Strategic entrepreneurship: Exploring the dimensions of an emerging concept

The entrepreneurship has been associated with seizing opportunities, swift action and rapid economic change. Entrepreneurship is the dynamic process of creating incremental wealth.This wealth is created by individuals who assume the major risk in terms of equity, time, and career commitment of providing value for some product or service. The entrepreneurial and strategic actions are often intended to find new market or competitive space for the firm to create wealth. The essence of the new competitive landscape remains a dominant influence on firm success in the twenty first century. The entrepreneurial strategies for both new ventures and established firms are becoming increasingly important. The combination of entrepreneurship and strategy is gaining increasing recognition as a pathway for growth within both individual organisations and national economies while the benefits of combining entrepreneurship and strategy are well established, specific details and underlying elements of strategic entrepreneurship as a concept remain underdeveloped and unsubstantiated. This paper focuses on the emerging dimensions of strategic entrepreneurship which are innovation, organisational learning, evaluation, Uncertainty and risk taking. The strategic entrepreneurship can be achieved through Entrepreneurial culture, entrepreneurial resources, opportunity recognition, corporate entrepreneurship, collaborative innovation and International entrepreneurship along with the effective integration of entrepreneurship with strategy, economic growth and strategic leadership. It explores the relation between strategy and entrepreneurship, examines the emergence and developments of strategic entrepreneurship, and then draws on entrepreneurship and strategy literature to present a revised integrated framework for strategic entrepreneurship.