Entrepreneurial Timing Theory : Time Entrepreneurship and Time Strategy

Asian Journal

of Research in

Business Economics

and

Management Asian Journal of Research in Business Economics and Management

Vol. 4, No. 11, Special Issue, November 2014, pp. 1-27.

ISSN 2249-7307

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www.aijsh.org

Asian Research Consortium

Entrepreneurial Timing Theory: Time Entrepreneurship and

Time Strategy

Amir Forouharfar

a , Nour Mohammad Yaghoubi

b, Moslem Motamedifar

c

aUniversity of Sistan and Baluchestan , Iran. bUniversity of Sistan and Baluchestan , Iran. cUniversity of Sistan and Baluchestan , Iran.

Abstract

This paper is a qualitative interpretive research which tries to establish a new theory, based on deductive

process, in entrepreneurship by gathering contextual qualitative data from 1000 relevant articles.

Entrepreneurial Timing Theory (ETT) is an interpretive, grounded theory, which focuses on time as a

precious and determinant resource for entrepreneurship and strategy formulation .The success of all

products and services could be discussed in two levels. In one level it is the innovation in the product or

service, or its production and offering (entrepreneurship) and in the other level, the fittest time for their

launch and commercialization (Entrepreneurial Timing Strategy). Most of the concepts in

entrepreneurship and entrepreneurial strategies are time bound .This theory could be named as time

entrepreneurship and tries to discuss the concept of time in entrepreneurship.

Keywords: Entrepreneurship, Timing, Strategy, Competitive Advantage, Theory, Success.

Forouharfar et al. (2014). Asian Journal of Research in Business Economics and Management,

Vol. 4, No. 11, Special Issue, pp. 1-27.

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1.Introduction

Innovation does not guarantee success, but it must be accompanied by suitable timing to become a

steadfast competitive advantage. The success stories of the first PC’s, Henry Ford’s affordable vehicles,

Apples’s iPad, Macdonald’s hamburgers ,and the other well-known products and services are connected

to the appropriate eras, settings and timings, that the entrepreneurial events have happened in and within

them. Entrepreneurship is so critical to the marketing discipline that Murray (1981) asserts that marketing

is the home of the entrepreneurial process in organizations. We could see timing at the heart of

entrepreneurship. The real world has had many needs, which were thirsty to be fulfilled with an

appropriate entrepreneurship. Entrepreneurship and its strategies are time-bound concepts.

Entrepreneurial Timing Strategy (ETS) has been behind all of these products. The success of all of

products and services could be discussed in two levels. In one level it is the innovation in the product or

service, or its producing and offering (entrepreneurship) and in the other level, the fittest time for their

launch and commercialization (ETS). Timing of the product launch is one of the things that affect the

product’s competitive position (Suomala & Jokioinen,2003).By reviewing the proposed models in

entrepreneurship, the authors of the paper got to this point that they implicitly or explicitly stands for

opportunity perception and opportunity hunting (in its innovative sense).It is the same as calling a thing

with different names in different languages, but still we have only one concept and entity. The concept of

time is embracing opportunity in this theory. Entrepreneurial Timing is the strategy of time, the strategy

of market opportunists to acquire the new aspect and angle in innovation which the other companies do

not and cannot acquire, which leads to the companies uniqueness and pre-emptive moves. The successful

companies and nations know when to invest, when to disclose the results of their carried out experiments,

when to use their resources, when to allocate special resources for special actions, when to ambush, when

to introduce and launch a new product, when to defeat, when to attack, when to affiliate, and when to hunt

the opportunity, make the best out of it, and when to use an old strategy in a new time setting, which all

make the concept of entrepreneurial timing. The core concept is time, which shows the suitable time for

the implementation of our strategy. This concept of time, is not the clock-defined time, but it comes out of

the idiosyncrasies of the company or the organization which wants to be entrepreneurial and successful in

comparison to other companies, and therefore the time is a special situation for that company to act if it

wants to be successful and prominent, and if this time (as an opportunity) passes it will not be acquired

simply anymore and the company may lost a stand point to acquire competitive advantage. Ronstadt (in

Kuratko & Hodgetts, 1995) views strategy formulation approach in entrepreneurial theory as the

leveraging of unique markets, unique people, unique products, or unique resources are identified, used, or

constructed into effective venture formations. This concept of time is different from country to country

and from organization to organization, since each country or organization has its own idiosyncratic and

unique environments, rival companies, internal atmosphere, etc. Different actors are in work to make the

concept of this time, which is very complicated, because this opportunistic time comes out of the

summation of all these factors.

By applying this ‘Time Strategy’, if we could call it, the entrepreneurship in its innovative and initiative

sense comes into beings which makes an insurmountable competitive advantage for the company which

applies it, since this advantage comes out of the idiosyncrasies (political situation, governmental

regulations for specific companies which produce special products, economic situation of the country

which the company is active in, companies’ rivals, etc.)That embraces the user of the strategy, which all

make different puzzle parts for the concept of time for that company, in order to hunt or make an

opportunity and finally acquire a unique competitive advantage (figure 1).



