We develop a model of first-time strategy formation of nascent entrepreneurs. In a longitudinal study, we examine factors that impact three strategic orientations of nascent entrepreneurs: prediction orientation, flexibility orientation and risk-return orientation. Subsequently, we analyze whether based on the three strategic orientations we can identify groups of founders that display similar initial strategy archetypes (i.e., combinations of strategic orientations). Based on longitudinal data, we discover that the strategic orientations of the nascent entrepreneurs are affected by their prior work experience, founding expertise and environmental dynamism. We further find that the strategic orientations facilitate the grouping of nascent entrepreneurs into three clusters with fairly time-stable strategy archetypes: the ambitious predictors, the opportunistic profit-seekers and the flexible risk-avoiders. The article presents theoretical and practical implications and offers insights regarding the measurements of key constructs.

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Grichnik, Dietmar; Brinckmann, Jan; Kapsa, Diana

Strategy formation of entrepreneurial teams: A longitudinal study in nascent ventures

We develop a model of first-time strategy formation of nascent entrepreneurs. In a longitudinal study, we examine factors that impact three strategic orientations of nascent entrepreneurs: prediction orientation, flexibility orientation and risk-return orientation. Subsequently, we analyze whether based on the three strategic orientations we can identify groups of founders that display similar initial strategy archetypes (i.e., combinations of strategic orientations). Based on longitudinal data, we discover that the strategic orientations of the nascent entrepreneurs are affected by their prior work experience, founding expertise and environmental dynamism. We further find that the strategic orientations facilitate the grouping of nascent entrepreneurs into three clusters with fairly time-stable strategy archetypes: the ambitious predictors, the opportunistic profit-seekers and the flexible risk-avoiders. The article presents theoretical and practical implications and offers insights regarding the measurements of key constructs.
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Strategy formation of entrepreneurial teams: A longitudinal study in nascent ventures
Grichnik, Dietmar; Brinckmann, Jan; Kapsa, Diana
2011 Babson Entrepreneurship Research Conference (2011 BCERC)
Babson College
Babson Park (United States of America), 08/06/2011 - 12/06/2011

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