Strategic Entrepreneurship: Creating Value for Individuals, Organizations, and Society
TL;DR: In this article, the authors examine the contributions of strategic management and entrepreneurship to strategic entrepreneurship and develop an input-process-output model to extend their understanding of the SE construct and explore the resource inputs into SE, such as individual knowledge and skills.
Abstract: Executive Overview The foci of strategic entrepreneurship (SE) are broad and rich, building on research from multiple disciplines such as economics, psychology, and sociology, along with other subdisciplines in management including organizational behavior and organization theory. Herein, we examine the contributions of strategic management and entrepreneurship to SE. Building on a previous model of SE, we develop an input-process-output model to extend our understanding of the SE construct. We examine the resource inputs into SE, such as individual knowledge and skills. In addition, we explore the resource orchestration processes that are important for SE and the outcomes, including creating value for customers, building wealth for stockholders, and creating benefits for other stakeholders, especially for society at large. Individual entrepreneurs also benefit through financial wealth, but other outcomes such as personal satisfaction and fulfillment of personal needs (e.g., self-actualization) may be of e...
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TL;DR: In this article, the authors investigated the impact of big data and predictive analytics (BDPA) assimilation on supply chain (SCP) and organizational performance (OP) and found that connectivity and information sharing under the mediation effect of top management commitment are positively related to BDPA acceptance.
656 citations
Journal Article•
TL;DR: The authors in this article pointed out that low-end BOP consumers do not have so much disposable cash to buy in bulk and store, and suggested that this segment should be provided with "single serve" packages.
Abstract: The Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits Pearson Education Inc., Wharton School Publishing, Upper Saddle River, New Jersey, 2004; Pages: 432; Price: US $ 29.99; ISBN: 0-13-146750-6. The treasure lying at the bottom of the world's economic pyramid, attracts companies with unimaginable prospects and profits. The economic pyramid of the world contains more than 400 crores of population at the bottom whose earnings and spendings per capita are low, but as an aggregate, are much larger than they are perceived to be. Hence, it is high time for the corporate managers to make an effort to locate the Alibaba's treasure lying hidden at the Bottom of the Pyramid (BOP). Broadly, the characteristics and spending patterns of the BOP segment are different as compared to the other segments of the society. In the high and medium range markets, consumers are able to buy bigger packages of consumables such as a 10 kg packet of detergents so that they need not shop frequently. But low-end BOP consumers do not have so much disposable cash to buy in bulk and store. Hence, it is suggested that this segment be provided with "single serve" packages. Already in India, 30% of personal care and other consumables such as shampoo, tea, and cold medicines are sold in single serve packages and most single serve packages are priced at one rupee. Hindustan Lever Limited offers Clinic Plus shampoo priced at 50 Paisa. The major differences between the Bottom of the Pyramid and the Top of the Pyramid markets are differences in buying habits and cultural differences. The Bottom of the Pyramid is characterized by a low brand consciousness due to low economic position, and is mostly need driven. Major emerging BOP markets in the world, including China, India, Mexico, Russia, Brazil, South Africa, Thailand, Turkey and Indonesia, with a combined population of about 300 crores, represent 70% of the world BOP population. Such a huge jumbo size BOP market promises intense marketing opportunities for the companies. THE BOOK UNDER REVIEW Part 1 of the book emphasizes the development of an appropriate framework for the active engagement of the private sector at the BOR It provides the basis for a profitable win-win situation for all stake holders involved in the process of catering to BOP markets. Part 2 describes 12 cases, in a variety of businesses where BOP is becoming an active market and is bringing benefits to its customers far beyond offering just products. Part 3 contains stories in video form-an attempt to present the prospects and prosperity underlying the BOP markets, and to bring the BOP markets into limelight. Around 100 hrs of video was collected as part of the research. The book specifies workable solutions for serving huge population lying at the bottom of the world's economic pyramid. Even with NGOs working tirelessly and government support and international aid being circulated heavily, the problem of poverty still persists. According to the author, the main reason for this situation is that the private sector, which is huge and potentially capable of solving any problem in the world, is practically not involved. The concept of 'Bottom of the Pyramid" is explained in this book. The World's Economic Pyramid contains wealthy people at the top with high spending capacities and habits. But the size of this segment is very small i.e., only about 7.5 to 10 crores of 600 crores plus population, whereas more than 400 crores of population live at the bottom of the pyramid earning less than $2 per day and in India alone around 40 crores of people earn less than Rs. 90 per day. The author opines that, to effectively serve this BOP market, instead of old and tried solutions, continuous innovation and a paradigm shift in the thinking process of the private sector is needed. THE BOOK PRESENTS CASES OF COMPANIES THAT ARE INVOLVED IN BOP MARKETING * The Solar Electric Light Fund (SELF): It established the Solar Electric Light Company (SELCO) in 1995 to market, install, and serve the Solar Home Systems (SHS) in south India. …
517 citations
TL;DR: In this article, the authors developed and tested a holistic model that depicts and examines the relationships among green innovation, its drivers, as well as factors that help overcome the technological challenges and influence the performance and competitive advantage of the firm.
