Case Study 26: Samsung Electronics
The five dimensions of Entrepreneurial Orientation are key factors that firm’s practice in order to be successful in an industry. These five factors consist of autonomy, innovativeness, proactiveness, competitive aggressiveness, and risk taking. The first dimension, autonomy, describes how an independent action by a person or a team working on project has a vision or concept for a business and develops the plan and carries it out, onto completion. The second dimension is innovativeness in which a firm or business must be willing to bring a new product into a market through such means as experimentation and imaginative processes; thereby creating these new products or services and laying a new production line process on how these products are entered into the market. This process is the most difficult to achieve due to the fact that creativity and technology must work together in order to be successful. The third factor is proactiveness, where firms capitalize on new opportunities by monitoring trends of their current customers and anticipated the needs and wants of their customer in order to catch the market at the right time. This is only done when a company is proactive and is adaptive to changes in markets. The fourth dimension is competitive aggressiveness; a firm has an concentrated attempt to oust other companies in their own industry by using tactics such as combative posture or an aggressive response to improve one’s own companies position in a market. This can be also used to overcome a threat in one’s marketplace. The fifth and last factor is risk taking, which involves a firm taking a chance on a project or venture without knowing the probable outcomes of their action. These risks may require substantial resource and capital to move forward with a venture and can lead to loosing the firm large amounts of capital if it fails. Jong Yong Yun incorporated all five dimensions of entrepreneurial orientation when he...
Please join StudyMode to read the full document