Strategic entrepreneurship Essay Example | Topics and Well Written Essays - 1750 words

Strategic entrepreneurship - Essay Example This form of entrepreneurship encompasses advantage seeking and opportunity seeking behaviour which benefits an organization for long run. Collaborative innovation is a foundation for strategic entrepreneurship. In today’s competitive world it becomes important for firms to seek continuous innovation and generate new ideas. Sustainability in intense competitive industry makes it necessary for firms to give more importance to teamwork and promote collaborative innovation approach. However strategic management comprises of certain issues which are faced by managers in due course of adopting such concept. Corporate entrepreneurship and strategic entrepreneurship can be defined as an approach that helps to create wealth and value in organization. A typical example of such entrepreneurship can be observed in research and development department of an organization that creates value and supports functional department of a firm and even provides value to the end users. The major intention of such form of entrepreneurship is to create competitive advantages and then exploit them so as to stay competitive in the market place. Strategic entrepreneurship and corporate entrepreneurship as described by Hitt, Ireland, Sirmon, and Trahms (2011) enables a firm to utilize its capabilities and knowledge in the present environmental condition as well as exploring future opportunities through enhancing capabilities as well as application of new knowledge. Novelty and flexibility are considered to be the two most important elements that describe such form of entrepreneurship. This approach even states that there needs to be a balance between exploiting and exploring by a firm. It is partially dependent on the type of competitive environment of an organization. The input-output-process model of SE describes the resources required for strategic entrepreneurship along with its probable outcomes. As per