515 citations
TL;DR: In this paper, the authors provide a summary review of what is already known about customer loyalty and identify some emerging issues that play an important role in it, as a result of dramatic changes in the marketplace and in consumers connections with the hospitality industry, researchers and practitioners are keen to understand the factors that underpin customer loyalty.
Abstract: Purpose – This article aims to provide a summary review of what is already known about customer loyalty and identifies some emerging issues that play an important role in it. As a result of dramatic changes in the marketplace and in consumers’ connections with the hospitality industry, researchers and practitioners are keen to understand the factors that underpin customer loyalty. Design/methodology/approach – By synthesizing extant customer loyalty literature, this article seeks further understanding of loyalty and offers priorities for ongoing loyalty research. Findings – Using conceptual models, this study provides a framework designed to extend the understanding of customer loyalty and the impact of the evolving role of engaged customers. Practical implications – Companies are advised to create emotionally engaged, loyal brand ambassadors by focusing on emerging areas, such as customer engagement, brand citizenship behaviors, mass personalization, employee engagement, brand ambassadors (both employees...
406 citations
Cites background from "Strategic Entrepreneurship: Creatin..."
...Brand management and marketing literature define brand experience as a “takeaway expression” (Iglesias et al., 2011) in the consumer’s mind, resulting from multiple encounters with a brand (i.e. various products or services that the brand offers). Researchers such as Prahalad and Ramaswamy (2004), Payne et al....
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...Developing superior value for customers can sustain a firm’s competitiveness and success (Hitt et al., 2011; Porter andKramer, 2011; Loureiro et al., 2014)....
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TL;DR: In this article, the authors focus on the knowledge producers who have shaped the field over time and the knowledge users who have employed the core works in entrepreneurship in order to develop our knowledge of the phenomenon of entrepreneurship.
388 citations
References
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TL;DR: In this article, the authors examined the link between firm resources and sustained competitive advantage and analyzed the potential of several firm resources for generating sustained competitive advantages, including value, rareness, imitability, and substitutability.
46,648 citations
"Strategic Entrepreneurship: Creatin..." refers background in this paper
...Similarly, the firm’s idiosyncratic stock of resources influences efforts to achieve these outcomes (Barney, 1991)....
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Book•
01 Jan 1942
TL;DR: In this paper, the authors present a history of the first half of the 20th century, from 1875 to 1914, of the First World War and the Second World War.
