The need to understand how companies can create and sustain competitive advantage while synchronously recognizing and exploiting new opportunities forms the nexus of strategic entrepreneurship. In light of this, successful strategic entrepreneurship is a product of advantage and opportunity seeking behaviors that sustains entity’s aptness to create value across a length of time. This paper seeks to examine the distinctive attributes of that determines success in any strategic entrepreneurial venture.
Strategy Entrepreneurship is the integration of strategic management and entrepreneurship. Strategic management involves activities taken to create sustainable competitive advantage and earn wealth while the latter i.e. entrepreneurship, involves the identification and exploitation of opportunities. The marriage of the two, “strategic entrepreneurship” is defined as the integration of opportunity-seeking behavior (entrepreneurial) and advantage-seeking behavior (strategic) in creating well above-average returns for owners as well as value for customers (Hitt & Ireland, 2005).
Some scholarly articles have identified two models of strategic entrepreneurship; the content model and the process model. While content model highlights the key features of strategic entrepreneurship in terms of coordination, varied development and push of certain individual factors (Luke and Verreynne, 2006; Wickham 2006); the process model emphasis that beyond the individual factors the interaction of certain domineering factors fundamentally affects entrepreneurial outcomes (Ireland et al., 2003).
This paper will adapt the model by Ireland et al. (2003) in which they elucidated the key features of strategic entrepreneurship to include features such as ; an opportunity-seeking mindset, entrepreneurial culture and leadership, strategic resource orchestration, innovation and value appropriation, and value and wealth creation (see Exhibit 1).
Opportunity-Seeking (Entrepreneurial) Mindset
There exists no entrepreneurship without opportunity. So, successful strategic entrepreneurship starts with an awareness to either seek for or create opportunities even in the midst of high uncertainties. This conscious attitude is most times driven by an entrepreneurial spirit and could apply to both individuals who hope to start their own business or employees within an organization who drive entrepreneurial activities.
A study carried out by Hung-Jung Chang and Hsien-Bin Wang (2013) to diagnose the opportunity-seeking mindset of Giant Manufacturing Co., Ltd (a leader the bicycle industry in Taiwan founded in 1972). Opportunity-seeking mindset was broken into three aspects which includes; opportunity recognition, awareness and decisions. For the case of Giant Manufacturing; King Liu and 8 friends saw an opportunity in the incentives offered by the Taiwanese government for exports to the United States (US). Based on this premise, they invested 40 million (NT$) to start Giant Manufacturing...