13894560
Description
Flashcards by Christian Weibel, updated more than 1 year ago
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Created by Christian Weibel
almost 6 years ago
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| Question | Answer |
| What means Strategic Entrepreneurship? | - Advantage seeking behavior through efficient resource management - Opportunity seeking behavior through sensing and seizing of opportunities |
| Difference between Strategic Entrepreneurship and Corporate Venturing | CV: Companies need to involve in the creation of new business units SE: Refers to a broader array of entrepreneurial initiatives SE: Organizationally consequential innovations adopted in the pursuit of competitive advantage SE: Can happen anywhere in the organization |
| What means Organizational Ambidexterity? | Companies which are are capable of simultaneously exploiting existing competencies and explporing new opportunities. Balancing exploration and exploitation. |
| Exploitation | Refinement, implementation, efficiency, production. Continuously refined products and services. But: Risk of dynamic conservatism |
| Balance between Exploration and Exploitation related to R&D intensity on market | Low: Full exploitation, no exploration Medium: 75% exploitation, 25% exploration High: 25% exploitation, 75% exploration |
| 5 Forms of Strategic Entrepreneurship | 1. Strategic Renewal 2. Sustained Regeneration 3. Domain Redefinition 4. Organizational Rejuvenation 5. Business Model Reconstruction |
| Strategic Renewal | Redefine relationship with its market or competitors by fundamentally altering how it competes. Fundamental repositioning. Low frequency |
| Sustained Regeneration | Regularly and continuously introduces new products and services or enters new markets. Incremental innovations. Innovation machines (3M). High frequency |
| Domain Redefinition | Proactively creating new product-market arena that others may not recognized or actively exploit. Blue ocean strategy. Redefine boundaries of existing industries. Low frequency |
| Organizational Rejuvenation | Sustain or improve competitive standing by altering internal processes, structures, and capabilities. Internal operations. Focus on efficiency and effectiveness. Low to moderate frequency |
| Business Model Reconstruction | Redesign of core business model, what you do, value proposition. Low frequency |
| Average EO Profile | Medium level of EO is successfull. 10 years earlier was same level of entrepreneurship, but lower level of resource management. |
| What means entrepreneurial strategy? | Apply creativity and entrepreneurial thinking to the development of a core strategy for the company. |
| Disadvantages of CV and BS unrelated | Demotivating, lack of exploitation, obsolete strategy, ignoring the environment |
| Disadvantages of BS drives CV | Boundaries for innovation, kills creativity, risk of setting wrong guidelines |
| Disadvantage of CV drives BS | BS gets redefined by CV activities, lack of control, no exploitation, can get chaotic |
| CV and BS are reciprocally interdependent | BS gets redefined through emergent CV activities. BS specifies general directions for CV. |
| CV as the BS | Entrepreneurship as important firm value (3M). CV initiatives need to respond to the innovation imperatives of firm |
| Key tasks for entrepreneurial strategy | - Develop entrepreneurial vision - Increase perception of opportunity - Institutionalize change - Invest in people's ideas - Recognize the importance of failure |
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