Question

1.Define strategic entrepreneurship and corporate entrepreneurship.

Answer 1

Entrepreneurship is the economic engine driving many nations’ economies in the global competitive landscape. Entrepreneurship and innovation have become important for young and old, large and small organizations in all types of industries. Strategic entrepreneurship is taking entrepreneurial actions using a strategic perspective. More specifically, it involves engaging in simultaneous opportunity seeking and competitive advantage seeking behaviors to design and implement entrepreneurial strategies to create wealth.

The focus in the chapter is on innovation and entrepreneurship within established organizations. This phenomenon is called corporate entrepreneurship, which is the use or application of entrepreneurship within an established firm. Because of today’s uncertain environment (i.e., a complex global marketplace), firms cannot easily predict the future. As a result, they must develop strategic flexibility to have a range of strategic alternatives that they can implement as needed. Creating tomorrow’s business requires a constant search for emerging opportunities