Week 5 Discussion 5 – MAN 809

Entrepreneurial Strategies
Name
Institutional Affiliation

Entrepreneurial Strategies
Entrepreneurial management and success define the application of appropriate procedures by the organization. Without these strategies, little or no success is achievable. According to Drunker (2014), four important strategies that apply in entrepreneurship include Fastest with the Mostest, hitting them where they are not, finding and occupying a particular ecological niche, and changing the economic productivity of the subject (which includes the market, product, and industry). Regarding the application of either one of these strategies, Drunker (2014) states that two or more approaches are applicable following their lack of being exclusive and not particularly different.
It is my view that the ecological niche achieves the most success in creating and maintaining innovations in the environment. As opposed to the other strategies aiming at the market leadership and dominance, this strategy aims at taking control and becoming immune to competition and challenges from other competitors. Based on Kuratko, Hornsby, and Covin (2014), it is an inconspicuous strategy where the reward is usually the money and not the name. It comprises of three elements, which are toll-gate, specialty skill, and specialty market strategy. The toll gate approach requires the need to be essential to the process. The risk of not having the product should always be higher than that of the cost of the product. Comparatively, the specialty skill implies the notion of coming up with some new idea and genuine innovations.

It t is an outcome of a survey on the available opportunities. It provides the enterprise with a unique position of control that is vital to the system. Similarly, the specialty market plan focuses on the marketing opportunities. It specializes in identifying developments in the market and making appropriate adjustment.

References
Drunker, P. (2014). Innovation and entrepreneurships. New York, NY: Routledge.
Kuratko, D. F., Hornsby, J. S., & Covin, J. G. (2014). Diagnosing a firm’s internal environment for corporate entrepreneurship. Business Horizons, 57(1), 37- 47.