke (2006). This approach is 

particularly well-suited for exploratory research, aligning with the study’s aim of exam-

ining the internationalization decision-making processes of instrumental musicians. Ad-

ditionally, Saunders, Lewis, and Thornhill (2007) highlight the value of thematic analysis 

for uncovering meaningful insights within qualitative data, emphasizing its role in organ-

izing and interpreting unstructured information. Thematic analysis begins with the tran-

scription of interviews, ensuring that all verbal data is captured verbatim. This step is 

essential for creating an accurate and reliable dataset. As Saunders et al. (2007) note, 

transcription provides the foundation for qualitative analysis, enabling the researcher to 

revisit and engage deeply with the data. Following transcription, the researcher will fa-

miliarize themselves with the data by reading and re-reading the transcripts. This immer-

sion process helps to identify initial ideas and patterns, as recommended by Saunders et 

al. (2007). The next stage involves generating initial codes to systematically organize the 

data into meaningful categories. These codes will be developed through a detailed ex-

amination of the transcripts, focusing on features relevant to the research objectives. As 

suggested by Saunders et al. (2007), coding facilitates the identification of patterns and 

trends within qualitative data. Once the codes are established, they will be grouped into 

broader themes that capture the underlying essence of the data. Themes include moti-

vations for internationalization, challenges faced, and strategies for navigating global op-



43 

portunities. The researcher will then review and refine the themes, ensuring they accu-

rately reflect the data. Saunders et al. (2007) emphasize the importance of this step for 

enhancing the reliability of qualitative findings. Themes will be cross-checked against the 

original transcripts to ensure consistency and relevance. Finally, the themes will be de-

fined, named, and integrated into the final report. According to Saunders et al. (2007), 

linking themes to existing literature enhances the validity of qualitative research by sit-

uating findings within a broader context. This rigorous approach to data analysis will pro-

vide rich insights into the internationalization decision-making processes of instrumental 

musicians, contributing to the study’s overall objectives. 

3.5 Reliability and validity 

Ensuring the reliability and validity of the data is critical to maintaining the rigor of this 

qualitative study. Reliability refers to the consistency and dependability of the data col-

lection and analysis process (Saunders, Lewis, & Thornhill, 2007). To enhance reliability, 

this study employs semi-structured interviews with a standardized interview guide. 

While allowing flexibility to explore emerging themes, the guide ensures consistency in 

the questions asked across all interviews. Additionally, the use of digital recording and 

verbatim transcription ensures that participants’ responses are captured accurately, re-

ducing the risk of misinterpretation or data loss. Validity, on the other hand, refers to the 

extent to which the findings accurately reflect the phenomena being studied (Saunders 

et al., 2007). To enhance validity, this study employs purposive sampling to ensure that 

participants are highly relevant to the research objectives. Triangulation is also incorpo-

rated through a thematic analysis process that involves cross-checking themes with raw 

data and aligning findings with relevant literature. Furthermore, rich and detailed par-

ticipant accounts are sought during interviews, providing a deeper understanding of 

their decision-making processes. By adhering to these strategies, this study minimizes 

biases and ensures that the findings provide an authentic and credible account of the 

internationalization decision-making processes of instrumental musicians. 

 



44 

4 Empirical findings 

The process of internationalization plays a crucial role in shaping the careers of musicians, 

particularly instrumentalists, as they seek opportunities beyond their home countries. 

While the music industry is often viewed primarily as an artistic field, it also requires 

strategic decision-making, risk management, and adaptability, elements commonly as-

sociated with entrepreneurship. This chapter presents the empirical findings derived 

from interviews with three Italian instrumental musicians, a pianist and two trombonists, 

who have pursued international opportunities at different stages of their careers. Table 

1 introduces the profiles of the musicians briefly. 

 

Table 1. Main characteristics about the interviewees. 

Interviewees Age Instrument Main characteristics 

Interview 1 26 Trombone 
- Started playing trombone at age 6 

- Inspired by his father and the early experience in the 

local band 

- Decides to become a musician in high school 

- Education: Italy – Switzerland 

- Plays mainly in orchestras and in a quartet 

Interview 2 20 Trombone 
- Started playing trombone at age 7 

- Decides to become a musician in middle school 

- Moved to study with a specific teacher 

- Education: Italy – Switzerland 

- Plays mainly in orchestras and in a quartet 



45 

Interviewees Age Instrument Main characteristics 

Interview 3 26 Piano 
- Started playing piano at age 7 

- Always knew he would have become a pianist 

- Inspired by curiosity and devotion 

- Education: Italy – United Kingdom 

- Plays mainly soloist, with and without orchestra 

 

The findings are categorized into three main themes: motivations and influences on ca-

reer decisions, opportunity recognition and strategic choices, and managing uncertainty 

and cultural adaptation. Each theme addresses key aspects of the musicians' decision-

making processes, including their career aspirations, the role of mentors and networking, 

financial considerations, and strategies for adapting to new cultural and professional en-

vironments. By examining these themes, this chapter aims to provide a comprehensive 

understanding of how musicians navigate the complexities of internationalization, offer-

ing valuable insights into the parallels between their decision-making processes and 

those of entrepreneurs. These insights serve as a foundation for the discussion and con-

clusion chapters, where the theoretical implications of the findings will be further ex-

plored. 

4.1 Motivations and influences on career decisions 

The decision to pursue an international career is shaped by a combination of artistic, 

professional, and financial motivations. Musicians must balance their passion for perfor-

mance with the practical realities of career sustainability, considering factors such as ac-

cess to high-quality education, financial stability, and the strength of their professional 

networks. This section addresses the primary motivations behind musicians' internation-

alization and the structural factors influencing their career paths. 



46 

For many musicians, internationalization is a necessary step for career advancement. 

The interviewees emphasized that studying abroad provides access to renowned educa-

tors, competitive environments, and superior training facilities compared to those in Italy. 

Countries such as Switzerland, Germany, and the Netherlands were cited as preferred 

destinations due to their strong investment in the arts and structured conservatory pro-

grams. As interviewee 2 said: "I used to study in Bern with one of the gods of the trom-

bone, and I take him as a reference. He was indeed an excellent player, but beyond the 

trombone he managed to become an entrepreneur for himself; he found connections 

everywhere". Studying under the guidance of a highly respected professor can be very 

important since this mentorship would significantly impact both technical and artistic 

development. Similarly, another one noted that expos