Both new and ongoing ventures require good strategies. But how does an entrepreneur determine the best strategies for a venture? What is necessary for high-level performance? Management research and theory have a great deal to say about how strategy leads to performance, but much of this theory is difficult for business practitioners to apply to their companies. This article presents the Entrepreneurial Strategy Matrix, a model that is based on theory yet is uncomplicated and easy to use: the business manager identifies the levels of innovation and risk inherent in the venture and the Entrepreneurial Strategy Matrix then identifies strategies that are most likely to be effective in that particular situation.
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