Project coordination: Dr. Simone Schweiger
An entrepreneurially oriented firm is capable of revitalizing businesses and venturing into new business opportunities. Especially, in times of shortened product and business life cycles, higher degrees of technological intensity, and uncertain profit streams, an Entrepreneurial Orientation (EO) is essential for sustaining competitiveness. Proactively searching for new opportunities, being innovative when satisfying customer demand and venturing projects with uncertain outcomes, provides a chance to bring a company ahead of competition, i.e., being a fist mover. An entrepreneurially oriented firm exhibits the proper alignment of its operations, decisions-making processes and strategy-making in this respect. EO can serve to “target premium market segments and charge correspondingly high prices, control access to the market by dominating distribution channels, and establish their products as the industry's standard” (Zahra and Covin 1995, p. 46). Nevertheless, being a pioneer may also entail higher costs and risks, but research suggests that the benefits outbalance the drawbacks. This seems to be especially true in hostile environments, where a higher need to seek out new opportunities governs in order to be successful.