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Modern Entrepreneurship And Strategic Management Essay

957 words - 4 pages

Model of Strategic Entrepreneurship

Numerous authors who pioneered this concept, emphasize the strong relationship of business and management strategies (Meyer and Heppard, 2000, Hitt et al, 2002; Gundry and Kickul, 2007th, etc.). In the concept of strategic entrepreneurship, the link between entrepreneurship and strategic management is clear and logical. It is clear that entrepreneurs should have certain managerial skills and knowledge to manage their businesses. However, modern managers must have some entrepreneurial characteristics, such as the ability to find and create new business opportunities, innovative spirit, willingness to take risks, etc. Therefore, the roles and tasks of modern entrepreneurs and managers are very interdependent. Both of the aforementioned tasks are a great help to resolve the application of the concepts of strategic enterprises.

Figure1. A model of strategic entrepreneurship

The task of the traditional enterprise is creating new value and creating profits for entrepreneurs. Individual enterprise deals with the management of small and medium enterprises. Traditional management has the task of managing large enterprises, in order to increase business performance and generate profit for shareholders. Social Entrepreneurship includes entrepreneurial activities, so it can create value and increase quality for the benefit of all citizens. Strategic entrepreneurship encompasses all these disciplines combining their activities, connecting them to each other, and creates a compiled a new way of thinking in business and management.

Domain of strategic enterprises

Key features of Strategic entrepreneurship are creating new values for society and changing social life in such way that it leaves significant, sustainable, and lasting consequences. Strategic entrepreneurship is focused on creativity, innovation, and strategic development of entrepreneurial activities. Entrepreneurial mindset, entrepreneurial culture, entrepreneurial management, strategic management of resources, and creativity in the development of innovation are important entrepreneurial dimension integrated in the concept of strategic entrepreneurship (Floyd and Wooldridge, 1994; Kuratko, Ireland, Covin and Hornsby, 2005). To better understand the concept of strategic entrepreneurship, whole concept breaks down to their core domain of observation. According to Hitt et al (2002) strategic entrepreneurship consists of six main domains:
• Finding Resources
• Innovation
• Strategic linking and networking
• Strategic leadership
• International Entrepreneurship
• Growth and Development

Finding resources - Entrepreneurship is an innovative activity that aims to produce new products and services to meet current human needs and encourage new ones. In doing so, modern entrepreneurial activity carried out using different types of competences and capabilities supported by all kinds of resources and assets that are available to the company. The biggest...

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