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The purpose of this paper is to find out whether risk perception can affect rapidity in international market entry. Also, this paper tries to find out whether the decision-making approach, effectuation, can moderate the pathway between risk tolerance and internationalization speed.

A hypothetico-deductive methodology has been used to conduct this study. Using partial least square regression, this study tested and proved two developed hypotheses based on a sample of 101 software and IT-enabled services firms in Bangladesh. The sample was selected using non-probability sampling techniques, and data were collected using a structured questionnaire developed from the extant literature.

All of the hypotheses proposed in this study have been accepted. The results show that the effectual approach of decision-making negates the risk perception of the entrepreneur and speeds up the internationalization process of that firm.

The implications of this study are inherent in the entrepreneurial cognition and decision-making approach (effectuation). This study provides an insight into risk perception and the rapidity of internationalization, which can spur future development in this field.

Rapidity in internationalization of small- and medium-sized enterprises depends on a significant number of factors, one of which is the decision-making approach. The decision-making approach followed by the firms can have an effect on the speed of internationalization. This paper connects the dots between the rapidity of entry to foreign markets with a cognitive variable, risk perception. This paper developed two hypotheses to measure the relationship between risk perception of the entrepreneurs and the rapidity in international market entry with moderation of the decision-making approach.

Increasing digitalization and the advent of Industry 4.0 were scrutinized on how these may influence SDG attainment in different levels. The digitalization of the business and operational models emerged as the newer source of attaining competitive advantage in the pre-COVID-19 context. The COVID-19 pandemic has undoubtedly added more complexities to the already prevailing VUCA context of sustaining the business and development agenda irrespective of their geographic or institutional affiliations. Businesses in different industries, particularly in the developing countries, had lower or no preparedness in most cases in dealing with such uncertainties arising from the pandemic. Business firms and governments started to revise and digitalize their business models at the enterprise and institutional levels. To be very precise, MNCs in the fast-moving consumer goods industry in Bangladesh restructured their business model, at least the supply chain part, through direct and indirect digitalization of their business models, partly developing cooperation with existing e-commerce platforms. Volatile, uncertain, complex, and ambiguous focused corporate leadership and strategy helped in halting drastic slipping on the SDG millstones for Bangladesh. Despite the prevalent COVID-19 context, Bangladesh graduated to the club of the developing countries by retaining eligibility position on the gross national income index, human assets index, and economic vulnerability index. This chapter attempts to establish theoretical structuration of the links between digitalization and transformation of the business models and handling the SDG challenges.