CH 13 Capstone

Strategic Entrepreneurship

Simultaneous engagement in opportunity-seeking and advantage-seeking behaviors within a firm.

Corporate Entrepreneurship

The application of entrepreneurship within an established firm.

Nascent Markets

New markets or existing markets experiencing significant technical, regulatory, or institutional shifts that fundamentally disrupt market order. Characterized by fluid structure, unclear product features, competing technologies, and uncertain demand.

Entrepreneurship

The process by which individuals, teams, or organizations identify and pursue entrepreneurial opportunities without being immediately constrained by the resources they currently control.

Entrepreneurial Opportunities

Conditions in which new goods or services can satisfy a need in the market.

Invention

the act of creating or developing a new product or process

Innovation

a process used to create a commercial product from an invention

imitation

the adoption of a similar innovation by different firms

Entrepreneurial Mindset

An individual characteristic that values uncertainty in markets and continuously seeks to identify opportunities to pursue through innovation.

Autonomy

Allowing employees to take actions free of organizational constraints and encouraging them to do so.

Innovativeness

A firm's tendency to engage in and support new ideas, novelty, experimentation, and creative processes.

Proactiveness

a firm’s ability to be a market leader rather than a follower

Competitive Aggressiveness

A firm's propensity to take actions through which it can outperform rivals consistently and substantially.

Absorptive Capacity

The ability of a receiving party to understand new knowledge and use it productively.

International Entrepreneurship

A process in which firms creatively discover and exploit opportunities that are outside their domestic markets.

Incremental Innovations

innovations that build on existing knowledge bases and provide small improvements in current products.

Radical Innovations

Innovations that usually provide significant technological changes and create new knowledge, often serving newly created markets.

Internal Corporate Venturing

The set of deliberate activities that firms use to develop internal inventions and innovations.

Open Innovation

innovation that becomes the source of industry standards

Cross Functional Product Development Teams

Teams that facilitate efforts to integrate activities associated with different organizational functions to develop new products.

Product Champion

An individual who pursues a new idea, often through a political process, to convert an invention into an innovative product.

Autonomous Strategic Behavior

bottom up process

product champion pursues a new idea

Induced Strategic Behavior

Top Down Process

Firm’s current strategy and structure fosters innovations that are associated with their strategy and structure