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ETS Implementation CA

Figure 1.The Concept of Time Which Leads to Competitive Advantage

Source: Authors’ Theory

This entrepreneurship is the essence of those idiosyncrasies which make a competitive advantage for the

entrepreneurial company that has implemented the appropriate “Entrepreneurial Timing “, which is

perceived by the company(strategist), and hence the company has done entrepreneurship and on the other

hand has acquired a unique competitive advantage. This timing could be categorized and defined in each

activity and decision-making of our strategy to lead to competitive advantage like, timing in allocation of

resources, timing in implementation of attack to the rival company(s), timing of the defence, timing of the

change, timing of the inauguration of the innovation, etc. All these mini-timings determine the overall

timing that specifies the suitable situation to introduce and pose the unique strategy of the company to

acquire competitive advantage* .This ET, itself is a unique innovation, which is cast in the shape of an

innovative strategy.ET means to sense the existence of idiosyncratic time in every measure and action

which is composed of the complicated summation of all effective variables on the company. Each

company has different internal and external variables, so its suitable timing strategy is definitely different

from the other companies.

The happening or not happening of each event could have a noteworthy impact on the relationship that

makes the ultimate timing meaning , because the happening or not happening could add up to the

variables or lessen the effective variables and consequently their network of relationships which makes

the meaning of timing for the company. Successful strategists have the implicit understanding of ET, so

they can offer something new.

* . “A firm is said to have a competitive advantage when it is implementing a value creating strategy not

simultaneously being implemented by any current or potential competitor” (Barney, 1991:102).

Surrounding

Environment

Characteristics

of the Company

Time

Strategist(s)’

Perception



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teEtm tmemitnnaprnenerpeEtnEegy

Figure 2.Triple Model of Entrepreneurial Timing Strategy (ETS)

Source: Authors’ Theory

ETS is the fundamental strategy of corporate entrepreneurship and intrapreneurship, but even it could be

used by a prospective private entrepreneur .This strategy comes from the tacit knowledge of the strategist

and hence, has abstract foundation. Although, the internal and external conditions of the

organization/company are significant, the experience of the strategist in the ET plays a vital role in the

formulation of the strategy. The appropriate timing is not a hard and fast concept. It is absolute

entrepreneurship in the implementation time of the chosen strategy .So, it is time entrepreneurship.

Creativity and market awareness is essential and developing the right idea at the right time for the right

market is key to entrepreneurial success(Kuratko & Hodgetts, 1995).The strategist can use different

evaluation matrixes for internal and external evaluation of the inside and outside environment, which are

always necessary and known as the prerequisite of strategy formulation, or for example BCG Matrix, but

the choice of the suitable strategy and its appropriate implementation time have roots in ETS(ETS).In this

ET, entrepreneurship is not only innovation in strategy, since the applied strategy of ET could be brand

new , common or an old forgotten one, but the innovation has seen the appropriate time and situation for

the implementation of the formulated or chosen strategy .The suitable timing, could make an old strategy

in its appropriate implementation setting as an innovative one, which could be ended in competitive

advantage.So, this competitive advantage is not because of the newness and unprecedented characteristics

of the strategy , but because of the fitness of time, internal and external conditions of the organization,

which are reflected in ETS of that company.



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Definitely there are many known and unknown subcategories under each of these three factors. It is

noteworthy to mention that the cooperation of these three factors(time, internal and external conditions of

the organization)form the ETS. In other words, each one separately is an insufficient prerequisite .It is the

same as blending three colors to make a new one. Each color separately has its own shade, but a final

shade is made by combination with the other two ones. This final shade is ETS(figure 2). Among these

three colors, internal and external conditions of the organization are the same as black and white colors in

a negative film; time is the entity which colorizes the film. In other words, the internal and external

conditions of the organization are concrete concepts which are out there but entrepreneurial understanding

of time is an abstract concept, that is perceived by the mind of the strategist(s), and therefore, the most

outstanding factor of the triple model.

In the real world ,it is not possible to separate the combined colors easily, but in ETS, normally ,it is

possible to ask the strategist about his presumptions which led to the formulation of ETS or, about the

most stealthy ones, by pondering over the ETS, an intelligent person can derive the constituents of the

strategy.To put it figuratively, the colors have the capability to be separated in ETS. Such an intelligent

person can partially, if not completely, can figure out why the strategist, has formulated such an ETS. The

comprehension is mostly partially since the understanding of the internal and external conditions of the

organization, from the ETS of the organization could be easier than the comprehension of the

organization’s timing concept. We could comprehend concrete entities(internal and external conditions of

the organization)sooner than the abstract(organization’s timing concept)ones, and therefore the

competitive advantage of the company or organization comes from this hidden timing ,that is in the mind

and comprehension of the top management/strategist(s)from the situation. This timing could be the

Achilles heel or strong point of the organization’s ETS and has dominance over the other two factors of

the triple model.

