Purpose: The purpose of this paper is to understand the similarities and differences in the internationalization of SMEs and MNEs and the specific factors affecting them.Design/methodology/approach: The relevant literature was reviewed particularly in the context of the major theories of internationalization.Findings: The positive and negative aspects of each theoretical approach to internationalization are present to form the basis of a new model of international entrepreneurship.Research limitations/implications: The newly developed conceptual model has not been empirically tested.Originality/value: A redeveloped theoretical integrative conceptual model of international entrepreneurship is proposed based on four internationalization properties (mode, market, product, and time), internationalization performance, and key antecedents and consequences of the internationalization process.