Identify and Briefly Describe the Major Stages of Entrepreneurial Strategy

question 33

Essay

Identify and briefly describe the major stages of entrepreneurial strategy.
Three major stages:
Stage 1 New entry generation - The generation of a new entry is the result of a combination of knowledge and other resources into a bundle that its creators hope will be valuable,rare,and difficult for others to imitate.Depending on how in-depth the instructor wants the answer items like market and technological knowledge,window of opportunity and error of omission/commission may be required/discussed.
Stage 2 New entry exploitation - comprised of choosing an entry strategy,a risk reduction strategy.Depending on how in-depth the instruction wants the answer items like first mover advantages/disadvantages,demand and technological uncertainty,adaptation,lead time,and narrow/broad scope strategies may be discussed.
Stage 3 Feedback loop of resources - a brief description is appropriate since not much time is spent on this stage.Answer may include items from the following excerpt obtained from the textbook," we should not underestimate the importance of the feedback loop of stage 3 because an entrepreneur cannot rely on the generation and exploitation of only one new entry;rather,long-run performance is dependent upon the ability to generate and exploit numerous new entries.If the firm does rely on only one new entry,then as the life cycle for the product enters maturity and declines,so goes the life cycle of the organization."