Authors: John Meewella, Maqsood Sandhu
Addresses: Oulu Business School, University of Oulu, P.O. Box 4600, FIN – 90014, Oulu, Finland. ' Faculty of Business and Economics, United Arab Emirates University, P.O. Box 17555, Al Ain, UAE
Abstract: The research on the interplay of exploration and exploitation of opportunities is incompatible and its results and models are ambiguous. Past research witness that exploration and exploitation can co-exist, are parallel concept and are indeed necessary for long term survival and growth of firms. However, literature seems to lack clear and viable assertions in relation to timing and execution of exploration and exploitation. This has been an impediment to develop a better understanding of how and when to manage the exploration and exploitation absurdity. This paper takes the focus of incorporating creativity and innovation as a means to understand exploration and exploitation. An entrepreneurial framework within the context of opportunity and risk mindset was developed to highlight the role of exploration and exploitation. Empirical findings were gathered through an Australian-based case study, Aspire Solutions Group in providing practical avenues for organisations in making investment decisions relating to exploration and exploitation activities. A four quadrant matrix was developed in order to determine the choice of the level of exploration and exploitation within organisational settings.
Keywords: opportunity exploration; opportunity exploitation; opportunities; entrepreneurship; entrepreneurs; creativity; innovation; entrepreneurial frameworks; risk; mindsets; Australia; investment decisions; four quadrant matrixes; business excellence.
International Journal of Business Excellence, 2011 Vol.4 No.4, pp.468 - 492
Available online: 30 Jun 2011 *Full-text access for editors Access for subscribers Purchase this article Comment on this article