The global economy brings many changes to the competitive landscape and influences the approach taken by seasoned entrepreneurs. Entrepreneurs must take a more relational approach to succeed in tough times to deal with different countries’ business practices and to tap into global markets and supply chains. In the past, firms developed more intrinsic approaches to strategic management considering mostly domestic concerns. Some approaches considered industry positioning and others consider resource-based approaches. The new approach relies more on inter-firm relationships and integrating cooperative inter-firm strategies (Hin, Isa, & Hee, 2011).
A firm must consider new ways to compete and handle economic conditions. An integrated approach offers the entrepreneur the adroitness of dealing with unstable economic conditions by relying on inter-firm capabilities and resources (Hin, Isa, & Hee, 2011).
Want to know more? Click here.
Hin, C. W., Isa, F. M., & Hee, H. O. E. C. (2011). Globalization and application of strategic management model and theories to entrepreneurs in a turbulent economy. China-USA Business Review, 10(6), 429-437. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=64372098=ehost-live