The Pros And Cons Of Strategic Entrepreneurship

Over the last century the rapid technological changes and the massive exploitation of information set the foundations for many entrepreneurs to evaluate attainable enterprising and foresee future possibilities which led to the creation of new products and services and the segmentation of the market in smaller parts. Numerous start ups were created due to the desire of many individuals to create their own autonomous venture with ultimate goal the profitability. It was not only the need for autonomy and independence but also the urge for dominance and sustainability in a competitive environment. Successful strategic entrepreneurship occurs when individuals based on their experience manage to use the resources in such an effective way so they

They can create a new business by infusing their tacit knowledge, dynamic capabilities and innovative ideas at that extent, that even their initial idea collapse they will come up with another solution.

So why does a vast amount of start ups fail?

The answer lies on their disability to combine and imply their entrepreneurial activities both in the internal and the external environment of their business. Strategic entrepreneurship is the combination of planning and management the internal environment of a firm as well as the ability to adapt into markets needs. Successful risk takers are the ones who challenge their capabilities, trust their intuition, analyze the environment and jump to every opportunity.

Additionally, key factor is the evaluation of the pros and cons, the recognizing and seizing an opportunity to create their own businesses. Successful entrepreneurs are innovators are empowered by their will to sacrifice old certainties for new opportunities.

Successful entrepreneurs are born not made...

KEY FEATURES OF SUCCESSFUL

Indigo’s strategy of selling and leasing aircrafts combined with affordable prices and good service empowered the airline to generate enough revenues in order to invest them in technology.

Additionally, based on the Dr Tim’s pet food case study we examined how an entrepreneur with a strong background and network achieved to innovate and create a product more powerful than its competitors and gain competitive advantage.

In the class we referred to other companies that have pursued different strategies and achieved market dominance. Uber was one of the examples of the successful businesses. The company pursued a strategy of growth and disruptive innovation. The results were astonishing as they created a new market by disrupting the existing market of taxi monopoly and so the profitability occurred by the use of technology , customer service and low fares.

Also, we discussed how Airbnb managed to disrupt the hospitality industry by providing short term accommodation but professional customer service and gain a niche market. The impact of Airbnb on the hotels revenues was tremendous as people preferred spaces published on Airbnb’s platform based on peer-to-peer