2.Methodology

The research tradition for this theory-making paper is an interpretive tradition (table 3). This tradition has

some characteristics which are summarized in table 1.reMeereM,it’s a qualitative research with the

characteristics of “flexibility and emergent character”(Van Maanen,1998:11)”holistic depictions of

realities”(Gephart,2004),”producing representations of the world that make the world visible”(Denzin &

Lincoln,2000:3),”Studying phenomena in the environments in which they naturally occur”(Denzin &

Lincoln,1994:2),”Moreover it is a bottom-up(deductive) theory(Figure3),(Carlile & Christensen,2004)and

hence, based on the aforementioned tradition, an interpretive research, which differs from the focus on

variables and hypothesis falsification used in positivism and its goal is to understand the actual meanings

and concepts used by social actors in real settings, besides, a relativist stance has been chosen “such that

diverse meanings are assumed to exist and to influence how people understand and respond to the

objective world”( Gephart,2004).This assumption is the foundation stone for the concept of timing-with

its different conceptions by different strategists- in the research.



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Table 1. Entrepreneurial Timing Research Tradition

Tradition Interpretive Research

Assumptions about Reality Relativism:

Local inter-subjective realities composed from subjective and

objective meanings: represented with concepts of actors

Goal Describe meanings, understanding

Tasks Produce descriptions of members’ meanings and definitions of

situation: understand reality construction

Unit of Analysis Verbal action

Methods’ Focus Recover and understand situated meanings, systematic divergences in

meanings

Sources: Gephart (1999), Guba & Lincoln (1994), and Lincoln & Guba (2000).

Figure 3.The process of building theory (Carlile & Christensen,2004)

In the research process 1000 models and finding by entrepreneurship scholars have been studied to find

and interpret their words into one unified theory and then a strategy. The gathered data are absolutely

secondary data, since the author tried to interpret the successful entrepreneurship (in scholars findings) as

successful timing (in this paper), and by the use of these data led to a Grounded Theory for

entrepreneurship. From the data collected, the key points are marked with a series of codes, which are

extracted from the text. The codes are grouped into similar concepts in order to make them more

workable. From these concepts, categories are formed, which are the basis for the creation of ET theory

as a fundamental entrepreneurial strategy. Therefore, this research has not a conceptual framework

because the abovementioned theory is a grounded theory. The literature review section of the research,

should be seen as a collection of related “Categories”(table 4), because it is a new theory, and has not

been clearly mentioned in the previous literature, but rather must be interpreted, based on the procedures



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and stages of grounded theory (Table 2).The literature read in the sorting stage, as more data were

necessary to be coded and compared with what has already been coded and generated.

Table 2. Four Stages of Analysis for Entrepreneurial Timing Theory

Stage Purpose

Codes Identifying anchors that allow the key points of the data to be gathered

Concepts Collections of codes of similar content that allows the data to be grouped

Categories Broad groups of similar concepts that are used to generate a theory

Theory A collection of explanations that explain the subject of the research

One of the founders of GT, believes that the results of GT are not a reporting of statistically significant

probabilities but a set of probability statements about the relationship between concepts, or an integrated

set of conceptual hypotheses developed from empirical data (Glaser 1998). Validity in its traditional sense

is consequently not an issue in GT, which instead should be judged by fit, relevance, workability, and

modifiability (Glaser & Strauss 1967, Glaser 1978, Glaser 1998).

Table 3. The Research Type, Tradition and Methodology

Research Type Qualitative

Research Tradition Interpretive

Methodology Grounded Theory-Deductive Process-Descriptive Theory

3.Literature Review

3.1. Timing

Time is the essence at the heart of successful entrepreneurship. Fletcher (2004), believes that time is an

important concept for ‘understanding complex process of SME internationalization’. It is a perceived

abstractly defined timing rather than chronological one .It is an opportunity bound timing which is seen as

a skill by Gompers et al.(2008) and continues,’ if suppliers and customers perceive the entrepreneur to

have market timing skill, and is therefore more likely to succeed, they will be more willing to commit

resources to the firm. In this way, success breeds success and strengthens performance persistence.’



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Kuratko and Hodgetts (2007:33) defined it as ‘being at the right place at the right time ‘which ends in

success .Every move and strategy is time-related, since there is a human mind before it so ‘time

preference’ has seen as a fundamental assumption that all students of human action must make about

individuals (Mises, 1966:99-104; 483-8) and it must be accounted for by entrepreneurship (Gunning,

2004). Lewin (1997: 156) connected the concept of ‘time preference’ strongly with the presence and type

of uncertainty. Mises (1966: 530-1; 534-6) divided market interest into two components: a ‘pure’ interest

component due to social time-preference (Mises used the term ‘originary interest’) and an entrepreneurial

profit component. Moreover, we can see ‘timing of entry into an industry’ as another concept for

successful entrepreneurship .Two primary questions encompass the linkage between resource

accumulation and timing of entry into an industry. Firstly, how and in what circumstances can early entry

enhance the firm’s accumulation of superior resources and capabilities? And secondly do the existing

resources and capabilities of a firm affect its optimal timing of entry (Lieberman & Montgomery, 1998)?

Empirical findings support the concepts that resources and capabilities influence timing of entry in an

industry (Robbinson, Fornall, & Sullivan,1992) and early entry enhances resources and capabilities of a

firm (Carpenter & Nakamoto 1989; Levin et al., 1987); although ,future research also needs to further

explore the contingent impact of time on how strategic choices affect growth, and other measures of

performance, such as sales, market share, profitability, and survival (Schoonhoven, Eisenhardt, & Lyman,

1990).Extant research also provides evidence that time conditions new ventures’ ability to

adapt(Bamford, Dean, & Douglas, 2004; Gresov, Haveman, & Oliva, 1993; Venkataraman & Van de

Ven, 1998).

