The influence of entrepreneurs' strategic agility and dynamic capability on the opportunity pursuit process of new ventures: Evidence from South Korea

Abstract

This study proposes a process for successful opportunity pursuit based on entrepreneurs' strategic agility and firms' dynamic capabilities. An in-depth case study is conducted with five Korean ventures to expand our understanding of how venture firms identify, develop and realize new business opportunities. The process undertaken by venture firms to develop opportunities is a critical engine for attaining competitive advantage. Through longitudinal and in-depth case studies on the five new venture firms, the opportunity pursuit process and the key factors affecting its success are analyzed qualitatively based on CEO or founder interview data. The three major study findings are as follows. First, the strategic agility and alertness of the founder are associated with successful opportunity recognition and pursuit. Second, a dynamic convergence of the core firm competences-resource, network and knowledge-is critical for successful opportunity development. Third, rapid changes in firms' external and internal environments are related to successful opportunity pursuit. © 2018, Allied Academies.