Strategic Entrepreneurship: Key to Success For Competitiveness & Globalization

Jati Nityananda, Ajit Narayan Mohanty

Abstract: Entrepreneurship involves identifying and exploiting entrepreneurial opportunities. However, to create the most value entrepreneurial firms also need to act strategically. This calls for an integration of entrepreneurial and strategic thinking. A newly introduced concept, Strategic Entrepreneurship, is gaining increasing interest particularly in established businesses that strive to develop a more entrepreneurial orientation in their quest for sustained competitive advantage. Strategic Entrepreneurship (SE) refers to extensive changes in established operations, where the integration of entrepreneurial opportunity seeking and strategic advantage-seeking actions is a key characteristic and an enabler for innovation, firm growth and wealth creation. We explore this strategic entrepreneurship in several important organizational domains to include external networks and alliances, resources and organizational learning, innovation and internationalization. This article is an attempt to examine the innovative strategic entrepreneurship adopted by the innovative entrepreneurs and also highlights upon that it can serve as the cornerstone of competitiveness, a source of globalization, growth and survival in todays highly fast-changing competitive world.

Keywords: Strategic Entrepreneurship, Innovation, Internationalisation, Blue Ocean Strategy & Competitive Advantage