STRATEGIC ENTREPRENEURSHIP Development of Strategic Entrepreneurship Strategic Entrepreneurship has been increasingly recognized and emphasized as an important priority

for organizations, particularly for established businesses that strive to develop a more entrepreneurial orientation in their quest for sustained competitive advantage. Both as a discipline and business practice, strategic entrepreneurship has attracted much attention and acceptance since its introduction about 10 years ago (2001). As a field of study, strategic entrepreneurship involves the integration of strategy (strategic management) and entrepreneurship.

Defining Strategic Entrepreneurship Strategic Entrepreneurship can be defined as a process for making changes in established operations, where the integration of entrepreneurial opportunity seeking and strategic advantage seeking actions is a key characteristic and an enabler for innovation, firm growth and wealth creation (Hitt et. al., 2001).

Definitions of Strategic Management Strategic management means managing for the present as well as creating change so that the firm continues to prosper in a global, uncertain world. Fitzroy and Hulbert (2005) viewed strategic management as a process involves in creating organizations that generate value in a turbulent world over a sustained period of time. It is management task that involves leadership, creativity, passion, and analysisbuilding an organization that both generates and responds to change, developing compensation systems to reward staff, devising appropriate structures and systems, competing for funds in global financial markets, and ensuring that necessary resources are developed and allocated to worthwhile opportunities. Hashim (2008) defined strategic management as the entrepreneurial process by which a firm accomplishes its objectives through the formulation and implementation of effective strategies based on its distinctive capabilities and business environment.

Definitions of Entrepreneurship Entrepreneurship is the process of doing something new and/or something different for the purpose of creating wealth for the individual and adding value to society (Raymond Kao, 1993).

Entrepreneurship is the creation of an innovative economic organization (or network of organizations) for the purpose of gain or growth under conditions of risk and uncertainty (Dollinger, 1995).

Entrepreneurship is a process of innovation and new venture creation through four major dimensions; individual, organization, environment, process, and aided by collaborative networks in government, education, and institutions (Kuratko and Hodgetts, 2001).

According to Drucker (1998), there has been much confusion about the proper definition of entrepreneurship. Some use the term to refer to all small businesses and others to all new businesses. However, in practice, a great many well-established businesses engaged in highly successful entrepreneurship. The term then refers not to an enterprises size or age but to certain kind of activity. At the heart of that activity is innovation, the effort to create purposeful, focused change in an enterprises economic or social potential.

Importance of Strategic Entrepreneurship Strategic entrepreneurship can help organizations to become more creative and innovative in creating values and to gain as well as to maintain a competitive advantage. Exploiting an entrepreneurial opportunity is often necessary to sustain a competitive advantage. Focus of Strategic Entrepreneurship Strategic entrepreneurship is a big picture course. Its focus and scope include the following: 1. the total organization; 2. the industry/market; 3. the competitive environment in which it operates; 4. its long term direction; 5. its strategy; 6. its resources; 7. its competitive capabilities; 8. its business opportunities; 9. its prospect for growth and success.