Entrepreneurial orientation (EO) is a mindset that emphasizes innovation, proactiveness, and risk-taking in the pursuit of new business opportunities. Strategic entrepreneurship is the process of creating value through the design, execution, and management of new business ventures.
Impact of Entrepreneurial Orientation
The impact of entrepreneurial orientation on strategic entrepreneurship is significant because it provides the mindset and approach necessary for identifying and pursuing new business opportunities.
The discovery of new market possibilities, the production of cutting-edge goods and services, and the development of fresh business models may all be facilitated by an entrepreneurial attitude. Additionally, an entrepreneurial orientation can also lead to the formation of strategic partnerships, and the ability to respond quickly to changes in the market.
Moreover, strategic entrepreneurship requires a combination of both EO and strategic management, which means that a company should have both a proactive and reactive approach to identify opportunities and also have a plan to execute them.
Entrepreneurial orientation provides the necessary mindset and approach for identifying and pursuing new business opportunities, while strategic management provides the tools and processes for executing on those opportunities. Together, these two elements form the foundation for successful strategic entrepreneurship.