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Chapter 13 Strategic Entreprenuership

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Gina Sto Domingo
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35 views

Chapter 13 Strategic Entreprenuership

Uploaded by

Gina Sto Domingo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Strategic Actions: Strategic Implementation

14 December, 2024
• Define strategic entrepreneurship and corporate

entrepreneurship.

• Define entrepreneurship and entrepreneurial

opportunities and explain their importance.

• Define invention, innovation, and imitation,

and describe the relationship among them.

• Describe entrepreneurs and the

entrepreneurial mind -set.

• Explain international entrepreneurship and its

importance.
• Describe how firms internally develop

innovations.

• Explain how firms use cooperative

strategies to innovate.

• Describe how firms use acquisitions as a

means of innovation.

• Explain how strategic entrepreneurship

helps firms create value.


Strategic entrepreneurship is the process of Corporate entrepreneurship, also known as
combining strategic management with intrapreneurship, refers to the entrepreneurial
entrepreneurship in order to create value and activities undertaken within the context of a
drive innovation within an organization. It large corporation or established organization.
involves recognizing opportunities in the It involves employees acting as entrepreneurs
external environment and taking the by creating new businesses, products, or
necessary steps to exploit those opportunities processes, and fostering a culture of
through innovative and strategic initiatives. innovation and risk -taking within the company.
the process by which individuals or groups
identify and pursue entrepreneurial opportunities
without the immediate constraint of the resources
they currently control

Entrepreneurial Opportunities
refer to situations or conditions in the marketplace
where new products, services, or innovations can be
introduced to meet unmet needs, solve problems, or
offer improved solutions.
Joseph Schumpeter identified three types of innovation activities often referred to as
the "3 I's" in his theory of economic development. These three types of innovation are:
an individual who identifies opportunities, takes
risks, and organizes resources to create and
manage a new business or venture with the goal
of achieving profit or solving a problem.

an entrepreneurial mindset is a way of thinking


that drives individuals to embrace challenges,
innovate, and pursue opportunities with
enthusiasm, resilience, and strategic thinking.
International entrepreneurs are
typically focused on expanding their
business beyond domestic
boundaries and may explore new
markets, partnerships, or
opportunities in different countries
or regions.
Global Market Access
opens the door to new markets, providing
opportunities for growth and revenue generation
beyond domestic borders.

Diversification of Risks
Expanding internationally allows businesses to
spread their risk across multiple markets.

Building a Global Brand


Operating internationally can help entrepreneurs
build a global brand, open doors to new
partnerships, and enhance consumer trust.
• Unstable foreign
currencies
• Inefficient markets
• Insufficient infrastructures
to support businesses
• Limitations on market size
and growth
Internal Innovation
•

•
Innovation often requires the • Incremental innovation refers to Internal Corporate Venturing refers to
the gradual, step-by-step the set of activities firms use to develop
collaboration of employees from
internal inventions and innovations
various departments such as improvement of existing
• Autonomous strategic behavior
marketing, engineering, design, products, services, processes, or (bottom-up process)
production, and IT. Cross - technologies. These innovations refers to the actions taken by a
often result in improved business unit, team, or subsidiary
functional teams help ensure
efficiency, functionality, or user within an organization to pursue its
that all aspects of the product
experience without radically own strategic goals, often with a high
or process are well -integrated degree of independence from the
altering the core product or
and aligned with business market.
parent company's central management.
objectives. • Induced strategic behavior (top -
• Radical innovation refers to the
down decision -making)
development and introduction of the corporate headquarters or senior
entirely new products, services, management typically provides the
technologies, or business direction, resources, and support for
models that significantly disrupt the strategic initiatives of various
existing markets or industries. divisions or units
Firms use cooperative strategies to innovate by
partnering with other organizations to share
resources, knowledge, and capabilities.

In a joint venture, two or more firms create a new, jointly


owned entity to pursue a specific project or product
development. By pooling their resources and expertise,
firms can develop new technologies, enter new markets, or
launch innovative products more efficiently than they
could alone.
These alliances might include sharing research and
development (R&D) capabilities, marketing efforts,
or distribution networks. Strategic alliances help
firms combine complementary strengths, enabling
them to innovate faster and at a lower cost.

Companies can foster innovation by working closely with


suppliers and distributors. These supply chain
partnerships can involve co -developing new materials,
products, or processes that create competitive
advantages for both parties.
Through franchising, a firm can expand its brand
and products by allowing others to use its business
model and intellectual property. This arrangement
can lead to innovation by enabling the franchisee to
adapt the model or product to local conditions,
while the franchisor can focus on developing new
ideas and supporting franchisees.
Firms use acquisitions as a strategic means of
innovation by acquiring other companies that
bring valuable new technologies, expertise,
intellectual property (IP), or market access.

Access to New Access to New


Expanding Enhancing Gaining
Technologies Markets and
and R&D Competitive Skilled Talent
Customer
Intellectual Capabilities Segments Position and Expertise
Property
Strategic entrepreneurship is a powerful approach that
helps firms create value by integrating innovation and
strategic management. It involves the pursuit of new
opportunities and the creation of competitive advantages
while simultaneously managing and optimizing existing
resources.

• Opportunity Identification and Exploitation


• Leveraging Resources and Capabilities
• Open Innovation
• Scalability and Sustainable Growth
• Balancing Risk and Reward
• Building Competitive Advantage
• Opportunity Recognition: Identifying new
opportunities in the marketplace that
could be leveraged for growth,
profitability, or competitive advantage.

• Innovation: Developing new products,


services, or processes that disrupt the
market and differentiate the company
from competitors.

• Risk-Taking and Decision -Making: Making


bold, yet calculated decisions to pursue
ventures that offer potential rewards but
also carry significant risks.
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