Abstract
The article highlights the evolution of research of small venture companies from the inception of international business studies in the 1960s to the present time with an emphasis on 1993-2024 as a period of isolated research on small firms. It provides an overview of the commonly used terminology in the field of international entrepreneurship and analyses the state of research on the topic in Ukrainian literature, which leads to identification of a research gap – internationalisation of small and medium-sized enterprises appears to fall out of the scope of international entrepreneurship and international business research. Based on the existing empirical research in the field, the article highlights the need for isolated studies on small venture enterprises and addresses this research gap in Ukrainian literature by providing a systematic review of internationalisation literature aimed at small venture companies as opposed to the multinational companies. A systematic review of the literature establishes a link between early research on international business and the current literature on international entrepreneurship, while providing the overview of international business theories that were adapted for the use in international entrepreneurship. It outlines a trending research direction in international entrepreneurship literature – international entrepreneurial opportunities. It discusses the characteristics of the entrepreneur, company and environment that form the basis of international opportunity. The article defines the place of international marketing and strategic management in the system of small business internationalization research and outlines promising future research directions recognised in international scientific literature. It follows the developments of G. Knight and S. T. Cavusgil in discussing integrationresponsiveness paradigm – originating from international business – and effectuation theory – coming from strategic management – as future research directions. Finally, it provides arguments for development of internationalisation of small venture companies research in Ukrainian literature.
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