The assumption which should be taken into consideration is the optimum timing for entrepreneurship.

This optimal timing , itself could be formulated as a strategy .Lieberman and Montgomery , (1987)

mention that :[There is] a need for more theoretical work linking individual firm characteristics to

optimal timing strategy .For example , what types of firms are best suited to pioneer , and what types are

best suited to follow? More importantly, entrepreneurs who invest in a good industry-year are more likely

to invest in a good industry-year in their next ventures, even after controlling for differences in overall

success rates across industries. Thus, it appears that market timing ability is an attribute of

entrepreneurs(Gompers et al. , 2008).Additionally ,timing of the product launch is one of the things that

affect the product’s competitive position(Suomala & Jokioinen,2003)and if the product launch is intended

to be rigorous it needs ‘timing requirements’( Cooper & Mills, 2005).Time sometimes has been seen as

an internal factor for entrepreneurship. Kuratko et al. (1990) presented an exploratory study that used five

conceptually distinct internal factors that support corporate entrepreneurship ,in which ‘time availability’

is mentioned among them. But; generally, some scholars have proposed that individual, organizational,

and environmental dimensions combine to provide a more comprehensive prediction of venture

development and growth than any one dimension in isolation (Baum et al., 2001;Chrisman,

Bauerschmidt, & Hofer, 1998). Others note the importance of considering the conditioning effect of time

(Agarwal et al., 2002).

3.2. Entry Strategy

Entry strategy needs a sophisticated, tactical perceive of appropriate time .Sophisticated, since it needs

knowledge and tactical since it must be based on a predefined plan.Bresnahan(1985) discusses erox s

use of patents as an entry barriers( it shows the role of patents in sustaining first-mover

advantages).Patents is the result of being first in time .Patents as ‘entry barriers’ are a time

strategy.Perceived appropriate time is a resource that should be calculated in entrepreneurial

measures.Rotemberg-Shir and Wennberg(2010)in the conclusion of their research mention: effectual

entry strategies are observed in the whole variance of resources available to entrepreneurs…we found that



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entrepreneurs using an effectual entry strategy had a much higher career orientation towards

entrepreneurship .So, entrepreneurial orientation can be seen as involving aspects of new entry, especially

how new entry is undertaken(Lumpkin & Dess, 1996).One of these aspects is the perceived fittest time

for entry .Some times, this timing translated as ‘entry mode’.Lu and Beamish(2001)suggest the

importance of entry mode in achieving better firm performance through internationalization in SMEs.The

entry timing must be accompanied with courage, otherwise there would be no entrepreneurship.Therefore,

if all potential entrants perceive net disadvantages to early entry, no entry will occur and hence no pioneer

will be observed (Lieberman & Montgomery, 1987).

3.3. Opportunity

Opportunity has roots in time and takes its meaning from suitable timing.Entrepreneurship is a process

that begins with the recognition of an entrepreneurial opportunity(Shane & Venkataraman,2000;

Kreuger,2003;Eckhardt & Shane,2003,Cunningham & Lischeron ,1991) and is followed by the

development of an idea for how to pursue that opportunity, the evaluation of the feasibility of the

opportunity, and so on(Shane et al ,2003).Opportunity recognition needs timing evaluation , in a sense to

evaluate the fittest and the most achievable opportunity in relation to the company’s capabilities,

resources ,and environment .In 1964, Peter Drucker defined entrepreneurship to be the maximizing of

opportunities(Hisrich & Peters, 2002).Additionally, timing perception of the opportunity calls for

creativity .So, creativity has been associated with the process of opportunity identification and, thus, with

entrepreneurial activities (Amabile 1997; Gilad 1984; Timmons 1978; Ward 2004; Whiting 1988;

Barrow, 1993: 14).Ireland et al.(2003)argue that new ventures are more opportunity seeking; opportunity-

seeking action entails recognizing and sorting potential opportunities.The back scene behind the

opportunity recognition is creativity which reveals itself in entrepreneurial timing and hence begets

innovation.Veryzer(1998)defines innovation as a new idea, method or device that provides a new

opportunity for a business to succeed.Innovation and opportunity have interaction and their connector is

timing.The timing shapes the opportunity-based strategy.

