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 CHAPTER

13
Strategic Entrepreneurship

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LEARNING OBJECTIVES
Studying this chapter should provide you with the strategic management
knowledge needed to:
13-1 Define strategic entrepreneurship and corporate entrepreneurship.
13-2 Define entrepreneurship and entrepreneurial opportunities and explain
their importance.
13-3 Define invention, innovation, and imitation, and describe the relationship
among them.
13-4 Describe entrepreneurs and the entrepreneurial mind-set.
13-5 Explain international entrepreneurship and its importance.
13-6 Describe how firms internally develop innovations.
13-7 Explain how firms use cooperative strategies to innovate.
13-8 Describe how firms use acquisitions as a means of innovation.
13-9 Explain how strategic entrepreneurship helps firms create value.

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 Chapter Introduction
• Strategic entrepreneurship involves taking
entrepreneurial actions using a strategic perspective.
• Firms using strategic entrepreneurship simultaneously engage in
opportunity-seeking and advantage-seeking behaviors.
• The purpose is to continuously find new opportunities and quickly
develop and exploit innovations while simultaneously exploiting
competitive advantages that are creating value through the products
the firm sells currently.
• Corporate entrepreneurship is the use or application of
entrepreneurship within an established firm.

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 13-1 Entrepreneurship and
Entrepreneurial Opportunities (slide 1 of 2)
• Entrepreneurship is the process by which
individuals, teams, or organizations identify and
pursue entrepreneurial opportunities without
being immediately constrained by the resources
they currently control.
• Entrepreneurial opportunities are conditions in
which new goods or services can satisfy a need in the
market.
• The essence of entrepreneurship is to:
• Identify and exploit entrepreneurial opportunities
• Manage risks appropriately as they arise
Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-1 Entrepreneurship and
Entrepreneurial Opportunities (slide 2 of 2)
• As a process, entrepreneurship results in the
“creative destruction” of existing products (goods
or services) or methods of producing them and
replaces them with new products and production
methods.
• Entrepreneurship positively contributes to
individual firms’ performance and stimulates
growth in countries’ economies.

Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-2 Innovation (slide 1 of 2)
• Firms engage in three types of innovative activities:
1. Invention
• Invention is the act of creating or developing a new product or
process.
• Invention brings something new into being.
• Firms use technical criteria to determine the success of an invention.
2. Innovation
• Innovation is a process used to create a commercial product from
an invention.
• Innovation brings something new into use.
• Commercial criteria is used to determine the success of an innovation.
3. Imitation
• Imitation is the adoption of a similar innovation by different firms.
• Commonly, imitative products have fewer features and a lower price.
Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
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 13-2 Innovation (slide 2 of 2)
• Entrepreneurship is critical to innovative activity because
it acts as the linchpin between invention and innovation.
• Innovation is:
• The most critical of the three types of innovative activities for
most companies
• The reason for this is that while many companies are able to create
ideas that lead to inventions, commercializing those inventions
sometimes proves to be difficult.
• A key outcome firms seek through entrepreneurship
• Often the source of competitive success, especially for
companies competing in highly competitive and turbulent
environments

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 13-3 Entrepreneurs (slide 1 of 2)
• Entrepreneurs are individuals, acting independently or as part of an
organization, who perceive an entrepreneurial opportunity and then
take risks to develop an innovation and exploit it.
• Entrepreneurs exist throughout different parts of organizations.
• Entrepreneurs:
• Are highly motivated
• Are willing to take responsibility for their projects
• Are self-confident
• Are often optimistic
• Tend to be passionate and emotional about their innovation-based ideas
• Are able to deal with uncertainty
• Are more alert to opportunities than are others
• To be successful, entrepreneurs often need to have good social
skills and to plan exceptionally well.
Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-3 Entrepreneurs (slide 2 of 2)
• The most successful entrepreneurs (whether they are
establishing their own venture or are working in an
established organization) have an entrepreneurial mind-
set.
• An individual with an entrepreneurial mind-set values
uncertainty in markets and continuously seeks to identify
opportunities in those markets to pursue through innovation.
• In contrast, those without an entrepreneurial mind-set tend to view
opportunities as threats.
• An entrepreneurial mind-set:
• Includes recognition of the importance of competing internationally
as well as domestically
• Has the potential to lead to continuous innovations and, thus, can
be a source of competitive advantage for a firm
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13-4 International Entrepreneurship
(slide 1 of 3)