Abstract: Introduction. Part I: The Marxian Doctrine. Prologue. I. Marx the Prophet. II. Marx the Sociologist. III. Marx the Economist. IV Marx the Teacher. Part II: Can Capitalism Survive? Prologue. V. The Rate of Increase of Total Output. VI. Plausible Capitalism. VII. The Process of Creative Destruction. VIII. Monopolistics Practices. IX. Closed Season. X. The Vanishing of Investment Opportunity. XI. The Civilization of Capitalism. XII. Crumbling Walls. XIII. Growing Hostility. XIV. Decomposition. Part III: Can Socialism Work? XV. Clearing Decks. XVI. The Socialist Blueprint. XVII. Comparison of Blueprints. XVIII. The Human Element. XIX. Transition. Part IV: Socialism and Democracy. XX. The Setting of the Problem. XXI. The Classical Doctrine of Democracy. XXII. Another Theory of Democracy. XXIII. The Inference. Part V: A Historical Sketch of Socialist Parties. Prologue. XXIV. The Nonage. XXV. The Situation that Marx Faced. XXVI. From 1875 to 1914. XXVII. From the First to the Second World War. XXVIII. The Consequences of the Second World War. Preface to the First Edition, 1942. Preface to the Second Edition, 1946. Preface to the Third Edition, 1949. The March Into Socialism. Index.
16,667 citations
01 Jan 1996
TL;DR: The primary contribution of the paper is in exploring the coordination mechanisms through which firms integrate the specialist knowledge of their members, which has implications for the basis of organizational capability, the principles of organization design, and the determinants of the horizontal and vertical boundaries of the firm.
Abstract: Given assumptions about the characteristics of knowledge and the knowledge requirements of production, the firm is conceptualized as an institution for integrating knowledge. The primary contribution of the paper is in exploring the coordination mechanisms through which firms integrate the specialist knowledge of their members. In contrast to earlier literature, knowledge is viewed as residing within the individual, and the primary role of the organization is knowledge application rather than knowledge creation. The resulting theory has implications for the basis of organizational capability, the principles of organization design (in particular, the analysis of hierarchy and the distribution of decision-making authority), and the determinants of the horizontal and vertical boundaries of the firm. More generally, the knowledge-based approach sheds new light upon current organizational innovations and trends and has far-reaching implications for management practice.
12,839 citations
"Strategic Entrepreneurship: Creatin..." refers background in this paper
...These capabilities are then used to gain a competitive advantage that subsequently leads to performance gains (DeCarolis & Deeds, 1999; Grant, 1996), resulting in the economic growth of a region and the expansion of an industry (Agarwal et al., 2007)....
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...These capabilities are then used to gain a competitive advantage that subsequently leads to performance gains (DeCarolis & Deeds, 1999; Grant, 1996), resulting in the economic growth of a region and the expansion of an industry (Agarwal et al....
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TL;DR: In this paper, the authors explore the coordination mechanisms through which firms integrate the specialist knowledge of their members, which has implications for the basis of organizational capability, the principles of organization design, and the determinants of the horizontal and vertical boundaries of the firm.
Abstract: Given assumptions about the characteristics of knowledge and the knowledge requirements of production, the firm is conceptualized as an institution for integrating knowledge. The primary contribution of the paper is in exploring the coordination mechanisms through which firms integrate the specialist knowledge of their members. In contrast to earlier literature, knowledge is viewed as residing within the individual, and the primary role of the organization is knowledge application rather than knowledge creation. The resulting theory has implications for the basis of organizational capability, the principles of organization design (in particular, the analysis of hierarchy and the distribution of decision-making authority), and the determinants of the horizontal and vertical boundaries of the firm. More generally, the knowledge-based approach sheds new light upon current organizational innovations and trends and has far-reaching implications for management practice.
11,779 citations
TL;DR: In this article, the authors draw upon previous research conducted in the different social science disciplines and applied fields of business to create a conceptual framework for the field of entrepreneurship, and predict a set of outcomes not explained or predicted by conceptual frameworks already in existence in other fields.
Abstract: To date, the phenomenon of entrepreneurship has lacked a conceptual framework. In this note we draw upon previous research conducted in the different social science disciplines and applied fields of business to create a conceptual framework for the field. With this framework we explain a set of empirical phenomena and predict a set of outcomes not explained or predicted by conceptual frameworks already in existence in other fields.
11,161 citations