Strategic entrepreneurship describes the pursuit of innovation using tools and concepts
from strategic management. 20 We can leverage innovation for competitive advantage by applying
a strategic management lens to entrepreneurship. The fundamental question of strategic
entrepreneurship, therefore, is how to combine entrepreneurial actions, creating new opportunities
or exploiting existing ones with strategic actions taken in the pursuit of competitive advantage.
21 This can take place within new ventures such as Tesla Motors or within established
firms such as Samsung. Samsung’s continued innovation in mobile devices is an example of
strategic entrepreneurship: Samsung’s managers use strategic analysis, formulation, and implementation
when deciding which new type of mobile device to research and develop, when to
launch it, and how to implement the necessary organizational changes to support the new product
launch. Each new release is an innovation; each is therefore an act of entrepreneurship—
planned and executed using strategic management concepts. This approach allowed Samsung
to take the lead in smartphones from Apple in terms of worldwide units sold. 22