Strategic Entrepreneurship Creating a New Mindset

by Hitt, Michael A.; Ireland, R. Duane; Camp, S. Michael; Sexton, Donald

• ISBN13: 9780631234104
• ISBN10: 0631234101
• Edition: 1st
• Format: Hardcover
• Copyright: 2002-05-17
• Publisher: Wiley-Blackwell

Summary

This volume introduces a new concept - strategic entrepreneurship - which integrates the insights of entrepreneurship and strategic management. This volume describes a new concept - strategic entrepreneurship - which fuses the insights of entrepreneurship and strategic management. The editors have invited the world's finest entrepreneurship and strategic management scholars to contribute chapters on key issues that are influencing research in both fields, and to integrate findings across the two. Investigates the overlap between entrepreneurship and strategic management in the context of six distinct domains: resources and organizational learning, innovation, alliances and networks, internationalization, strategic leadership, and growth. The contributors use both traditional and new theoretical approaches in order to further the reader's understanding of wealth creation in the current business environment.

Author Biography

Michael A. Hitt is a Distinguished Professor and holds the Joseph Foster Chair in Business Leadership and the C.W. and Dorothy Conn Chair in New Ventures at Texas A&M University. He received his Ph.D. from the University of Colorado. Recently, he has co-authored Mergers and Acquisitions: A Guide to Creating Value for Stakeholders (2001) and Strategic Management: Competitiveness and Globalization (Fourth Edition, 2001). He is also the co-editor of many volumes, including The Handbook of Strategic Management (Blackwell Publishers, 2001) and Creating Value (Blackwell Publishers, 2002). He is a Past President of the Academy of Management and has served as Editor of the Academy of Management Journal.

R. Duane Ireland is W. David Robbins Chair in Business Policy and Professor of Management Systems at the E. Claiborne Robins School of Business, University of Richmond. He has recently co-authored Strategic Management: Competitiveness and Globalization (Fourth Edition, 2001) and Mergers and Acquisitions: A Guide to Creating Value for Stakeholders (2001). He is serving or has served as a member of the editorial review board for Academy of Management Journal, Academy of Management Review, Academy of Management Executive, and Journal of Management.

S. Michael Camp is Vice President of Research at the Kauffman Center for Entrepreneurial Leadership in Kansas City. He designs and administers the Center's research program in collaboration with many of the world's leading scholars.

Donald L. Sexton retired as Professor Emeritus from the Ohio State University in 1994. While at Ohio State University he held the William H. Davis Chair in Entrepreneurship. He is the co-author or co-editor of numerous publications including Leadership and Entrepreneurship (1996), Entrepreneurship 2000 (1997), and The Blackwell Handbook of Enterpreneurship (Blackwell Publishers, 2000).

