Entrepreneurial Strategy
Entrepreneurial strategy is a process where the entrepreneurs interpret, explore, and evaluate their ideas, plans, and policies in a systematic manner in order to achieve their aimed goals. Before entering the into market, entrepreneurs should make a strategy. This strategy contributes to the entrepreneur to gain competitive advantage for their sustainability in the market. Entrepreneurs Strategy involves the exploration of ideas, set of decisions, action, and reaction for exploitation of the opportunity; which contributes to minimize costs and maximize the benefits. There are three key stages for the entrepreneurial strategy. They are: (Poudyal & Pradhan, 2020)
- Generation of a new entry opportunity
- Exploitation of a new entry opportunity
- Feedback of loop from the culmination of a new entry generation and exploitation.