Strategic Management And Entrepreneurship Case Study

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STRATEGIC MANAGEMENT AND ENTREPRENEURSHIP: FRIENDS OF FOES ARTICLE
(CHAPTER 6: STRATEGY ANALYSIS AND CHOICE)

Nur Izzah Sakinah Bt Mohd Adnan
BM2505M
2013699198

Prepared for:
Madam Ainie Hairianie Aluwi

Summarize from article
According to Strategic Management and Entrepreneurship articles by Sascha and Ilkka (2009), the purpose of study done to determine the relationship between strategic management and entrepreneurship; friends or foes. The objective of this article focus to to create a better understanding of the intersection of the academic fields of entrepreneurship and strategic management. Strategic management and entrepreneurship are two different fields but both of them have a strong relationship especially in business area. …show more content…

The main concern in the article was about the relationship between strategic management and entrepreneurship. Researchers have been inconsistent in their definitions of entrepreneurship. Entrepreneurship is defined as self-employment of any sort. Entrepreneurs buy at certain prices in the present and sell at uncertain prices in the future. The entrepreneur is a bearer of uncertainty (Richard Cantillon (circa 1730). Meanwhile, strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives. Entrepreneurship focuses on innovation by identifying market opportunities and by building a unique set of resources through which the opportunities can be exploited. The key challenges for entrepreneurs is to deal with strong strategic that required the growth of enterprise. Therefore, a manageable set of the most attractive alternative strategies must be developed. The advantages, disadvantages, trade-offs, costs, and benefits of these strategies should be determined. The most obvious linkages between entrepreneurship and strategic management are opportunities. Opportunities are very familiar in entrepreneurship and part of SWOT analysis. Enterprise can identifying opportunities through internal and external environment to develop competitive advantages. For example the application of strategy in small and medium-enterprise (SME) is a main part of relationship between entrepreneurship and strategic management. There are several different strategic management instruments can be applied depends on the situation of enterprise. SWOT analysis is one of the instruments that can develop future strategies and business plan in SMEs as

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