Table of Contents

List of Figures	xi
List of Tables	xiii
List of Contributors	xiv
Strategic Entrepreneurship: Integrating Enterpreneurial and Strategic Management Perspectives	1	(16)
Michael A. Hitt
R. Duane Ireland
S. Michael Camp
Donald L. Sexton
Entrepreneurship and Strategic Management	3	(1)
Entrepreneurial Resources	4	(2)
Innovation	6	(2)
Alliances and Networks	8	(1)
International Entrepreneurship	9	(2)
Strategic Leadership and Growth	11	(2)
Conclusions	13	(4)
Part I Entrepreneurship and Strategic Management	17	(70)
The Entrepreneurship--Strategic Management Interface	19	(26)
G. Dale Meyer
Heidi M. Neck
Michael D. Meeks
Entrepreneurship as a Field of Academic Inquiry	20	(6)
History of the field	20	(1)
Definition and domain of entrepreneurship research	21	(5)
The Intersection of Entrepreneurship and Strategic Management	26	(3)
Driving Forces of Integration	29	(4)
Firm performance as the dependent variable	29	(1)
The new economy and increasingly dynamic nature of the environment	30	(2)
Shifting paradigms in strategic management	32	(1)
The Entrepreneurship--Strategic Management Interface (ESMI)	33	(5)
Conclusion: the New Mindset	38	(7)
Discovery and Coordination in Strategic Management and Entrepreneurship	45	(21)
Steven Michael
David Storey
Howard Thomas
Strategic Management at the Mature Phase of the Research Life Cycle	45	(1)
Entrepreneurial and Administrative Management	46	(4)
Separating entrepreneurial from administrative management	47	(1)
Administrative management as a solved problem	48	(2)
Entrepreneurial Management as Discovering Tomorrow's Businesses	50	(5)
Scholars and scholarship	51	(1)
Evidence on the entrepreneurial firm	52	(1)
Key findings	52	(2)
Further evidence	54	(1)
Implications for the entrepreneurial firm	54	(1)
Topics of Entrepreneurial Management	55	(4)
Knowledge management	56	(1)
Resource-based view of the firm	56	(1)
Organizing for innovation	57	(1)
Organizational learning	58	(1)
Entrepreneurial finance	58	(1)
Future Directions	59	(2)
First we must be willing to do some serious carpetbagging	59	(1)
Next we have to be willing to abandon some long-cherished assumptions	59	(1)
Strategy needs to reinterpret older contributions and update them to the new competitive landscape	60	(1)
How will this impact on our traditional research methods?	60	(1)
Conclusion	61	(5)
A Framework for Entrepreneurial Strategy	66	(21)
Scott Johnson
Andrew H. Van de Ven
Four Cornerstones of Competitive Advantage	67	(2)
Models from Organizational Theory	69	(11)
Population ecology	70	(2)
New institutionalism	72	(2)
Organizational evolution	74	(2)
Industrial communities	76	(4)
Discussion	80	(3)
Conclusion	83	(4)
Part II Entrepreneurial Resources	87	(40)
Resource-Based Theory and the Entrepreneurial Firm	89	(17)
Sharon A. Alvarez
Jay B. Barney
Resource Heterogeneity	90	(7)
Cognition	91	(2)
Entrepreneurial alertness	93	(1)
Market opportunities	94	(1)
Coordinated knowledge and the firm	95	(2)
Ex Post Limits to Competition	97	(3)
Uncertainty	98	(1)
Information asymmetries	99	(1)
Imperfect Factor Mobility	100	(1)
Path dependent	100	(1)
Ex Ante Limits to Competition	101	(1)
Conclusion	101	(5)
Overcoming Resource Disadvantages in Entrepreneurial Firms: When Less Is More	106	(21)
Elaine Mosakowski
Introduction	106	(2)
The Resource-Based View of Strategy	108	(2)
The Entrepreneurial Process	110	(1)
Marginal Effects of Firm Resources on the Entrepreneurial Process	111	(8)
Core rigidities	112	(1)
Reduced experimentation	112	(1)
Reduced incentive intensity	113	(1)
Increased strategic transparency	113	(1)
Flexibility	114	(5)
Concluding Discussion	119	(8)
Combining equilibrium-based and disequilibrium-based arguments	120	(1)
Human actor versus disembodied asset	121	(1)
More than luck and resources	122	(5)
Part III Innovation	127	(74)
Bisociation, Discovery, and the Role of Entrepreneurial Action	129	(22)
Ken G. Smith
Dante Di Gregorio
Variations in Market and Resource Knowledge as a Source of Opportunity	131	(9)
The environment of information and knowledge	131	(2)
The entrepreneur and the discovery/decision process	133	(2)
Entrepreneurial action	135	(3)
Identifying equilibrating and disequilibrating actions	138	(2)
Predicting Variation in Entrepreneurial Action	140	(3)
Stimulus	140	(1)
Domain knowledge	141	(1)
Creativity skills	141	(1)
Bisociation	141	(2)
Propositions	143	(3)
Discussion and Conclusion	146	(5)
