Strategic Entrepreneurship (SE) helps to improve your entrepreneurial effectiveness both in creating and launching new start ups and also identifying development opportunities within existing organizations. SE has been widely distributed with organizational performance, wealth and most importantly, value creation. SE is a combination of both entrepreneurship and strategic management. An organization will dable in strategic entrepreneurship when it concurrently searches for potential business region and enterprises current business regions. My research explores all demeanors of this relatively new, unknown topic and proposes a theoretical framework for strategic entrepreneurship. “The conceptual framework illustrates that strategic entrepreneurship is the combination of strategic input and entrepreneurial input; configured by the environment, the organisational structure, resources and capabilities, the strategy and entrepreneurial leadership” (Griffin & Oosthuizen, 2016). SE is only fully actualized in a company if that concept is understood and its introduction is conveyed with intent.
Exploring Strategic Entrepreneurship
Strategic Entrepreneurship has been classified as one of the newer fields, emerging officially in 2001, in the special issue of the Strategic Management Journal on “strategic entrepreneurship”, the first zealous periodical, was published in 2007. SE has been fabricated based off of two core ideas, firstly, “strategy formulation and execution involves attributes that are fundamentally entrepreneurial, such as alertness, creativity, judgement, and entrepreneurs try to create and capture value through resource acquisition and competitive positioning. Secondly, opportunity seeking and advantage seeking the former the central subject of the entrepreneurship field, the latter the central subject of the strategic management field are processes that should be considered jointly” (Klein, 2013).
Strategy and entrepreneurship go hand in hand when discussing strategic entrepreneurship, entrepreneurs require strategy across any and all stages of production and firm cycles. It is also needed for insights from strategic management, inquiring value through resource achievement, industry positioning, capability development, and the creation of realistic alternatives. The strategic management theory can be highly benefit by exploring the inception of competitive advantage. “The basic underlying fundamentals of strategic entrepreneurship is the concepts pulled from strategy designed to answer the question, why do some firms outperform others?” (Kelin, 2013). Sustained competitive advantage is a dependent variable in strategic management research, this is defined as a firm’s ability to create and appropriate more value than the competition on a sustained base. The modern strategic management theory is based off of logic of deviation from the ideal of the competitive model, and also leading to imperfect factors or product markets.
Strategic Entrepreneurship research normally takes the creation and capture of a firm’s attraction as an anomaly of interest, allowing SE intellectuals to use constructs, theories and methods well developed in both fields. For example, entrepreneurial orientation and dynamic capabilities are established variables among value creations and capture. The focus on value creation and capture suggests that strategic entrepreneurship research is not committed to the intellectuals emphasis on sustained competitive advantage. SE inquires how firms can implement strategic intent to regaulary leverage entrepreneurial contingency for advantage-seeking principles.