In short, strategic entrepreneurship means, “knowing what you want and being able to realize what you want.” The term “strategic” refers to foreseeing developments and responding to them in favor of the enterprise. “Entrepreneurship” exists in a variety of forms, but it will always be focused on making money, preserving continuity, and the creation of value.
“Knowing what you want” should manifest itself through a clear and well-founded strategic framework. In this context, external developments (opportunities and threats) and internal (im)possibilities are reflected in the vision the management holds, which should eventually lead to focal points, concrete objectives, and keen prioritization.
“Being able to realize what you want” is not merely determined by the external possibilities on the chosen playground; it also results from the people, resources, and organization available, which are the factors with which those objectives should be achieved. The focal points, objectives, and priorities provide the foundation for a concrete policy for the rest of the organization. In this regard, it is important that the people, resources, and organization are sufficiently set to realize these objectives. Are management and monitoring well organized and is prioritization maintained? In other words, are you not just “doing things the right way,” but are you also “doing the right things?” Part of strategic entrepreneurship is the ability of the management to anticipate changes in the marketplace. Furthermore, the level of strategic entrepreneurship is determined by the capacity for change of the management and the organization; in other words, the extent to which they can respond to the relevant changes.