Topic:Introduction to Strategic Entrepreneurship

From SharedExperienceProject

Contents 1 Topic Highlights 2 Introduction and Motivation 3 Learning Activities 4 Learning Objectives 5 References

Topic Highlights

(What you will learn)

• What is meant by the term strategic entrepreneurship, by taking a first look at the topic
• Why it is important for entrepreneurs to walk and talk strategic entrepreneurship, by considering examples
  
• A first look at the concepts of exploitation and exploration, and how difficult they are to balance in the real world
  

Introduction and Motivation

(Why learn it)

When developing a new venture in today's fast-paced business environment, the entrepreneur is often forced to devote much of his or her time to the tactical activities required just to bring the venture to life and keep it afloat. Frequently sacrificed, as a result, are the deliberate strategic management processes required to create value in a way rival companies cannot. Of the companies that do achieve a position of advantage based an understanding of their internal resources and external conditions, many do not do as much as they should to ensure that it is sustained over the long run in the face of rapidly changing conditions.

Strategic entrepreneurship allows the officers of a company to simultaneously exploit their current competitive advantages and explore for the innovations that will be the foundation of tomorrow's competitive advantages^[1]. In this topic, we will see how critically important this is to the entrepreneurial manager.

Learning Activities

(What I need to do to meet the objectives given below)

Learning activities for this topic

Type	Name	Direction
Lecture and discussion	Introduction to Strategic Entrepreneurship	Instructor-directed
In-class activity	A Yukon Adventure	Peer-directed
Personal activities	Reflection, review and studying of the concepts discussed in class If you want more information, you could also read the paper given in the references below	Self-directed

Learning Objectives

(Levels of understanding to be gained)

Learning objectives for this topic

Level of Understanding	Objective(s) (presented as self-assessment questions)
Very best	Can I describe how I might apply the concept of strategic entrepreneurship in my own business, including a plan to strike the appropriate balance between factors for my internal and external situations? Could I do this for another business?
Highly satisfactory	Can I explain some of the challenges firms face when trying to pursue strategic entrepreneurship, i.e. simultaneous exploitation and exploration? Do I understand clearly why they would want to?
Satisfactory	Do I understand the difference between exploitation and exploration? Do I understand the difference between advantage-seeking and opportunity-seeking? Can I explain which of the above correspond more traditionally to strategic management, and which to entrepreneurship?
Maybe just enough to pass	Can I define the term strategy? Can I define the term entrepreneurship? Can I define the term strategic entrepreneurship?

References

1. ↑ Ireland, R.D. and J.W. Webb (2007). Strategic Entrepreneurship - Creating Competitive Advantage Through Streams of Innovation. Business Horizons, 50:49-59.