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A Model of Strategic Entrepreneurship: The Construct and its Dimensions

Robins School of Business, University of Richmond, Richmond, VA 23173, USA

Michael A. Hitt

Mays School of Business, Texas A&M University, College Station, TX 77843-4221, USA

David G. Sirmon

W. P. Carey School of Business, Arizona State University, Tempe, AZ 85287, USA

Strategic entrepreneurship (SE) involves simultaneous opportunity-seeking and advantage-seeking behaviors and results in superior firm performance. On a relative basis, small, entrepreneurial ventures are effective in identifying opportunities but are less successful in developing competitive advantages needed to appropriate value from those opportunities. In contrast, large, established firms often are relatively more effective in establishing competitive advantages but are less able to identify new opportunities. We argue that SE is a unique, distinctive construct through which firms are able to create wealth. An entrepreneurial mindset, an entrepreneurial culture and entrepreneurial leadership, the strategic management of resources and applying creativity to develop innovations are important dimensions of SE. Herein we develop a model of SE that explains how these dimensions are integrated to create wealth.

Journal of Management, Vol. 29, No. 6, 963-989 (2003)
DOI: 10.1016/S0149-2063_03_00086-2


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