Includes bibliographical references and appendices.

SUMMARY
stategic entrepreneurship involves taking entrepreneurialentrepreneurship simultaneously engage in opportunity seekaentinuously find new opportun ities and quickly develop andee avantages that are creating value through the productsthe firm sells currently.
Entrepreneurship is a process used by individuals, teams,without being immediately constrained by the resourcestion of entrepreneurship (including the identification ofin which new goods or services can satisfy a need in themarket. Entrepreneurship positively contributes to individ-ual firms' performance and stimulates growth in countries'economies.
Firms engage in three types of innovative activities:
invention,which is the act of creating a new good, process,or service
innovation, or the process of creating a commercial prod-uct from an invention
imitation, which is the adoption of similar innovations bydifferent firms
Invention brings something new into being while innovationbrings smething new into use.
Entrepreneurs see or envision entrepreneurial opportunitiesand then take actions to develop innovations and exploitthem.The most successful entrepreneurs (whether they areestablishing their own venture or are working in an estab-lished organization) have an entrepreneurial mind-set,whichis an orientation that values the potential associated withopportunities that are available because of marketplaceuncertainties.
International entrepreneurship, or the process ofidentifying and exploiting entrepreneurial opportunitiesoutside the firm's domestic markets,is important to firmsaround the globe.Evidence suggests that firms capableof engaging effectively in international entrepreneur-ship generally outperform those competing only in theirdomestic markets.
Firms use three basic approaches toproduce innovation:
internal innovation,which involves R&D and forming inter-nal corporate ventures
cooperative strategies such as strategic alliances
acquisitions
Autonomous strategic behavior and induced strategicbehavior are the two forms of internal corporate venturing.Autonomous strategic behavior is a bottom-up processthrough which a product champion facilitates the commercial-ization of an innovation.Induced strategic behavior is a top-down process in which a firm's current strategy and structurefacilitate the development and implementation of innovations.Thus,the firm's current strategy and structure drives inducedstrategic behavior while autonomous strategic behavior canresult in a change to the firm's current strategy and structure.
Firms create two types of innovations-incremental andradical-through internal innovation that takes place inthe form of autonomous strategic behavior or inducedstrategic behavior. Overall,firms produce more incrementalinnovations, but radical innovations have a higher proba-bility of significantly increasing sales revenue and profits.Cross-functional integration is often vital to a firm's efforts tdevelop and implement internaI corporate venturing activ-ities and to commercialize the resulting innovation.Cross-functional teams now commonly include representativesfrom external organizations,such as suppliers.Additionally,developing shared values and engaging in successfulstrategic leadership practices facilitate integration andinnovation efforts.
To gain access to the specialized knowledge required to innovate in the global economy, firms may form a cooperativerelationship,such as a strategic alliance with other companiesome of which may be competitors.
Acquisitions are another method firms use to obtain inno-vation.Acquisitions can lead to direct access to an acquiredfirm's innovations,and/or firms can learn new capabilitiesfrom an acquisition,thereby enriching their internal innovation abilities.
The practice of strategic entrepreneurship by all types of firmlarge and small, new and more established,creates value forall stakeholders,especially for shareholders and customers.Strategic entrepreneurship also contributes to the economicdevelopment of countries.