David B. Audrestch, Giovanni Battista Dagnino, Rosario Faraci, and Robert E. Hoskisson Moving from the received state of the art, this book presents and discusses a variety of attractive recent developments and achievements in entrepreneurship research. In more detail, it makes a systematic analysis of both theory and practice associated with the current evolving contours of "strategic entrepreneurship" intended as a new tradition in management and a field of study per se. This book intentionally enc- passes four distinct domains: the nurturing of governance mechanisms and arran- ments, the mobilization of capital, the activation of learning and innovation loops, and the role of open innovation in new entrepreneurial organizations. Research on entrepreneurship and entrepreneurial processes has met greatest success at the dawn of this new millennium, stretching its frontiers from a peri- eral subfield of management studies into one of the most relevant spheres of stra- gic management. Coined roughly a decade ago, the term "strategic entrepreneurship" joins together the insights of both entrepreneurship and strategic management and explores the overlap between the two (Hitt et al. 2001). The decision to follow this integrative line of enquiry rested on the conviction that a chasm exists at the intersection of entrepreneurship and strategic management.

David B. Audrestch, Giovanni Battista Dagnino, Rosario Faraci, and Robert E. Hoskisson Moving from the received state of the art, this book presents and discusses a variety of attractive recent developments and achievements in entrepreneurship research. In more detail, it makes a systematic analysis of both theory and practice associated with the current evolving contours of "strategic entrepreneurship" intended as a new tradition in management and a field of study per se. This book intentionally enc- passes four distinct domains: the nurturing of governance mechanisms and arran- ments, the mobilization of capital, the activation of learning and innovation loops, and the role of open innovation in new entrepreneurial organizations. Research on entrepreneurship and entrepreneurial processes has met greatest success at the dawn of this new millennium, stretching its frontiers from a peri- eral subfield of management studies into one of the most relevant spheres of stra- gic management. Coined roughly a decade ago, the term "strategic entrepreneurship" joins together the insights of both entrepreneurship and strategic management and explores the overlap between the two (Hitt et al. 2001). The decision to follow this integrative line of enquiry rested on the conviction that a chasm exists at the intersection of entrepreneurship and strategic management.

Large, diversified firms face unique challenges as they compete worldwide, and corporate restructuring is one way multinationals strive for competitive advantage. Weighing the pros and cons of a variety of approaches to restructuring, Downscoping offers executives a clear, strategic path through the maze.
The authors show that when a multinational conglomerate fails to compete effectively, too much diversification may be the culprit. Whether the result of weak corporate governance or poor corporate strategy, over-diversification can make managers, unfamiliar with some of the markets in which they compete, opt for safety over innovation. This risk-aversion and lack of long-range commitment to innovation lead inevitably to stagnation over the longer term.
The answer is not downsizing--closing offices and laying off personnel--but downscoping a strategic approach to restructuring. The options include incentive and compensation adjustments for executives, leveraged buy-outs and capital structure changes, focusing on core skills, diversifying internationally while focusing on businesses in which a firm has strong competencies, and buying and selling mature businesses where product development is not a great concern. Regardless of the approach, executives must exercise strategic leadership during and after restructuring, including providing strategic direction, exploiting core competencies, developing human capital, and sustaining the corporate culture.
Based on systematic research rather than casual observation, Downscoping provides a strong description of restructuring alternatives and their resulting tradeoffs. Its specific guidelines for maintaining competitiveness will be essential reading for managers involved in corporate restructuring.