Corporate Strategy and Entrepreneurship – Chapter 8 Changing Competitive Landscape Role of Dominant Logic Role of Strategic Management and Corporate Strategy Integrating Entrepreneurship with Strategy Key Strategic Concepts Entrepreneurial Strategy: Key Ingredients Matching Strategy with Structure Implementation Issues

Changing Competitive Landscape Forces Change Complexity Chaos Contradictions Strategic Inflection Points

Role of Dominant Logic Define Relationship between ability to learn and the need to unlearn Role of Entrepreneurship Strategic Agility Flexibility Creativity Opportunity Identification Emphasis on Entrepreneurial Activity

Role of Strategic Management and Corporate Strategy SM Model Way of thinking Strategy vs Operational Effectiveness

Integrating Entrepreneurship with Strategy Entrepreneurial Strategy: Applying creativity and entrepreneurial thinking to develop a core strategy for the firm. External Focus – White Spaces Strategy for Entrepreneurship: Need to develop a strategy for the entrepreneurial activities of the firm. Internal Focus

Key Strategic Concepts Related to Strategy Formulation Process Strategic Advantage – Core Competencies Strategic Positioning – How the firm is perceived in the marketplace Strategic Flexibility and Adaptation – Hitt Model (Figure 8.1) Strategic Leverage – Resourcefulness

Entrepreneurial Strategy: Key Ingredients Developing a clear vision Increasing the perception of opportunity Institutionalizing change Instilling the desire to be innovative Investing in people’s ideas Sharing risks and rewards with employees Recognizing the critical importance of failure

Matching Strategy with Structure Collective Entrepreneurship Venture Team Concept Signode The Associate Group

Implementation Issues – Porter’s List Misunderstanding industry attractiveness No real competitive advantage Pursuing an unsustainable competitive position Compromising strategy for growth Failure to explicitly communicate strategy internally