MODERN ENTREPRENEURSHIP AND STRATEGIC MANAGEMENT

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Model of Strategic Entrepreneurship Numerous authors who pioneered this concept, emphasize the strong relationship of business and management strategies (Meyer and Heppard, 2000, Hitt et al, 2002; Gundry and Kickul, 2007th, etc.). In the concept of strategic entrepreneurship, the link between entrepreneurship and strategic management is clear and logical. It is clear that entrepreneurs should have certain managerial skills and knowledge to manage their businesses. However, modern managers must have some entrepreneurial characteristics, such as the ability to find and create new business opportunities, innovative spirit, willingness to take risks, etc. Therefore, the roles and tasks of modern entrepreneurs and managers are very interdependent. Both of the aforementioned tasks are a great help to resolve the application of the concepts of strategic enterprises. Figure1. A model of strategic entrepreneurship The task of the traditional enterprise is creating new value and creating profits for entrepreneurs. Individual enterprise deals with the management of small and medium enterprises. Traditional management has the task of managing large enterprises, in order to increase business performance and generate profit for shareholders. Social Entrepreneurship includes entrepreneurial activities, so it can create value and increase quality for the benefit of all citizens. Strategic entrepreneurship encompasses all these disciplines combining their activities, connecting them to each other, and creates a compiled a new way of thinking in business and management. Domain of strategic enterprises Key features of Strategic entrepreneurship are creating new values for society and changing social life in such way that it leav... ... middle of paper ... ...renewal of design, quality, or some characteristics of a product or service that is being implemented, in order to strengthen the competitiveness of enterprises and provide long-term sustainable competitive advantage in the market. Therefore, many enterprises today allocate substantial funds in the research projects. The aim is the development of innovation and / or improvement of existing technologies and technological solutions, and the search for new methods and techniques. The key to every innovation is its recognition by consumers. Innovations come in different forms, some in the individual characteristics some are valuable only in combination with others, while some are of importance for the whole society. It is broadly recognized that the stimulation of innovative activity is vital for the competitive advantage, growth of enterprises, and country’s economy.
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