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Empirically-based research and theory on currant internal problems of small business Is lacking since most research has dealt ex post facto with causes of small business failure and success. In addition, small business problems have not been correlated with the different stages of the overall development of the firm or different stages of the exporting process. This study attempts to fill a portion of this gap by empirically examining the differences between overall and exporting problems of small exporters at different stages of overall and exporting development.

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DAVID R. BEFUS is with Azusa Pacific University, California, USA, George S. Vozikis is with Memphis State University, Tennessee, USA, and Timothy S. Mescon and Debbie L. Mescon are with Salisbury State University, Maryland, USA. The investment activity of expatriate entrepreneurs in Honduras in Central America and their personal characteristics were compared with other entrepreneurial propulations for this paper. The economic development impact of the expatriate investor was also explored. The profile generated from the study indicates that personal reasons were more significant that financial reasons in motivating the investor to locate overseas and government incentives played no part in the decision-making process. The comparison of personality characteristics yielded mixed results. Unlike entrepreneurs surveyed in other studies, this population of expatriate entrepreneurs demonstrated a statistically significant difference from the normal population only in relation to the characteristic of 'order'.