Strategic Entrepreneurial Awareness and Business Performance: Empirical Evidence from Small and Medium-sized Enterprises in Thailand

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Procedia Computer Science 158 (2019) 653–661

3rd World Conference on Technology, Innovation and Entrepreneurship (WOCTINE) 3rd World Conference on Technology, Innovation and Entrepreneurship (WOCTINE)

Strategic Entrepreneurial Awareness and Business Performance: Strategic Entrepreneurial Awareness and Business Performance: Empirical Evidence from Small and Medium-sized Enterprises in Empirical Evidence from Small and Medium-sized Enterprises in Thailand Thailand a a

Pankom Sriboonlue a,* Pankom Sriboonlue a,*

Mahasarakham Business School, Mahasarakham University, Mahasarakham 44150, Thailand Mahasarakham Business School, Mahasarakham University, Mahasarakham 44150, Thailand

Abstract Abstract Thailand 4.0 is the economic development model recently adopted by the government of Thailand. The model is based on the notion of 4.0 industry focusing on adding values economic products andgovernment commodities creativity and new innovation. Thailand is the4.0 economic development modeltorecently adopted by the of using Thailand. The model is based on the notion of industry 4.0 focusing on adding values to economic products and commodities creativity new innovation. Considering the Thailand 4.0 concept, small and medium enterprises (SMEs) in Thailandusing are facing a newand challenge on exploiting changes and opportunities their business and survival. This paper studies characteristics of business Considering the Thailand 4.0 concept,determining small and medium enterprises (SMEs) in Thailand are facing a new challenge on entrepreneurship ofand these SMEs involving with thetheir combination of taking riskThis and adopting new characteristics innovation. It theoretically exploiting changes opportunities determining business and survival. paper studies of business entrepreneurship of these SMEs involving with theawareness combination of taking risk and adopting new innovation. theoretically employs the concept of strategic entrepreneurship discussed in previous studies and literature on itsIt essence in helping firms promote their entrepreneurial capability and awareness business innovation. However, substantial understanding and evidences of employs the concept of strategic entrepreneurship discussed in previousthe studies and literature on its essence in helping this strategic empirically employed in and the Thailand context are However, still limited. paper therefore fills inand the evidences gap by firms promoteconcept their entrepreneurial capability business innovation. theThis substantial understanding of this strategic employed in theentrepreneurship Thailand contextawareness are still limited. paper therefore fills in research the gap by employing theconcept conceptempirically for investigating strategic in ThaiThis SMEs. Using quantitative instruments,the a conceptual was developed form research hypotheses elements of strategic entrepreneurship employing concept formodel investigating strategictoentrepreneurship awarenessinvolving in Thai SMEs. Using quantitative research awareness. Given the model, there was a theoretical testing of firms’ competitiveness, innovation and instruments, a conceptual model was developed to form research hypotheses involvingsuperior elementsorganizational of strategic entrepreneurship awareness. thecreativity model, there theoretical testing of firms’ competitiveness, superior organizational innovation outstandingGiven business andwas theira relationships with the business performance. The population of this research is 3 and million Thai SMEs. business Mail-questionnaires were distributed to 1,805 Thai SMEs requesting a responseoffrom their managing outstanding creativity and their relationships with registered the business performance. The population this research is 3 million director or managing partner. With 21.44% response rate, 387 completed were used in the analysis using statistic Thai SMEs. Mail-questionnaires were distributed to 1,805 registered Thaiquestionnaires SMEs requesting a response from their managing director or managing partner. With 21.44% response rate, regression 387 completed questionnaires were used in the analysis using techniques including VIFs, correlation analysis, and OLS analysis. The data analysis eventually delivered the statistic examinations of the postulated hypotheses. By presenting the findings, this paper a neweventually insight into the waysthe in which techniques including VIFs, correlation analysis, and OLS regression analysis. Theprovides data analysis delivered Thai SMEs areofable to enhance hypotheses. their entrepreneurial orientation, perspectives and provides characteristics order into to achieve theinhigherexaminations the postulated By presenting the findings, this paper a new in insight the ways which Thai are ablegreater to enhance theirreturn entrepreneurial perspectives and characteristics in order to achieve the higherlevel SMEs performance, financial and newerorientation, business innovation. level performance, greater financial return and newer business innovation. © 2019 The Author(s). Published by Elsevier B.V. © 2019 The Authors. Published by Elsevier B.V. © 2019 The Author(s). Published by B.V. committee of the 3rd World Conference on Technology, Innovation and Peer-review under responsibility of Elsevier the scientific Peer-review under responsibility of the scientific committee of the 3rd World Conference on Technology, Innovation and Entrepreneurship Peer-review under responsibility of the scientific committee of the 3rd World Conference on Technology, Innovation and Entrepreneurship Entrepreneurship Keywords: Thailand 4.0, Industry 4.0, Strategic Entrepreneurship Awareness, Business innovation, Organizational Innovation Keywords: Thailand 4.0, Industry 4.0, Strategic Entrepreneurship Awareness, Business innovation, Organizational Innovation

