Strategic Entrepreneurship Hitt - Chapter 13.pptVIP

Strategic Entrepreneurship Hitt - Chapter 13 MGNT428 – Spring 2006 Dr. Gar Wiggs, Instructor Knowledge Objectives After this session, you should have an understanding of the strategic management knowledge needed to: Define and explain strategic entrepreneurship. Describe the importance of entrepreneurial opportunities, innovation, and entrepreneurial capabilities. Discuss the importance of international entrepreneurship. Describe autonomous and induced strategic behavior—the two forms of internal corporate venturing. Knowledge Objectives (cont’d) The Strategic Management Process Strategic Entrepreneurship Strategic Entrepreneurship Taking entrepreneurial actions using a strategic perspective Engaging in simultaneous opportunity seeking and competitive advantage seeking behaviors Designing and implementing entrepreneurial strategies to create wealth Strategic entrepreneurship actions can be taken by: Individuals Corporations Strategic Entrepreneurship and Innovation Entrepreneurship is concerned with: The discovery of profitable opportunities The exploitation of profitable opportunities Firms that encourage entrepreneurship are: Risk takers Committed to innovation Proactive in creating opportunities rather than waiting to respond to opportunities created by others Entrepreneurial Opportunities Entrepreneurial Opportunities Conditions in which new products or services can satisfy a need in the market Entrepreneurs or entrepreneurial managers must be able to: Identify opportunities not perceived by others Take actions to exploit the opportunities Establish a competitive advantage Innovation Process Innovation Process Innovation Process The Importance of Innovation Innovation Is a key outcome firms seek through entrepreneurship Is often the source of competitive success Corporate Entrepreneurship Innovations produced in large established firms Entrepreneurs Entrepreneurs Individuals acting independently or as part of an organization who create a new venture or develop