What are the tradeoffs between an internal and an external growth strategy?

Required
Chapter 7. Strategy Formation: Corporate Strategy
Textbook: Wheelen, T. L., Hunger, D., Hoffman, A. N., & Bamford, C. E. (2014). Concepts in strategic management and business policy (14th ed.). Upper Saddle River, NJ: Prentice Hall. ISBN-13: 9780133126129 (print), 9780133126433 (e-text)

Recommended
Andersson, H., & Janson, G. (2012). Evaluating a corporate strategy: A case study of Länsförsäkringar. Available via https://stud.epsilon.slu.se/4453/1/Andersson_et_al_120703.pdf
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Question
What are the tradeoffs between an internal and an external growth strategy? Which approach is best as an international entry strategy?

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