Newer entrepreneurial firms often are more effective than larger firms in identifying opportunities. Some believe that these firms tend to be more innovative as well because of their flexibility and willingness to take risks. Alternatively, larger and well-established firms often have more resources and capabilities to exploit opportunities that are identified.
With resources (human and social capital), taking advantage of opportunities in domestic and international markets and using the resources and knowledge gained in these markets to be innovative allows firms to achieve competitive advantage. In so doing, they create value for their customers and shareholders.
Research shows that because of its economic importance and individual motives, entrepreneurial activity is increasing across the globe. Also, more women are becoming entrepreneurs because of the economic opportunity it provides and the individual independence it affords. In future years, entrepreneurial activity may increase the wealth of less affluent countries and continue to contribute to the economic development of the more affluent countries. Regardless, the companies that practice strategic entrepreneurship are likely to be the winners in the twenty-first century.
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