Entrepreneurs formulate and implement strategies to tackle different knowledge problems over the entrepreneurial journey. This dissertation systematically disentangled and compared the value of two strategic decision logics that have been tested little in the extant entrepreneurship literature: the strategic decision logic that leverages speed advantages versus the logic that leverages comprehensive advantages. Using a pseudo-NK simulation method first in the management and entrepreneurship fields, the comparative effectiveness of new product development strategies that leverage speed (e.g., the lean method [paper one] and a modular strategy [paper two]) versus comprehensiveness (e.g., a more comprehensive method [paper one] and a parallel strategy [paper two]) was tested in the first and second essays of the dissertation. In the third essay, I systematically reviewed, analyzed, and disentangled two existing corporate strategy constructs of decision speed and decision comprehensiveness by investigating different ways these decision strategies could be effective within entrepreneurship. I also used a multilevel meta-analysis to synthesize and test the contingent role of decision speed and decision comprehensiveness in different entrepreneurial decision contexts. That is, I found that the value of these two entrepreneurial strategies would be contingent upon the external and internal conditions of ventures. Overall, this dissertation shows that strategies that leverage comprehensiveness might even be more effective in entrepreneurship than the strategies that leverage speed advantages, depending on the internal and external decision contexts. / Doctor of Philosophy / Entrepreneurs venture into the unknown to capture abnormal profits. Specifically, entrepreneurs make efforts to develop novel products/services, the market value of which is yet unknown. Thus, a rapid decision-making strategy is typically considered a good decision strategy because it allows entrepreneurs to test the potential new products first and then use the real-time feedback and information that come directly from the market (where there is a high level of 'unknowingness') after testing the products to update those that better satisfy market demands. However, such entrepreneurial strategies that leverage quick decisions do not necessarily capture profits because early adopters from which entrepreneurs collect feedback do not necessarily represent mainstream customers. Rather, it is possible that the market feedback obtained through quick product experimentations fails to indicate actual market demands. Hence, more comprehensive strategies can be a good alternative to rapid decision strategies (e.g., lean startups) for entrepreneurs. Specifically, entrepreneurs can use more comprehensive product designs (paper one), employ systematic approaches (e.g., advanced technologies such as artificial intelligence) to create multiple potential product candidates (paper three), and experiment with multiple products simultaneously (paper two) for new product development. However, this dissertation shows that the effectiveness of comprehensive strategies compared with the entrepreneurial strategies that leverage speed is contingent upon the internal contexts (e.g., available resources and venture lifecycles) and external conditions (e.g., market features).
| Identifer | oai:union.ndltd.org:VTETD/oai:vtechworks.lib.vt.edu:10919/114876 |
| Date | 01 May 2023 |
| Creators | Jin, Ju hyeong |
| Contributors | Management, Townsend, David, Beal, Daniel J., James, Tabitha L., Gnyawali, Devi R., Hunt, Richard A. |
| Publisher | Virginia Tech |
| Source Sets | Virginia Tech Theses and Dissertation |
| Language | English |
| Detected Language | English |
| Type | Dissertation |
| Format | ETD, application/pdf |
| Rights | In Copyright, http://rightsstatements.org/vocab/InC/1.0/ |
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