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ISSN: 1649-3877

Listed by: Cabells and EBSCO

Frequency: 1 online Volume per year

Strategies for Entrepreneurial Success

JSME Vol 5: Issue 1, 2009

Author(s): Andrew E. Burke (Cranfield School of Management, UK and Max Planck Institute of Economics, Germany)

Abstract:
Entrepreneurs exploit new opportunities and are associated with disturbing market equilibrium. They often revolutionise industries overturning long established technologies, business models and dominant firms. In order to do so they innovate and take risks. But in recent decades the most successful entrepreneurs have typically been the pioneers of innovation or courageous risk takers. In fact, the strategies employed by successful entrepreneurs have been quite different to those normally associated with entrepreneurs. We explore 5 strategies in this paper which are core to entrepreneurial performance.
We argue that successful entrepreneurs target their innovation at solving the last remaining 10% of a consumer problem. Successful entrepreneurs are not typically the revolutionary ‘rule breakers’ but are more usually reformers adept at making an existing business models or markets perform better. They do not apply a ‘blunder puss’ approach to financing their venture but instead ‘work the money hard’ and engender a highly market focused cost minimisation approach to start-up. They are not risk lovers but in fact use strategies to de-risk ventures which use the logic underlying corporate finance theory. They may be big visionaries and have strong views but successful entrepreneurs are fundamentally agile managers capable of changing direction when things ‘don’t turn out as well as expected’ and/or when they want to exploit opportunities that unexpectedly emerge. Whether by accident or design, successful entrepreneurs have applied appropriate strategies which work well in the business environment which has dominated recent decades.

Keywords: entrepreneurial strategy, de-risking ventures, innovation, risk management

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