Strategic Venturing for Entrepreneurs: A New Application of the Socio-Economic Approach to Management

Abstract

Cantillon originally described entrepreneurship as a practical and functional process of value creation to capture a concrete imagination of the future. Management scholars have identified the two main failure modes of entrepreneurship as an inadequate understanding of the external environment and insufficient capabilities for internal management of the venture. However, there has been limited transfer of research-based knowledge into practice to decrease the high failure rate of new ventures. This study documents a new application of SEAM strategic venturing to simultaneously address both failure modes, as documented in two extended entrepreneurial cases from France and America.