Crossing the great divide of strategic entrepreneurship: Transitioning between exploration and exploitation |
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Authors: | R Duane Ireland Justin W Webb |
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Institution: | Mays Business School, Texas A&M University, 4113 TAMU, College Station, TX 77843-4221, U.S.A. |
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Abstract: | Managing uncertainty effectively is perhaps one of the most significant challenges a firm's decision makers face today. Strategic entrepreneurship—defined as exploration for future sources of competitive advantage, combined with exploitation of current sources of competitive advantage—has been proposed as a means via which decision makers can manage uncertainty. In this article, we discuss the transition between exploration and exploitation activities within organizations as a vital part of strategic entrepreneurship; this transition process can involve various types of internal firm challenges. Additionally, we highlight various sources for these internal challenges and mechanisms through which firms can overcome them. |
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Keywords: | Strategic entrepreneurship Exploration Exploitation Transition Competitive advantage |
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