Entrepreneurial Strategies for Managing the Changing Compet

Changing technologies, markets, and regulations increase managers' uncertainties in decision making. Today's managers face external influences that are changing drastically, and entrepreneurial managers need to be aware of these changes and be in a position to understand them and respond appropriately to them. Big and small businesses face environmental and competitive changes; however, smaller ones often have the flexibility to adapt to the changes or act more quickly in anticipating them. It has been suggested that entrepreneurial managers are likely to make use of a greater number of strategic options because of their willingness to take risks. This may take many forms, including new extensions or adaptations of existing methods or forms of resources. Among the most critical elements of a firm's environment are those units providing its needed inputs or resources, and it can be argued that marketing-based strategies are most appropriate for managing the external environment. Moreover, there are conditions when independent strategies may prove ineffective or insufficient. By being sensitive to change, innovative, and willing to take risks, entrepreneurs can take charge of situations and create their own.