FIRM-LEVEL ENTREPRENEURSHIP: THE ROLE OF PROACTIVENESS, INNOVATIVENESS AND STRATEGIC RENEWAL IN THE CREATION AND EXPLORATION OF OPPORTUNITIES

Recent research suggests that existing conceptualizations of firm-level entrepreneurship may not be sufficient in fully explaining the construct. The primary purpose of this study is to explore the fundamental dimensions underlying firm-level entrepreneurship and to empirically test a model depicting the hierarchical relationship between these various dimensions. It is argued that proactiveness, innovativeness and strategic renewal represent the primary dimensions of firm-level entrepreneurship. Three hypotheses are developed, specifying the role each of these three dimensions plays in the creation and exploitation of environmental opportunities. Utilizing data collected from 250 small-to-medium sized enterprises (SMEs) in South Korea, the empirical results suggest proactiveness positively impacts firms' perceptions of environmental opportunities, and these organizations then utilize innovativeness and strategic renewal in an effort to capture these perceived opportunities. The paper concludes with a discussion of the implications of our study for managerial practice and theory building.