3.4. Contingency

Contingency gets modifications through time. Entrepreneurial timing calls for adaptability and

suitability.This contingency could be seen in different fields of entrepreneurship. For example, empirical

research on entrepreneurial entry has shown that there are different modes of entry such as part-time,

contingent, or resource constrained entry strategies(Folta et al., 2010; Baker & Nelson,2005).Contingency

thoughts are the characteristic of present day entrepreneurship (Tijani,2004).Aldrich(2000)emphasizes

that the entrepreneurship researches in the years leading to 2000 had largely focused on ‘environmental

characteristics’. There is consensus that external environment is an important antecedent of corporate

entrepreneurship(Guth & Ginsberg,1990; Gautam & Verma, 1997)and entrepreneurship research has

found that new venture strategies form in response to environmental forces(McDougall et

al.,1992;Sandberg, 1986).Entrepreneurial timing is the result of interaction between the key internal and

external factors. Rotemberg-Shir and Wennberg(2010)outlined and tested a contingency model

suggesting that the interaction of motivation and resource availability will affect entrepreneurs ‘type of

entry strategies’. Appropriate timing could lead to a fit strategy, beside other ‘fundamental issues’ such as

customer acceptance and feasible costs(Suomala & Jokioinen, 2003).’Environmental contingencies’ are

significant factors which evokes the venture to ‘fit’ or align strategies with these

contingencies(Zajac,Kraatz,& Bresser,2000).The fitting process is adopted from entrepreneurial timing

,which acts as Darwin’s theory of the survival of the fittests.Timing is the main determinant of

entrepreneurial strategy .



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3.5. Innovation

Classic authors in the entrepreneurship literature like Bentham(1962,1952),Schmoller,(

1893,1901,1903,1904)Schumpeter(1908,1912,1920,1924,1926a,1926b,1927,1928a,1928b,1929,1934,194

2,1947a,1947b,1951,1954)Shakle,Sombart(1913,1902/1927,1915,1930)Weber,have mentioned the

innovative aspect of entrepreneurship (Herbert & Link ,1982; Nijkamp ,2000; Galindo & Mendez,2008;

Knight & Cavusgil ,2004). Lumpkin and Dess (1996:140) classified entrepreneurial orientation into 5

dimensions with ‘innovativeness’ as one of them.Appropriate time perception is a necessity for

innovation .Sometimes, the imposer of the innovation should place himself in the customers’ shoes to

acquire a better understanding of entrepreneurial timing. Any new issue, despite its potential advantages,

won’t become a successful innovation. According to Cooper (1994), it is the customer who determines

what is superior and what brings value.To broaden the view, the goals and needs of different stakeholders

affect the potential success of the innovation. This is in line with observations by Clark and

Fujimoto(1990)concerning the essence of product integrity. New products should not only be better than

those they replace but should also be consistent with the expectations and values of the potential

stakeholders(customers).On the other hand, Baumol(1993)suggests that the timing of a major innovation

involves a trade-off; by rushing a novel item to market an innovator can realize benefits earlier,but by

delaying the innovator can benefit from further development and education in production costs.

3.6. Scanning

Environmental scanning is the prerequisite tool for efficient entrepreneurial timing,that contributes for

learning about events and trends in the organization’s environment(Hambrick, 1981)and also facilitates

the risk-taking and proactiveness dimensions of entrepreneurial behavior(Barringer &

Bluedorn,1999).Sometimes the scanning is merely for opportunity finding (Bluedorn et al.,1994),and

sometimes for suitable ground for innovation. Both the internal and external environments can have a

significant impact on innovation(Jin, 2000). Evidence shows that firms develop different

products(creative imitations or major innovations) due to environmental factors such as its relationship to

the market, its competitors, and industry practices(Ali,1994).Thus, organizations must systematically scan

both their internal and external environments. A thorough examination of the internal environment

involves the evaluation of novel combinations of existing technology, shelved concepts and ideas, and

new applications for existing competencies. External scanning consist of: searching, filtering and

evaluating potential opportunities from outside the organization, including related and emerging

technologies, new markets and services, which can be exploited by applying or combining with existing

competencies(Tidd et al.,2001,p. 293). A high level of environmental scanning is congruent with the

entrepreneurial process(Miller, 1983; Stevenson & Jarrillo-Mossi,1986; Zahra,1991).

3.7. Decision Making

Cantillon(1755),Cole(1959),Keynes(1936,1937,1973,1979),Marshall(1920),Menger(1950),Mises(1966),S

chultz(1961,1982),Weber,Wieser(1914)believe that entrepreneur is a decision maker(Herbert & Link

,1982; Nijkamp ,2000 & Galindo & Mendez ,2008).Entrepreneurs make decisions on location, form and

use resources and institutions (Wennekers & Thurik, 1999).The decision making needs scanning of the

environment and true concept of time .Although the decision makers seldom have the luxury of behaving

like utility maximizers (Venkataraman & Sarasvathy,2000).To acquire an appropriate timing , the

entrepreneur must take into account the complicated set of priorities in his decision making process .The

timing which the strategist should make a decision about is intermingled with risk. Ray (1994) proposes



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that risk attitude should be analyzed as part of a complex decision-making process. Decision making

specifies this pivotal question that is it the proper time for this entrepreneurial strategy or it should be

procrastinated to a better time and condition? Hébert and Link(1989: 47) believed that entrepreneurs take

‘judgmental decisions’.

