Innovation Beats Cost: Spanish SMEs Thrive with Entrepreneurial Strategies
The study looked at how entrepreneurship and strategic management are connected in small and medium-sized Spanish businesses. They found that firms with more entrepreneurial behavior also had more innovation-based differentiation, analysis, flexibility, and strategic controls. Companies that focused on innovation were more entrepreneurial than those focused on cost leadership. The results suggest that firms should encourage flexibility in planning, involve employees in decision-making, and reward creativity to be more successful.