100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
E&SBS Summary based on lecture + all articles $10.13
Add to cart

Summary

E&SBS Summary based on lecture + all articles

 1 view  0 purchase
  • Course
  • Institution

Summary based on all 5 lectures, with the following articles per week: - Week 1: Gans et al. (2018); Morris et al. (2006) - Week 2: Das & Tang (2001); Nooteboom Ch 4 (1999); Yang et al (2014) - Week 3: Barney 1991; Teece (2014); Weaven et al (2021) - Week 4: Oviatt & McDougall (2005); Lu & Beam...

[Show more]

Preview 3 out of 27  pages

  • October 29, 2024
  • 27
  • 2024/2025
  • Summary
avatar-seller
Lecture 1 – Theoretical Models in Strategy
General Introduction: Focus on entrepreneurial strategies and business models,
Ø Exploring how SB owner develop strategies using the entrepreneurial strategy
compass (Gans et al., 2018).
Ø Examine core components & purposes of BMs & their links to firm performance
(Morris et al., 2006).

3 definitions of strategy
1) Determination of long-term goals and courses of action.
2) Broad formula for how a business is going to compete, what its goals should
be, and what policies are needed to carry out those goals.
3) Fit between a business’ resources and its environment.

2 issues (for high-tech entrepreneurs):
1) Timing: exploring à commercialization (when?)
2) Strategy: how to commercialize? (Gans et al., 2018)

Learning objectives
• To define ‘strategy’ and to explain the diversity of theoretical perspectives/schools
of thought on strategy
• To explain challenges for entrepreneurs and the differences between four types of
entrepreneurial strategies
• To define the concept of ‘business models’, to explain their basic components and
different types of business models




1

,Art. 1.1 – Gans et al. (2018). Strategy for Startups
“Entrepreneurial strategy compass” = framework to choose among 4 potential go-
to-market strategies. First based on 2 dimensions
(1) Attitude innovation / (2) Attitude incumbents




Each combination results in 4 total strategies:
(1) Intellectual Property Strategy
- Create value within existing marketplace Dolby is global setter for
- Entrepreneur focuses on R&D & innovation sound technology; licenses
- While collaborating with incumbent to technology to others.
commercialize (customer base, distribution
networks & experience)
(2) Architectural (often platform business)
- Entrepreneur creates & controls (keep Airbnb & Uber built platform,
control) new value chain creating new VC by facilitating
- Facilitate own interaction with customers interactions while maintaining
control
(3) Value Chain
- Fit into / leverage existing value chain Startup collaborates with
- Focus on niche market to become the best supermarket chain. SB
there focuses on customer
experience, while supermarket
provides infrastructure
(4) Disruption
- Compete directly: highly independent, create Netflix disrupted video rental
new products / services / BMs industry, replacing Blockbuster
- Be flexible & fast to take advantage of for more convenient solution
overlooked market gaps
- Risky; compete against incumbents with
resources, brand, customer base (however, if
successful significant market share)

Once you know your strategy, there are 4 domains on which actions are needed:
1) Customers: identify customers & needs
2) Technology: identify technologies needed
3) Identity, culture & capabilities: ‘narrative’ towards stakeholders + what
internal / external image?
4) Competitors: identify competitors




2

, Art. 1.2 – Morris et al. (2006) Is the Business Model a Useful Strategic Concept?
Definition of business model (BM): “architecture for firm for creating & delivering
value to customer in order to generate profitable & sustainable revenue streams”
à 3 domains of a BM (also look at KPIs!):
1) Strategic: Who are the stakeholders? What is the value proposition? How does
it differentiate itself from competitors?
2) Operational: What internal processes, resources & systems are used to deliver
value?
3) Economic: How does firm generate revenue and be profitable?

Lecture adjusts figure with arrows in two directions instead of hierarchy

Figure 1 Morris et al. (2006) Lecture 1




5 practical purposes of BMs
1) Provide logical & consistent approach to the business
2) Identify innovation opportunities with unique combinations
3) Demonstrate economic viability to attract investors
4) Guide ongoing operations & decisions
5) Adapt to changing (external) conditions over time (long-term competitiveness)
“BM = framework à strategic decisions à firm performance”



3

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller quint2. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.13. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53068 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.13
  • (0)
Add to cart
Added