3.8. Risk Taking

Risk taking and decision making are very closely concepts in entrepreneurial timing conception .Some

situations reduce the risk and the other ones make the risk taking calculated .It is up to the entrepreneurial

strategist to perceive the optimal timing to minimize the risk and maximize the

profit.Cantillon(1755),Cole(1959),Hawley(1893,1907),Knight(1964),Mill(1848),Mises,San Bernardo de

Siena, Shackle,Thunen ,believe that entrepreneurs are risk takers(Herbert & Link ,1982; Nijkamp ,2000 ;

Galindo & Mendez ,2008).It is true that Entrepreneurship refers to the ability of the firm to continually

renew, innovate, and constructively take risks in its markets and areas of operation(Miller & Friesen,

1983,1982; Naman & Slevin, 1993)but the risk taking should be under calculated perception of the fittest

time for action .The consensus of the research on risk-taking in entrepreneurs is that they are not big risk

takers(Wickham,2004: 150).Following the lead of Atkinson(1957),risk-taking propensity has been

defined in the entrepreneurship literature as the willingness to take moderate risks (Begley,1995).

3.9. Entrepreneurial Strategy

Entrepreneurial orientation is regarded as a critical organizational process that contributes to firm survival

and performance(e.g.,Barringer & Bluedorn,1999;Dimitratos & Plakoyiannaki,2003; Hitt et al

,2001;McDougall & Oviatt,2000;Miller,1983).Miller and Friesen(1982)identified two strategic postures

which they called conservative and entrepreneurial .Strategy in the entrepreneurial configuration is

characterized by a tendency to seek product-market innovation as a source of competitive advantage, a

proactive posture in seeking change and a moderate propensity to take risks.White(2004)revisits the work

of Mintzberg and builds a list of 14 types of strategy; one of them is Strategy as entrepreneurship:

strategy is seen as an outcome of the leader, in this case the strategist, has the responsibility to control and

inspire a vision throughout his company. He or she usually works by intuition and

imagination[entrepreneurial timing], thus giving strategy a more implicit and emergent character.Baden-

Fuller and Stopford (1994),Kuratko et al.(1993),and Schollhammer(1982)define corporate

entrepreneurship achievement through strategy .This view adds to the significance of strategy in

entrepreneurial timing concept. In this world of ever-changing situations and environments we need

innovation, and hence innovative strategies to overcome these inevitable changes in a scientific and

suitable way(Forouharfar et al.,2011).ET is a contingent fit response to these changes in an innovative

way.ET gets its meaning in the jargon of strategic entrepreneurship .Strategic entrepreneurship itself ,

involves simultaneous opportunity-seeking and advantage seeking behaviors and results in superior firm

performance (Ireland et al.,2003).Some times,ET calls for fully innovative strategies and every now and

then requires the traditional ones but in an innovative setting(e.g. a new market segment ,product ,etc.) or

implementation procedure .Therefore , it is possible for the company to find new arena or way for the

strategy implementation or new application based on the situation for a previously used strategy

(Forouharfar et al.,2011).Among the proposed entrepreneurial strategies by Schollhammer(1982),the

closest one to the concept of Et is Opportunistic Entrepreneurship Strategy,which mainly focuses on the

external environment, and scans it for the most suitable opportunities .



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3.10. Insight

Insight and cognitive ability makes ET more efficient , since the strategist as the principal agent who

finally analyzes the complicated concept of timing , deals with its own mental abilities and sharp

mindedness to grasp and define new settings, opportunities, innovations, decisions,etc. variation across

people in their perceptions of risk and opportunity influence entrepreneurial decisions(Shane &

Venkataraman,2000).Therefore, Shane et al.(2003) believes; empirically, the objective and subjective

parts of opportunity are difficult to separate ;the mechanism for actualizing an opportunity often initially

exists mainly in the entrepreneur’s mind, making the entrepreneur’s idea for how to exploit the

opportunity a personal interpretation of the opportunity. Moreover, unmet marketplace needs a thorough

understanding of the economic, social, demographic, technological and political trends that reshape the

environment (Osborne,1995).Besides, understanding middle managers’ perceptions about the internal

corporate environment is crucial to initiating and nurturing any entrepreneurial process(Hornsby et al.

2002).People vary in how they view the risk of expending resources before knowing the distribution of

outcomes(Palich & Bagby,1995),because they differ in their cognitive perception of ET.Aloulou and

Fayole(2005)stated that SMEs become entrepreneurial when they bear risk, stay innovative and react

positively and tactfully to the environmental challenges. Insight leads the entrepreneur to exploit the

opportunity innovatively .So, it is not enough that the business opportunity exists, but of more importance

is the manner in which the opportunity is exploited or seized(Kuratko & Hodgetts,1995)and the ET

emerges on the perception of corporate management that there is a need for entrepreneurship at the

particular moment in its development(Ferreira,2002)and they must perceive the availability of resources

for innovative activities(Von Hippel,1977;Souder,1981;Kanter,1985;Sathe,1985; Sykes,1986;Sykes &

Block, 1989; Hisrich & Peters,1986; Katz & Gartner,1988;Stopford & Baden-Fuller,1994;Das &

Teng,1997;Slevin & Covin,1997).Finally,those who have a greater understanding of the industry or

market tend to have more favorable perceptions of the value of the opportunities they encounter and their

ability to utilize those opportunities(Lussier, 1996;Gatewood et al., 1995 ).Therefore, if both sources of

supply and demand exist rather obviously, the opportunity for bringing them together has to be

recognized and then the match-up between supply and demand has to be implemented either through an

existing firm or a new firm (Venkataraman & Sarasvathy,2000).

