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Capitalistic economies are based strongly on entrepreneurship (Baumol, 1993). This makes it a topic of great interest to the policy-makers, researchers and entrepreneurs. Also, because of its benefits including creation of business (Gartner, 1985), competitive advantage (Zahra, 1991), financial benefits (Ireland, Hitt, Camp, & Sexton, 2001), researchers are keen on understanding it from different perspectives. Economic development is proposed to be one of its most significant outcomes. Other benefits like employment opportunities to many, infrastructural development can also be ensured by the same. Different theories of entrepreneurship vary with respect to the central elements accepted and emphasis on specific aspects like risk, profit and personal characteristics inherited (Hawley, 1901; McClleland, 1965; Acs & Audretsch, 2003). It can take the form of innovative entrepreneurship, corporate entrepreneurship, social entrepreneurship, strategic entrepreneurship etc. The present paper focusses on a very recent form, strategic entrepreneurship.
Strategic Entrepreneurship is concerned with simultaneous portrayal of opportunity seeking and advantage seeking behaviors ultimately resulting in higher value to the individuals, organisations and the society (Hitt et al., 2001). The theory of strategic entrepreneurship has been developed around two core ideas, first the formulation and execution of strategy involves ideas which are entrepreneurial in nature (central subject of entrepreneurship) and second is that advantage and entrepreneurial seeking behaviors should be collectively considered. Either organisations are able to identify opportunities and not exploit them properly or are less effective in grabbing opportunities at the first place. This poses stakeholders to increased risk. But using Strategic Entrepreneurship will ensure an efficient and effective combination of benefits of Strategic management and Entrepreneurship leading to enhanced organisational wealth. Strategic management will lead the organisation towards the achievement of goals and objectives, whereas entrepreneurship will help in creating values other than economic worth. But, an integrative approach will help the organisation to achieve goals along with creating value propositions.
Strategic Entrepreneurship has emerged progressively over the last two decades as the intersection between strategic management and entrepreneurship. Since then researchers have continuously tried to know what constitutes this concept and what not. Many underlying models and theories have been proposed since then in this regard. For the present study we took into consideration the models put forward by Ireland, et al. (2003), Lassen (2007) and Hitt, et al (2011). All of the models present different dimensions of strategic entrepreneurship like innovation, networking, strategic management of resources, entrepreneurial culture, entrepreneurial leadership, entrepreneurial mindset etc. All of the models showcase how the interaction among the various dimensions of strategic entrepreneurship lead to value creation, wealth creation and other societal, organisational and individual benefits.
Traditionally India has seen entrepreneurship as a process which is male dominated, but the present scenario poses equal opportunities to women (Shah & Saurabh, 2015). Shah (2012) proposes that more women should join entrepreneurship as they are able to give better results for every ounce of investment made on them (VanderBrug, 2013). Thereby making us choose women entrepreneurship as the basic area of this study.