STRATEGIC ENTREPRENEURSHIP AND FIRM
Abstract
Although strategic entrepreneurship in established firms is recognized as a vital source of sustainable competitive advantage, this field has no clearly developed research paradigm. Entrepreneurship at a firm level, that is, corporate entrepreneurship is associated with a firm's growth, innovation and flexibility which are desirable traits for the success of modern established firms. Strategic entrepreneurship is an integration of entrepreneurial and strategic perspectives to design and implementation of entrepreneurial strategies that create wealth. Strategic entrepreneurship results in superior firm. Strategic entrepreneurship which plays an important role in a highly turbulent environment, integrates strategic functions with entrepreneurial actions. The goal of strategic entrepreneurship is to continuously create competitive advantages that lead to maximum wealth creation. Authors recommend a process model of strategic entrepreneurship that describes how beginning with an entrepreneurial mindset, an entrepreneurial culture and entrepreneurial leadership, a firm can manage resources more strategically, apply creativity and develop innovation which can in turn lead to competitive advantage and wealth creation. This study sought to conceptually examine the various facets of strategic entrepreneurship and firm performance. The dimensions of strategic entrepreneurship considered are entrepreneurial mindset, entrepreneurial culture, entrepreneurial leadership and entrepreneurial orientation.