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Market-Based Solutions to Vital Economic Issues
Research
Jul 13, 2017

Strategy Formation in Entrepreneurial Settings: Past Insights and Future Directions

Abstract

Examining the strategy formation process is central to understanding why some firms in entrepreneurial settings create competitive advantage and succeed while others do not. While existing work shows the value of learning from experience or having a holistic understanding of how the pieces fit together, there is limited empirical research that fuses the two streams. We first review the extant literature on strategy formation in entrepreneurial settings by organizing around this fundamental tension between strategizing by “doing” versus “thinking.” We then describe recent work that blends the two and conclude with a future research agenda.


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