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Strategic Management Relationships

1. What is the relationship between entrepreneurship and strategic management?

2. Using Miles and Snow's (1984) typology of firms, discuss whether certain types of firms have "innovative and entrepreneurial" personalities.

3. How does entrepreneurship and innovation impact the firm's life cycle?

4. Can entrepreneurship exist in larger firms? If so, how?

5. How do firms acquire these distinctive competencies and retain them to keep a sustainable competitive advantage?

Solution Preview

1. What is the relationship between entrepreneurship and strategic management?

The main relationship between entrepreneurship and strategic management is that within both of these academic spheres, they are both focused on the entire process through which both need to adopt to change as well as exploit inherent opportunities within their environments. In spite of the apparent independence within which entrepreneurship operates under, there is always the need to utilize resources so as to take advantage of any opportunities that arise (Kraus & Kauranen, 2009).

2. Using Miles and Snow's (1984) typology of firms, discuss whether certain types of firms have "innovative and entrepreneurial" personalities.

According to Miles and Snow's typology of firms adopt different strategies as a result of how they decide to address the problems associated with entrepreneurship, engineering or ...

Solution Summary

The relationship between entrepreneurship and strategic management is determined. How entrepreneurship and innovation impact the firm's life cycle is determined.

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