3.11. Proactiveness

Proactiveness is, bringing future innovation in the present time and hence time entrepreneurship. It is one

of the dimensions of ET.It has its meaning in foreseeing and understanding the coming

time(Venkatraman,1989),so proactiveness stresses firm to visualize and develop a stance that allows firm

to prudently look to the future and gather the ability to respond before the demand is evident(Mohd

Osman,2011).Lumpkin and Dess(2001),viewed proactiveness a forward looking, opportunity seeking

approach concerning new products, and services in advance to competition and responding meaningfully

in anticipating of future demand to create change and shape the environment for business.The tactful

timing of the ET strategist/entrepreneur is a requisite for it which shows his insight.The proactiveness of a

firm indicates that it searches for new opportunities,probably reflecting one of the characteristics of the

entrepreneur(Ferreira,2002).Proactiveness is among the other two dimensions of entrepreneurial

orientation(innovativeness, risk-taking propensity),as suggested by Miller(1983)and discussed in other

studies (e.g.,Covin & Slevin,1989;Ginsberg,1985;Lumpkin & Dess,1996;Morris & Paul,1987;

Schafer,1990)and it could be defined as a firm’s approach to market opportunities through active market

research and first-mover actions such as introduction of new products/services ahead of

competitors(Lumpkin & Dess,1996;Miller & Friesen,1978).These first-movers are ‘prospectors’(in Miles

& Snow’s,1978 word),they call prospectors as industry ‘designers ‘and are proactive in the identification



13

and exploitation of the new opportunities and according to Pages(2009)they aim to be‘first-to- the-

market’with new products or services and they stand out in their ability to develop innovative

technologies and products. Proactive business ventures tend to become first-movers by forging a new

market segment or by substituting established markets with new products/services(Christensen, 1997).To

be the first needs efficient perception of right timing for the move .In contrary, Williamson(1975)

advocates more of an efficiency perspective for the headquarters of a large business firm, eschewing a

more proactive entrepreneurial strategizing .For instance ,the proactive entrepreneurial strategizing beside

innovative traits of SMEs in Thailand had been the reasons of their survival during the Asian economic

crises(Ussahawanitchakit ,2007). Fairoz, Hirobumi and Tanaka (2010) research results revealed a positive

strong correlation among proactiveness and entrepreneurial orientation with SMEs business performance.

Table 4. ‘Categories’ which shaped Entrepreneurial Timing Theory as a grounded theory.



14

Categories Research Citations

Timing

Paul et al.,2008;Gompers et al. ,2008; Suomala & Jokioinen,2003; McLeod,1988;

Kuratko et al.1990;Cooper & Mills, 2005; Tonkova,2011; Bamford, et al., 2004;

Gresov, et al., 1993;Venkataraman & Van de Ven, 1998; Holcomb,et al.2009;

Schoonhoven et al., 1990; Agarwal et al., 2002; Mises,1966; Lewin,1997;

Gunning,2004; Lieberman & Montgomery, 1998 ; Robbinson et al., 1992;

Carpenter & Nakamoto 1989; Levin et al., 1987; Fletcher,2004.

Entry Strategy

Folta et al., 2010; Baker & Nelson, 2005; Aldrich, 1999; Shane, 2003; Kruger &

Brazeal, 1994; Rotemberg-Shir & Wennberg ,2010; Sarasvathy, 2010; Chandler

et al., 2011 ; Holcomb et al., 2009; Siggelkow, 2001; Bresnahan, 1985; Lumpkin

& Dess, 1996; Lu & Beamish ,2001;Zahra et al. 2000.

Opportunity

Stevenson & Gumpert,1985;Fry,1993;Shane et al.

,2003,Venkataraman,1997;Kreuger,2003;Eckhardt &

Shane,2003;Veryzer,1998;Cunningham & Lischeron,1991; Ensley et al,2000;

Timmons,1978; Timmons & Spinelli

,2003;Kirzner,1979;Christiansen,1997;Ferreira,2002; Rwigema &

Venter,2004;Kuratko & Hodgetts,1995; Simon, 1996; Ireland et al.,2003; Miles &

Snow,1978; Stevenson,Roberts & Grousbeck,1989;Berthon, McHulbert & Pitt,

2004; Amabile 1997; Gilad 1984; Timmons 1978; Ward 2004;Whiting 1988.

Contingency

Calantone,2002; Rotemberg-Shir & Wennberg,2010; Kuratko ,2002; Aldrich,

2000;Suomala & Jokioinen,2003, Folta et al., 2010; Baker & Nelson, 2005; Guth

& Ginsberg, 1990; Gautam & Verma, 1997; Tijani-Alawe, 2004; Cooper & Mills,

2005; Holcomb, et al. 2009; McDougall et al., 1992; Sandberg, 1986; Bandura,

1986; Aldrich & Wiedenmayer, 1993; Boone et al., 2002; Carroll & Hannan,

1989; Baker & Nelson, 2005; Katila & Shane, 2005; Lichtenstein & Brush, 2001.

