Model of Strategic Entrepreneurship
Numerous authors who pioneered this concept, emphasize the strong relationship of business and management strategies (Meyer and Heppard, 2000, Hitt et al, 2002; Gundry and Kickul, 2007th, etc.). In the concept of strategic entrepreneurship, the link between entrepreneurship and strategic management is clear and logical. It is clear that entrepreneurs should have certain managerial skills and knowledge to manage their businesses. However, modern managers must have some entrepreneurial characteristics, such as the ability to find and create new business opportunities, innovative spirit, willingness to take risks, etc. Therefore, the roles and tasks of modern entrepreneurs and managers are very interdependent. Both of the aforementioned tasks are a great help to resolve the application of the concepts of strategic enterprises.
Figure1. A model of strategic entrepreneurship
The task of the traditional enterprise is creating new value and creating profits for entrepreneurs. Individual enterprise deals with the management of small and medium enterprises. Traditional management has the task of managing large enterprises, in order to increase business performance and generate profit for shareholders. Social Entrepreneurship includes entrepreneurial activities, so it can create value and increase quality for the benefit of all citizens. Strategic entrepreneurship encompasses all these disciplines combining their activities, connecting them to each other, and creates a compiled a new way of thinking in business and management.
Domain of strategic enterprises
Key features of Strategic entrepreneurship are creating new values for society and changing social life in such way that it leav...
... middle of paper ...
...renewal of design, quality, or some characteristics of a product or service that is being implemented, in order to strengthen the competitiveness of enterprises and provide long-term sustainable competitive advantage in the market. Therefore, many enterprises today allocate substantial funds in the research projects. The aim is the development of innovation and / or improvement of existing technologies and technological solutions, and the search for new methods and techniques. The key to every innovation is its recognition by consumers. Innovations come in different forms, some in the individual characteristics some are valuable only in combination with others, while some are of importance for the whole society.
It is broadly recognized that the stimulation of innovative activity is vital for the competitive advantage, growth of enterprises, and country’s economy.
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
Generally, strategic management is a set of managerial decisions and actions that determines the long-term performance of a company, involving both internal and external environmental scanning, strategy formulation, strategy implementation, and evaluation and control. According to the study of strategic management, the corporation should concentrate on monitoring and appraising outside opportunities and threats based on an organization’s strengths and weaknesses (Thomas Wheelen and David Hunger, 2012).
The characteristics of corporate organizational imperative strategic are new-business-venturing, innovativeness of products/services, innovation in the process, self-renewal, risk taking, proactive and competitive privilege. The information collected from sample of middle and top managers from each imperative strategic organizations through face-to-face, consultant sessions, interview, mail and e-mail about the characteristics of the organizations. The characteristics were such as size and industry; about personal characteristics of managers, such as age, formal education, years in the current imperative strategic planning; and about imperative strategic planning positions, such as hierarchical level and functional area. The formal education and experience improve the information available to organizations about managers ' ability and that there will be better matching between employees ' abilities and imperative strategic planning over time. Conditional imperative strategic dispersion increases with formal education and work experience when the imperative strategic equation does not control for imperative strategic planning positions. Furthermore, this conditional imperative strategic
Do you ever wonder why minorities are getting longer jail sentences than wealthy people? In our society, it is said that everyone is equal and treated fairly. In reality, this is not true. Many minorities are mistreated in a number of ways, and one big one is the sentencing system. In our society, class plays a big part in how you're treated in the courtroom.
Throughout the global economic environment the desire to out-perform the competition is always present. In every situation, the companies who do better are the ones with superior strategy (Rothaermel, 2013). Strategic management is therefore important in every company, no matter what industry or market they operate in; and as stated by M. Carpenter and G. Sanders, 2013, is described as "The process by which a firm manages the formulation and implementation of its strategy". Strategic management is a constant topic under discussion with different schools of theorists with different beliefs and attitudes which is described as "A tense array of disagreement" (Rees, 2012).
