Strategic Entrepreneurship—A Combination of Exploration and Exploitation.
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 5
Abstract
In today’s fast-paced competitive environment, firms face the need to be increasingly quick and adaptive. While being able to achieve certain level of performance based upon existing technologies, firms are equally left flat-footed in the face of emerging and new technologies. The firms need to learn how to integrate strategic and entrepreneurial management to achieve a better balance between advantage-seeking and opportunity-seeking behaviors. Here we discuss strategic entrepreneurship as the means through which firms simultaneously exploit their current competitive advantages while exploring for future opportunities. Both small and large firms face hurdle while pursuing strategic entrepreneurship. While small firms’ opportunity-seeking skills may be strong, their limited knowledge and lack of market power hold back their ability to enact the competitive advantages. In contrast, large firms are skilled at establishing competitive advantages, but their heavy emphasis on the efficiency of their existing businesses often undermines their ability to continuously explore for additional opportunities. The basic purpose of existence and growth for business is wealth creation and this paper is an attempt to emphasis that strategic entrepreneurship is a unique, distinctive construct through which firms are able to create their wealth.
Authors and Affiliations
Nazish Mushtaq
Keywords
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