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CHAPTER ONE. Strategies for the Entrepreneurial Millennium1

Raphael Amit, Charles E. Lucier, Michael A. Hitt and Robert D. Nixon

Subject Business and Management » Entrepreneurship

DOI: 10.1111/b.9780631235118.2002.00003.x


The most striking features of business life at the turn of the millennium are volatility, turbulence, and unpredictability. New winners emerge quickly and unexpectedly; established leaders decline or disappear. Foster and Kaplan (2001) , for example, found that turnover in the S&P 90 increased from about 1.5 percent per year during the 1920s and 1930s to nearly 10 percent in 1998. Economy‐wide tsunamis occur like the six‐year “New Economy:” from the IPO of Netscape through John Chamber's lament about the “hundred‐year flood” that washed out Cisco's consistent earnings increases ( Anders, 2001 ). Decisions by courts and regulators redirect the path of industry evolution such as repelling Napster's attack on the music industry, slowing the application of biotechnology to agriculture, blocking General Electric's dominance of the aerospace industry, and the two‐year (unsuccessful) battle by the government to break up Microsoft. Other examples include disruptive technologies like the Internet that produce not only hype and uncertainty in the short term but also lasting changes like dominant new competitors (AOL–Time Warner) and new business models (e.g., auctions and exchanges) and new hybrid organizational structures designed to capture the benefits of integrating traditional off‐line business operations with on‐line operations while leveraging the deep interconnectivity (enabled ... log in or subscribe to read full text

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