• International entrepreneurship is a process in which firms

creatively discover and exploit opportunities that are outside their
domestic markets.
• Evidence suggests that firms capable of engaging effectively in
international entrepreneurship generally outperform those
competing only in their domestic markets.
• Taking entrepreneurial actions outside the firm’s home market
involves risks, including risks of:
• Unstable foreign currencies
• Market inefficiencies
• Insufficient infrastructures to support businesses
• Limitations on market size

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
13-4 International Entrepreneurship
(slide 2 of 3)

• Even though entrepreneurship is a global phenomenon,

its rate of use differs within individual countries.
• Growth rates in the wealth of citizens and national wealth
in the most entrepreneurial countries suggest the
possibility of a positive relationship between
entrepreneurship and economic productivity.
• For firms to be entrepreneurial, they must
simultaneously:
• Provide appropriate autonomy and incentives for individual
incentives to surface
• Promote cooperation and group ownership of an innovation as a
foundation for successfully exploiting it

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13-4 International Entrepreneurship
(slide 3 of 3)

• Firms engaging in international entrepreneurship must concentrate

more than companies engaging only in domestic entrepreneurship
on:
• Building the capabilities needed to innovate
• Acquiring the resources needed to make strategic decisions through
which innovations can be exploited successfully
• The probability of entering and successfully competing in
international markets increases when the firm’s strategic leaders
have international experience.
• Internationally diversified firms:
• Often are stronger competitors in their domestic markets because of
the learning and economies of scale and scope afforded by operating in
international markets
• Are generally more innovative

Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
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 13-5 Internal Innovation
• Efforts in firms’ research and development (R & D)
function are one primary source of internal innovations.
• Through effective R & D, firms are able to generate patentable
processes and products that are innovative in nature.
• R & D and the new products and processes it can spawn affect a
firm’s efforts to earn above-average returns while competing in
today’s global environment.
• The outcomes of R & D investments are uncertain and often not
achieved in the short term.
• Thus, patience is required as firms evaluate the outcomes of their
R & D efforts.
• Successful R & D programs must have high-quality human
capital.

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-5a Incremental and
Novel Innovation (slide 1 of 4)
• Firms invest in R & D to produce two primary
types of innovations:
1. Incremental
• Incremental innovations build on existing knowledge bases
and provide small improvements in current products.
• Example: Adding a different kind of whitening agent to a soap
detergent
2. Radical
• Radical innovations usually provide significant technological
changes and create new knowledge.
• Example: The development of driverless cars
• Both types of innovations can create value.
Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-5a Incremental and
Novel Innovation (slide 2 of 4)
• Incremental innovations:
• Generally are introduced into established markets where customers
understand and accept a product’s characteristics
• Exploit an existing technology to provide an improvement over a current
product
• Tend to yield lower profit margins compared to those associated with
radical innovations because competition among firms offering products
that have incremental innovations is primarily on the price variable
• Companies introduce to markets a larger number of incremental
than radical innovations, largely because they:
• Are cheaper
• Are easier to produce
• Involve less risk

Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-5a Incremental and
Novel Innovation (slide 3 of 4)
• Radical innovations:
• Are revolutionary and nonlinear in nature
• Typically use new technologies to serve newly created markets
• Have the potential to contribute more significantly than
incremental innovations to a firm’s efforts to earn above-
average returns
• Are rare because of the difficulty and risk involved in their
development
• Require creativity and imagination
• Require strong, supportive leadership in order to be developed

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-5a Incremental and
Novel Innovation (slide 4 of 4)
• Internal corporate venturing is the term used to describe
the set of deliberate activities that firms use to develop
internal inventions and particularly internal innovations.
• There are two types of internal corporate venturing:
1. Autonomous strategic behavior
2. Induced strategic behavior
• Each venturing type facilitates development of both
incremental and radical innovations.
• However, a larger number of radical innovations spring from
autonomous strategic behavior, while a larger number of
incremental innovations come from induced strategic behavior.

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 13-5b Autonomous
Strategic Behavior
• Autonomous strategic behavior is a bottom-up process in
which a product champion pursues a new idea, often
through a political process, by means of which she/he
develops and coordinates the actions required to convert
an invention into an innovative product and to introduce
that product into the market.
• Internal innovations springing from autonomous strategic
behavior differ from the firm’s current strategy and
structure, taking it into new markets and perhaps new
ways of creating value.

Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
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 13-5c Induced Strategic Behavior
• Induced strategic behavior is a top-down process whereby
the firm’s current strategy and structure foster innovations
that are associated closely with that strategy and structure.
• The strategy in place filters through a matching structural
hierarchy.
• The firm’s C E O and top management team play an
active and key role in induced strategic behavior.
• Induced innovation allows the firm and its managers to
determine the type and amount of innovation desired.
• A firm uses an induced approach to innovation to determine if it
wishes to create open innovation, where innovation becomes the
source of industry standards, or closed innovation, which the firm
uses to generate returns disallowing others to use it.

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 Figure 13.1
Model of Internal Corporate Venturing

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-6 Implementing
Internal Innovations (slide 1 of 2)
• An entrepreneurial mind-set is critical to firms’ efforts to
innovate internally.
• Firms use an entrepreneurial mind-set to identify opportunities
and then develop innovations and strategies to exploit them in
the marketplace.
• Often, firms provide incentives to individuals to be more
entrepreneurial as a foundation for successfully
developing internal innovations.
• Having processes and structures in place through which
a firm can exploit its innovations is critical.

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-6 Implementing
Internal Innovations (slide 2 of 2)
• To implement the incremental and radical innovations
resulting from internal corporate ventures, firms integrate
the functions involved in internal innovation efforts—from
engineering to manufacturing to distribution.
• Increasingly, firms use product development teams to achieve
the desired integration across organizational functions.
• Such integration involves coordinating and applying the
knowledge and skills of different functional areas to maximize
innovation and to create a culture of continuous improvement.

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-6a Cross-Functional Product
Development Teams (slide 1 of 2)
• Cross-functional product development teams facilitate
efforts to integrate activities associated with different
organizational functions, such as design, manufacturing,
and marketing.
• Cross-functional product development teams:
• Contain individuals representing a wide swath of the organization
and may also include individuals from external organizations,
such as suppliers
• Make it possible to:
• Complete new product development processes more quickly
• Commercialize products resulting from the processes more easily
• Allow the firm to batch product development stages into parallel
processes so that it can tailor its product development efforts to
its unique core competencies and to the market’s needs
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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
 13-6a Cross-Functional Product
Development Teams (slide 2 of 2)
• Horizontal organizational structures support cross-
functional teams in their efforts to integrate innovation-
based activities across organizational functions.
• Two barriers with the potential to generate conflict and
prevent effective use of cross-functional teams are:
1. Team members’ independent frames of reference
• Individuals from various organizational functions have different
orientations on issues.
2. Organizational politics
• Determining how to allocate resources to different functions is a key
source of organizational politics.

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 13-6b Facilitating Integration
and Innovation
• Shared values and effective strategic leadership are
important for achieving cross-functional integration and
implementing internal innovations.
• As part of culture, shared values:
• Are consistent with the firm’s vision and mission
• Become the glue that promotes integration between functional units
• Effective strategic leaders:
• Work with others to set goals and allocate resources needed to
achieve them.
• Ensure a high-quality communication system that enables the
sharing of knowledge among team members who, in turn, are then
able to communicate an innovation’s existence and importance to
others in the organization

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 Figure 13.2
Creating Value through Internal Innovation Processes

