There are debates about the era of de-globalization, rise of nationalism, but also about alternatives like poly-globalization. As international business activities are increasingly influenced by “friend-shoring” and geopolitics, the question of open and inclusive business and entrepreneurship becomes a concern. What does open and cosmopolitan business contexts mean and how do these elements impact Small- and Medium-sized Enterprises (SMEs), entrepreneurial firms and migrant or diasporic businesses? While mainstream International Business research typically addresses big multinational enterprises and challenges they encountered during internationalization, the role of small businesses and different business actors remains relatively underexplored. Migrant businesses or countries of origin that are underdeveloped face numerous challenges. New businesses and entrepreneurs from abroad foster innovation and growth and increase international trade. Thus, it is crucial to discuss how cosmopolitan and inclusive business contexts continue to develop under current challenges, such as geopolitical shifts. We discuss developments of cosmopolitan and inclusive business contexts shaping the global markets from different disciplinary views and various regions, including Europe, Africa and Asia. By integrating insights from experts on Portuguese, Swedish, Russophone, African, and Chinese businesses and entrepreneurship, we foster a deeper understanding of how inclusivity and cosmopolitanism can enhance and retain international business and entrepreneurship.