Market Uncertainty and Learning Distance in Corporate Entrepreneurship Entry Mode Choice	151	(22)
Robert E. Hoskisson
Lowell W. Busenitz
The Challenges of Corporate Entrepreneurship	152	(3)
Market uncertainty	153	(1)
Firm capabilities and learning distance	154	(1)
Strategic Approaches to Entrepreneurial Entry	155	(11)
Invention through internal venture (quadrant 1)	156	(4)
Innovation through acquisitions (quadrant 3)	160	(3)
Invention through joint ventures (quadrant 2)	163	(3)
No innovation (quadrant 4)	166	(1)
Implications and Conclusion	166	(7)
Implementing Strategies for Corporate Entrepreneurship: A Knowledge-Based Perspective	173	(28)
Robert K. Kazanjian
Robert Drazin
Mary Ann Glynn
A Knowledge-Based View of Corporate Entrepreneurship	175	(6)
Strategies for corporate entrepreneurship	177	(2)
Central tasks of Knowledge management	179	(2)
Knowledge Management Designs that Implement CE Strategies	181	(11)
Product-line extensions: leveraging existing knowledge	181	(4)
New-product platforms: recombining and extending existing knowledge	185	(4)
New business creation: importing new knowledge	189	(3)
Discussion and Conclusions	192	(9)
Part IV Alliances and Networks	201	(52)
Networks, Alliances, and Entrepreneurship	203	(20)
Arnold C. Cooper
Networks and Alliances	203	(1)
Entrepreneurship	204	(1)
Idea Generation	205	(2)
Investigation and Development of the Idea	207	(2)
Assembly of Resources	209	(2)
Implementation and Early Development	211	(3)
Influences upon Performance	214	(3)
Conclusion	217	(6)
Small Entrepreneurial Firms and Large Companies in Inter-Firm R & D Networks -- the International Biotechnology Industry	223	(30)
John Hagedoorn
Nadine Roijakkers
Introduction	223	(1)
Innovation -- the Role of Both Large Companies and Small Entrepreneurial Firms	224	(4)
Mutual dependence of large and small companies	226	(1)
Networks as the locus of innovation	227	(1)
Research Questions	228	(14)
Research methodology and data	228	(3)
Trends in R & D partnerships during the period 1985-95	231	(4)
The structure of inter-firm R & D networks	235	(7)
Discussion and Conclusions	242	(3)
Appendix I Network Participants Appearing in the MDS Graphs	245	(8)
Part V International Entrepreneurship	253	(54)
International Entrepreneurship: The Current Status of the Field and Future Research Agenda	255	(34)
Shaker A. Zahra
Gerard George
Definition and Domain of International Entrepreneurship	257	(5)
Conceptual and Empirical Treatment of International Entrepreneurship: A Review	262	(13)
Dimensions of international entrepreneurship	263	(2)
Organizational factors influencing international entrepreneurship	265	(6)
Influence of the external environment on international entrepreneurship	271	(2)
Influence of strategic factors on international entrepreneurship	273	(2)
Toward an Integrated Model of International Entrepreneurship	275	(3)
Future Research in International Entrepreneurship	278	(4)
The international entrepreneurship process	278	(2)
The context of international entrepreneurship	280	(1)
Post-internationalization processes and outcomes	280	(2)
Conclusion	282	(7)
What Sort of Top Management Team is Needed at the Helm of Internationally Diversified Firms?	289	(18)
Harry Barkema
Oleg Chvyrkov
Background	290	(3)
Upper echelons theory	290	(2)
Managing multinational corporations	292	(1)
Theory and Hypotheses	293	(3)
Method	296	(4)
Sample and variables	296	(3)
Analysis	299	(1)
Results	299	(1)
Discussion and Conclusions	300	(7)
Part VI Strategic Leadership and Growth	307	(36)
The Entrepreneurial Imperatives of Strategic Leadership	309	(19)
Jeffrey G. Covin
Dennis P. Slevin
The Entrepreneurial Imperatives	311	(9)
Nourish an entrepreneurial capability	311	(2)
Protect innovations that threaten the current business model	313	(2)
Make opportunities make sense for the organization	315	(1)
Question the dominant logic	316	(1)
Revisit the ``deceptively simple questions''	317	(2)
Link entrepreneurship and business strategy	319	(1)
Traditional General Management vs. Entrepreneurial Strategic Leadership: A Comparison of Beliefs and Philosophies	320	(3)
Concluding Observations: Toward Embracing an Entrepreneurial Dominant Logic	323	(5)
Entrepreneurship as Growth: Growth as Entrepreneurship	328	(15)
Per Davidsson
Frederic Delmar
Johan Wiklund
Introduction	328	(2)
Is Entrepreneurship Growth?	330	(4)
Is Growth Entrepreneurship?	334	(3)
Beyond the Firm Level	337	(1)
Conclusion	338	(5)
Author Index	343	(12)
Subject Index	355