Firstly, social entrepreneurship has become inclusive that it now has an immense tent into which all manner of socially beneficial activities fit.(1). In the contemporary, social entrepreneurs recognize immediate social problems, but also seek to understand the broader context of an issue that crosses disciplines, fields, and theories. Gaining a larger understanding of how an issue relates to society allows social entrepreneurs to develop innovative solutions and mobilize available resources to impact the greater global society (2). ...
Annotation Bibliography - Innovation Leadership Innovation is a process of translating an idea or invention for new goods or services that create value. The innovative leaders are creative visionaries have huge ideas and motivate people around them to turn an idea into reality. If an organization incorporates some innovation into the realm of a head in a small business, there is a chance of continuous growth. To achieve imagination and communication, leaders must have confidence in self to make effective communication and imagination. Innovative leaders can be team leaders, managers, Chief Executive Officer (CEO) and other individuals who manage projects and people.
VERMEULEN, P. A. M. & CURSEU, P. L. 2008. Entrepreneurial Strategic Decision-making: A Cognitive Perspective. United Kingdom: Edward Elgar Publishing Ltd.
Examples are mass-produced diesel engine to the invention of the elevated sprocket. But, in their more important is how to integrate their company's industry-leading products and services to their customers to provide solutions that make life easier, more productive machinery and happy customers. To give satisfaction to the customer about the products, the company must make a variety of research to ensure that the resulting product is very good quality, did not have any defects or blemishes. • Research and Development To achieve the vision and mission of the company, Caterpillar has made innovation on research and development by taking more than 11,000 engineers and more than 350 scientists and PhD-level experts in technology result in high quality products. They also have more than 15,000 active patents and engineer their products in almost every continent.
Your firm must adapt to changes in consumer demands and to new competitors.” (Bateman & Snell, 2012, P.9) It is the essential of cutting edge ideas, and it affects management continuously. For any manager to authentically apply the four basic functions of management, they have to be able to adapt and be accepting of innovative ideas. Especially because being innovative and the need for it throughout organizations is drove in part by globalization. In order for a company to run successfully it must be willing to bring new ideas especially in a competitive global market in order to continuously satisfy its consumers. Furthermore, as the author states, “Innovation is today’s holy grail. Like the other sources of competitive advantage innovation comes from people, it must be a strategic goal, and it must be managed properly. (Bateman & Snell, 2012,
Nowadays, the words “innovation” and “creativity” get thrown around a lot in the business and academic worlds. But the road to making successful innovations isn’t always what people think. Often people make inventions to deal with a problem that they face. These inventions, in turn, spawn other inventions and innovation. It is these types of inventions that have the most impact on society have arisen from this.
This is an excellent and thorough research on innovation and strategic management. The book has clearly outlined the management strategies that should be put in place for a smooth running of business. The authors of this book went forward and gave detailed information on innovative ideas that should be used in the modern businesses. The book has not only given out the management strategies and innovative ideas but also how both can be integrated to develop business organizations. In the book, authors have indicated that managerial strategies
Strategic management is a disciplined effort or control to make necessary decisions that have an effect on a business or an organization; the aim of strategic management is mainly to develop new, innovative or diverse ideas and opportunities for potential or development, and facilitates or assists an organization to achieve its goals (SM, 2010). In reality, strategic management not only can be used or applied to determine mission, vision and values or objectives, but it also establishes roles and responsibilities or timelines in a business (David, 2009). In the following sections, this study will focus on and examine the nature of strategy formulation, implementation, and evaluation activities, and analyze the potential pitfalls or risks in using a strategic-management approach to decision making.
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
Strategic management is the process where organization managers reach the goals and aspirations of the organization on behalf of its owners. This is done through formulation and implementation of ways and methods to fulfill the organizational goals and objectives (Brian, 2011). This is done with in-depth consideration of both the internal and external environments that the organization operates in, in order to allow the organization make the right decisions. Strategic management is an important element that firms must put together through strategic thinking as well as strategic planning (Nag, R., Hambrick & Chen, 2007).