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 13-7 Innovation through
Cooperative Strategies (slide 1 of 2)
• To gain access to the specialized knowledge required to
innovate in the global economy, firms may form a
cooperative relationship, such as a strategic alliance with
other companies, some of which may be competitors.
• Alliances with other firms can contribute to innovations by:
• Providing information on new business opportunities and the
innovations the firm might develop to exploit them
• Allowing firms to align what they believe are complementary assets
that have potential to lead to future innovations
• Having the potential to result more frequently in radical innovations
when compared to other approaches to innovation
• Both entrepreneurial ventures and established firms use
cooperative strategies to innovate.
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 13-7 Innovation through
Cooperative Strategies (slide 2 of 2)
• Alliances formed to foster innovation carry risk.
• Conflict is natural when firms try to collaborate to reach a mutual
goal.
• A partner might appropriate an alliance member’s technology or
knowledge and use it for its own benefit.
• Becoming involved in too many alliances puts a company at risk
of losing the ability to manage each one successfully.
• The ideal partnership is one in which the firms have
complementary skills as well as compatible strategic
goals.
• When this is the case, firms encounter fewer challenges and
risks as they try to manage successfully the partnership they
formed to develop innovations.
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 13-8 Innovation through
Acquisitions (slide 1 of 2)
• Two reasons why a firm may choose to innovate
through acquisitions are:
1. To rapidly extend one or more product lines and
increase its revenues
2. To gain ownership of an acquired company’s
innovations and access to its innovative capabilities
• Acquisitions are not a risk-free approach to
innovation.
• A firm may substitute an ability to acquire innovations
for an ability to develop them internally.
• Fewer allocations may flow to the R & D function.
Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
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 13-8 Innovation through
Acquisitions (slide 2 of 2)
• A firm’s efforts to innovate through acquiring another
company are more successful when:
• Strategic purposes drive the acquisitions.
• The process to integrate the acquired firm into the focal firm
proceeds without difficulty.
• The ability to learn new capabilities that can facilitate
innovation-related activities from acquired companies is
an important benefit for an acquiring firm.
• Firms that emphasize innovation, and carefully select
companies to acquire that also emphasize innovation
and the technological capabilities that are often the
source of innovations, are likely to remain innovative.
Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
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 13-9 Creating Value through
Strategic Entrepreneurship (slide 1 of 3)
• In combination, recognizing viable opportunities and using strategic
actions to exploit them in the marketplace constitute strategic
entrepreneurship.
• When able to do this, firms establish a competitive advantage relative
to their rivals.
• Younger, entrepreneurial ventures generally excel in the
opportunity-seeking part of strategic entrepreneurship, while larger,
more established firms generally excel in the advantage-seeking
part.
• Entrepreneurial ventures’ strategic flexibility and willingness to take
risks allow them to produce more radical innovations than do larger,
more established organizations.
• Well-established firms have more resources and capabilities to manage
recognized opportunities strategically in the marketplace.

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 13-9 Creating Value through
Strategic Entrepreneurship (slide 2 of 3)
• Two skills that are vital for organizational success are:
1. The ability to innovate
2. The ability to be strategic in marketplace competitions
• Firms able to innovate but lacking the skills required to
achieve marketplace success with their innovations by
exercising appropriate strategic actions do not perform
as desired.
• Firms with superior strategic skills cannot achieve
desired levels of success without the benefit of
continuous innovations.

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 13-9 Creating Value through
Strategic Entrepreneurship (slide 3 of 3)
• Today’s organizations must learn how to engage
simultaneously in opportunity-seeking and advantage-
seeking behaviors.
• By seeking opportunities continuously, organizations recognize
product attributes that can serve future customer needs.
• By developing their advantage-seeking behaviors, firms
introduce streams of new products to customers in ways that
yield a competitive advantage for the company.
• The most “entrepreneurial” and the most “strategic”
companies are poised to achieve marketplace success
at the expense of competitors lacking the ability to
engage simultaneously in opportunity- and advantage-
seeking behaviors.
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 APPENDIX
NOTE TO INSTRUCTOR: Choose from the following questions (also found in the text at the end of the chapter)
to conduct in-class discussions around key chapter concepts.

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Discussion:

• What is strategic entrepreneurship? What is

corporate entrepreneurship?

Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
Discussion:

• What is entrepreneurship, and what are

entrepreneurial opportunities? Why are they
important aspects of the strategic management
process?

Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
Discussion:

• What are invention, innovation, and imitation?

How are these concepts interrelated?

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Discussion:

• What is an entrepreneur, and what is an

entrepreneurial mind-set?

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
Discussion:

• What is international entrepreneurship? Why is it

important?

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
Discussion:

• How do firms develop innovations internally?

Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
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Discussion:

• How do firms use cooperative strategies to

innovate and to have access to innovative
capabilities?

Hitt, Ireland, Hoskisson, Strategic Management: Competitiveness & Globalization: Concepts & Cases, 13e. © 2020 Cengage.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
Discussion:

• How does a firm acquire other companies to

increase the number of innovations it produces
and improve its capability to innovate?

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.
Discussion:

• How does strategic entrepreneurship help firms

create value?

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All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or part.