Read the summary and the most important questions on Managing in a globalized economy

• 5 Growing and Internationalizing the Entrepreneurial Firm

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• Enterpreneurship specifically it is concerned with

  The sources of opportunities; the processes of discovery, evaluation, and exploitation of opportunities and the set of individuals who discover, evaluate and exploit them.

• Strategy tripod consisting of which 3 perspectives

  
  - Industry- based
  - Resource-based
  - Institution - based

• Substitute products/services

  
  Entrepreneurs can bring in substitute products that can redefine the game and chip away at competitive advantages held by incumbents
  Example: Alibaba is eating the lunch of many traditional retailors

• Fourth, entrepreneurial resources must be

  
  Organizationally embedded: as long as wars are fought, there have been mercenaries for hire.
  Only recently, have private military companies become a global industry due to the superb organizational capabilities of entrepreneurial firms such as Blackwater

• What are the two kinds of networks?

  
  1) Personal
  
  2) Organizational
  
  
  I.E. Personal networks are essentially the same as the firm's organizational networks.

• What 3 attributes distinguish entrepreneurial networking?

  
  1.) Urgency
  2.) Intensity
  3.) Impact

• What is the liability of newness?

  
  The inherent disadvantage that entrepreneurial firms experience as new entrants.
  
  In the absence of a track record, start-ups do not inspire confidence in the eyes of customers, financiers, and other stake holders

• How to overcome the liability of newness?

  
  Start-ups urgently need to draw entrepreneurs' social networks to overcome it.
  Convincing more well-established individuals ( as co-founders, management team members, investors, or board directors) and organizations ( as alliance partners, sponsors or customers) to lend a helping hand can boost legitimacy: an intangible but highly important resource

• What is the first attribute that distinguishes entrepreneurial networking?

  Entrepreneurial firms have a high degree of urgency to develop and leverage networks as they confront a liability of newness

• The second characteristic that distinguishes entrepreneurial networkin is its...

  
  Intensity: network relationships can be classified as strong ties and weak ties.