Innovation

Cooper,2004; Bentham,1962 ,1952; Schmoller,1893,1901,1903,1904;

Schumpeter,1908,1912,1920,1924,1926a,1926b,1927,1928a,

1928b,1929,1934,1942,1947a,1947b,1951,1954 ;

Sombart,1913,1902/1927,1915,1930;Nieuwenhuizen,2003; Alterowitz,1988;

Borch, et al,1999; Burgelman,1983a,1983b,1984,1986; Jennings & Young,1990;

Schollhammer ,1982; Covin & Slevin, 1991; Lumpkin & Dess, 1996; Morris &

Kuratko, 2002. Kuratko et al., 2005; Zakić et al.,2008; Miller & Friesen, 1982;

Covin & Miles, 1999; Kanter, 1985; Alterowitz, 1988; Naman & Slevin, 1993;

Zahra & Covin, 1995; Rwigema & Venter 2004; Slater & Narver, 2000; Smart &

Conant,1994; Lumpkin & Dess 1996; Ussahawanitchakit ,2007; Mohd Osman,et



15

al.,2011;Salarzehi & Forouharfar,2011.

Scanning Jin,2000; Tidd et al.,2001; McFadzean et al,2005; Nieuwenhuizen,2003;

Bluedorn et al., 1994, Hambrick, 1981; Miller, 1983; Stevenson & Jarrillo-Mossi,

1986; Zahra, 1991; Barringer & Bluedorn,1999.

Decision Making

Cantillon,1755; Shackle,1966,1969,1972,1979; Cole,1959;

Keynes,1936,1937,1973,1979;Marshall,1920; Menger,1950;

Mises,1966;Schultz,1961,1982;Wieser,1914;Mazubane 2009, Schilling,2002;

Miller & Folta,2002; Hébert & Link,1989; Wennekers & Thurik,1999; Bamford

et al. 2004.

Entrepreneurial

Strategy

Schollhammer,1982;Forouharfar et al. 2011, Stopford & Baden-Fullerand,1994;

Burgelman, 1983; Kuratko et al., 1990; Guth & Ginsberg, 1990; Stevensen &

Gumpert 1985; White, 2004; Ireland et al., 2003; Pages,2009 ; Barringer &

Bluedorn, 1999;Dimitratos & Plakoyiannaki, 2003; Hitt et al, 2001; McDougall &

Oviatt, 2000; Miller, 1983.

Risk Taking

Cantillon,1755; Cole,1959; Hawley,1893,1907; Knight 1964, Mill,1848;

Mises,1966; Shackle, 1966,1969,1972,1979;Wickham,2004;Iyigun &

Owen,1999;Covin & Slevin, 1991; Lumpkin & Dess, 1996; Morris & Kuratko,

2002 ; Palich & Bagby, 1995; McClelland’s,1961; Begley, 1995; Atkinson,1957;

Corman et al,1998; Fry,1993; Sarasvathy et al ,1998; Burgelman & Sayles, 1986;

MacMillian et al., 1986; Sathe, 1985, 1989; Sykes, 1986; Sykes & Block, 1989;

Burgelman, 1983a,1983b,1984; Quinn, 1985; Kanter, 1985; Ellis & Taylor, 1988;

Bird, 1988; Stopford & Baden- Fuller, 1994; Hisrich & Peters, 2002;

Outcalt,2000; Dollinger,1999; Delmar et al. 2003; Stinchcombe, 1965; Miller &

Friesen, 1983,1987; Naman & Slevin, 1993;Slater & Narver, 2000; Smart &

Conant,1994; Hébert & Link, 1989; Ray,1994;Lumpkin & Dess,1996; Mohd

Osman,et al.2011.

Insight

Shane & Venkataraman, 2000; Shane et al.,2003;Palich &

Bagby,1995;Ferreira,2002;Lussier,1996;Gatewood et al., 1995; Von Hippel,

1977; Souder, 1981; Kanter, 1985; Sathe,1985;Sykes,1986; Sykes & Block, 1989;

Hisrich & Peters,1986; Katz & Gartner, 1988; Stopford & Baden-Fuller,1994;

Das & Teng, 1997; Slevin & Covin, 1997; Kuratko &

Hodgetts,1995;Osborne,1995;Venkataraman &

Sarasvathy,2000;Venkataraman,1997;Wiener,1993;Schultz,1961,1982;Lieberman

& Montgomery,1987; Aloulou & Fayole 2005; Adonis ,2003.



16

4. Conclusion

The ET theory has an intertextuality (poststructuralist Julia Kristeva’s coined word), which is extended

through the entrepreneurial strategy literature .Timing in ET theory, itself is a time entrepreneurship. The

main stock in trade of the entrepreneurial strategist is his sophisticated timing perception, which ionizes

the internal and external entities in the strategists mind and their positives and negatives evokes the

entrepreneurial strategist to chose or lead to a specific strategy which he thinks has the most utility and

fruitfulness for his organization .By careful scanning of the environment ,the evaluation of the positive

entities ,and negative ones, the contingent situation , his cognitive abilities (insight) helps him to take a

calculated-risk decision and accordingly a formulation of an entrepreneurial strategy which is the fittest

for opportunity grasp and innovation .This is Entrepreneurial Timing .It is a cognitive concept which

stands before every entrepreneurial strategy formulation .

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