1. The foundation upon which the entrepreneurial school was built was on vision. The central concept is in the vision which is a mental representation of strategy created by a leader. The strategy formation process leans specifically on a single leader with innate mental processes and responsibility for the success of the business (124).
2. The leading proponents of the model grew from economics. Karl Marx and Schumpeter introduced the formation of a strategy through leadership (125).
3. The basics of the model is that strategic thinking is “seeing” or having a vision for the entire organization. It involves seeing ahead and behind, down and below, beside and beyond, and through(126).
4. The premises of the model (143):
1. Strategy exists in the minds of the leader as a perspective vision for the future of the organization.
2. Strategy formation is rooted in the experiences and intuition of the leader.
3. The leader promotes the vision.
4. The vision is malleable.
5. The organization in a sense if malleable.
6. Entrepreneurial strategy tends to niche in defense against competitors.
5. Criticism and Critiques of the School:
Stacey claims many “harmful consequences of vision”
– The vision is neither “concrete or possible” when the future is unclear.
– The vision is too tight and not flexible.
– The vision can be unrealistic and a burden on the leader.
All in all, the entrepreneurial school is risky as it does hinge on the “health and whims” of a passionate individual.
6. The contribution that the Entrepreneurial School has provided in the way of strategy formation is the point of vision. Vision is important when formulating a strategy and a fearless leader is too.