MGMT 466 - Chapter 13 - Strategic Entrepreneurship

Complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business

Taking entrepreneurial actions and using a strategic perspective 1st word: determining the best way to manage a firm's innovation efforts
2nd word: identifying opportunities to exploit through innovations

Use or application of entrepreneurship within an established firm

The process by which individuals, teams, or organizations identify and pursue entrepreneurial opportunities without being immediately constrained by the resources they currently control

Conditions in which new goods and services can satisfy a need in the market

1. invention
2. innovation
3. imitation

Act of creating or developing a new product or process

Process of creating a commercial product from an invention

The adoption of a similar innovation by different firms

Invidiuals, acting independently or as part of an organization, who perceive an entrepreneurial opportunity and then take risks to develop an innovation to exploit it

Person values uncertainty in the marketplace and seeks to continuously identify opportunities with the potential to lead to important innovations

A process in which firms creatively discover and exploit opportunities that are outside their domestic markets in order to develop a competitive advantage

1. incremental innovation
2. radical innovation

Build on existing knowledge bases and provide small improvements in the current product lines; evolutionary and linear in nature; more frequenty because: cheaper, easier and faster to produce, less risk

Provide significant technology breakthroughs and create new knowledge; revolutionary and non-linear; contribute more significantly to ear above-average returns but more risky