All kinds of entrepreneurs need to find their niche as many in the early 2000s did through lean management methods. So, a few researchers from INSEAD have created a “theory of entrepreneurship” where different styles and approaches may be fitted in. It is a 2×2 matrix which eke out the regime of search needs. The four regimes have been cast as- imitative, hypsometric, cartographic and paradigmatic search. A cupcake shop is an example of imitative as costs and experiment uncertainties both remain low. At the hypsometric regime, there remain moderate levels of uncertainties but the costs still remain low. Examples abound such as Netscape, Yahoo, Facebook and My Space. High uncertainties and medium to low cost levels are characteristics of the cartographic regime. Examples include Space X and Stratasys. Business innovation level becomes the key differentiating factor at the paradigmatic search regime. Disruptive changes are born at this stage. An entrepreneur must know one’s vulnerabilities and the extent of one’s comfort landscape.

Source:https://knowledge.insead.edu/entrepreneurship/finding-your-space-on-the-entrepreneurial-map-4906

Uploaded Date:14 June 2018