Third, we examined international firm performance as a whole, without considering performance obtained by a specific internationalization strategy (i.e. internationalization entry modes), and/or within a specific foreign market. While due to resource limitations, SMEs tend to adopt more conservative and consistent internationalization strategies, minimizing their international reach at a time, examples of rapid simultaneous expansion do constantly appear (i.e. born global firms). Therefore, it would be of particular importance to the international small business literature to examine how specific strategies are affecting the IO -International performance relationship, and how these are moderated by country-specific factors.