Abstract
This study talks about the inter-linkage of strategy and entrepreneurship and the emergence of strategic entrepreneurship concept. It explores the overlap between strategy, entrepreneurship and the nature of entrepreneurial strategy making construct (EO). The key purpose of this research is to study the EO construct, which takes into consideration both the strategic and entrepreneurial behavior of the firm and the key dimensions comprising this construct. Lumpkin and Dess’s conceptualized entrepreneurial orientation (EO) construct as comprising of five dimensions, innovativeness, risk-taking, pro-activeness, competitive aggressiveness and autonomy, which vary independently. The study proposes a model linking cultural dimensions and strategic entrepreneurship (EO) and its influence on firm growth. The study puts forward an argument that those countries which display certain cultural aspects will have a strong EO, hence contributing to firm growth.
Highlights
The origin of term entrepreneurship can be traced to the French word “Entreprendre”, which is “to undertake”
This article explores the integration of strategy and entrepreneurship streams and focuses on the emergence of Strategic Entrepreneurship/Entrepreneurial Orientation (EO) construct
entrepreneurial orientation (EO) integrates the concept of strategic management and entrepreneurship and the effective combination of various dimensions of EO which make a firm entrepreneurial and leads to competitive advantage
Summary
The origin of term entrepreneurship can be traced to the French word “Entreprendre”, which is “to undertake”. Miller’s [7] highlighted the importance of strategic decision-making of firm and stressed its relevance in judging presence/absence of entrepreneurship within a firm He described firm’s entrepreneurial behavior by its willingness to be innovative, ability to take risks and act proactively whereas non entrepreneurial firms failed to innovate, were highly risk averse, and followed competition rather than being proactive. Hofstede’s [10] highlighted that different countries vary on certain cultural aspects like power distance, avoiding uncertainty, individualism/ collectivism, and masculinity/ femininity He further stated that there is a linkage between these dimensions, entrepreneurship and national wealth and economic growth. Like starting a new venture means dealing with lot of uncertainty Cultures, which encourage this kind of approach and action have little tolerance of power distance, open to operating in uncertainty, are more individualistic, masculine and achievement centered. While the societies that are sensitive about rigid social structure, committed to hierarchy, job security, consensual approach to decision making accept power distance, try to avoid uncertainly, be more collective, feminine and particularistic
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