1877-0509 © 2019 The Author(s). Published by Elsevier B.V. Peer-review of the scientificbycommittee of the 3rd World Conference on Technology, Innovation and Entrepreneurship 1877-0509 ©under 2019responsibility The Author(s). Published Elsevier B.V. Peer-review under responsibility of the scientific committee of the 3rd World Conference on Technology, Innovation and Entrepreneurship

1877-0509 © 2019 The Authors. Published by Elsevier B.V. Peer-review under responsibility of the scientific committee of the 3rd World Conference on Technology, Innovation and Entrepreneurship 10.1016/j.procs.2019.09.100

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1. Introduction In the world of competition that overwhelm with radical societal change, economic instability, global political conflicts and innovative technology resulted in the promotion of the aggressive competitive business environment. Exploiting chances and opportunities is one of the key essential essences determining business success and survival. However, the consequences of taking chances and opportunities can be vary. Some firms may be able to achieve its business goal, especially in term of financial benefits, while the other may not. Therefore, in order to be successful, firms seem willing to engage in risky opportunities. The key characteristics of business entrepreneurship are deeply involved in the combination of taking risk and pitching new innovation. The entrepreneurial firms seem to behave more proactively and more aggressively when operating their businesses. As previous research illustrated that entrepreneurial capability can better fulfill customer requirements and business innovation (Hacioglu, Eren, and Celikkaan, 2012). Therefore, the firm oriented in entrepreneurial perspectives and characteristics would enlarge and promote the firm to arrive at the higher performance level, greater financial retune, and newer business innovation. Despite the fruitfulness of entrepreneurial capability research, the substantial understanding and evidenced of strategic entrepreneurial awareness concept are still limited. Since strategic entrepreneurial awareness is a principal fundamental in determining business plan and practice that consequences in business performance, therefore, it cannot be denied that the concept of strategic entrepreneurial awareness is extremely importance and interesting that is necessary to be examining in more particular details. In order to illustrate the research phenomenon, Thai Small and Medium Enterprises (SMEs) in manufacturing sector are selected as the population of this research. As SMEs play the critical role driving national economy around the globe, both developed and developing countries, therefore the development of national SMEs is one of the best solutions in maintaining and enlarging national economic growth and global competitiveness. This selected industry, manufacturing, represents the face of highly competitive and innovative business environment. Moreover, SMEs is not only the entrepreneurs who originate something new or awakening new opportunities in the market, but SMEs also creating the newness to the market, seeking for the new market and opportunities, and taking the advantage over its competitors by aiming to introduce new products, services, and processes to the market. The key objective of this research is to investigate the relationship between strategic entrepreneurial awareness and business performance. Therefore, the specific research purposes were to investigate the relationship among each dimension of strategic entrepreneurial awareness (proactive risk-taking attitude, integrative new idea generation, market-leadership orientation, modern technological utilization) and outstanding businesses creativity, superior organizational innovation, and businesses performance, to examine the influence of outstanding business creativity, and superior organizational innovation on business performance, and to scrutinize the moderating effect of competitive intensity on the aforementioned relationship. 2. Literature review and theoretical foundation Based on the literature reviewed, there is little empirical research on strategic entrepreneurial awareness integrating theory to describe the complete phenomena. To clearly understand the relationships among strategic innovation capability, its consequences, and the moderator; the dynamic capability (Teece, Pisano, and Schuen, 1997) and contingency theory (Cadez and Guilding, 2008) were elaborated to explain the aforementioned relationships. According to the theoretical foundations, this research is developed toward the integration of the dynamic capability theory and contingency theory. Strategic entrepreneurial awareness is the main variable and the center of this research. As described earlier, this research purposes that strategic entrepreneurial awareness is positively and directly associated with business performance. Moreover, the mediating effects of superior organizational innovation and outstanding business creativity are tested. Superior organizational innovation and outstanding business creativity are supposed to have a positive relationship with business performance. In addition, this research also purposes that the strength of business competitive intensity increases the relationships between strategic entrepreneurial awareness and its consequences. Thus, Figure 1 illustrates the relationships among strategic entrepreneurial awareness, its consequences, and the moderating variable.



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Control Variables Firm Size Firm Capital

Strategic Entrepreneurial Awareness • Proactive Risk-taking Attitude • Integrative New Idea Generation • Market-leadership Orientation • Modern Technology Utilization

H7-10(a-c)

Competitive Intensity

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H11-12

Superior Organizational Innovation

H5-6

H1-4(a-b) Outstanding Businesses Creativity

Business Performance

H1-4(c) Fig. 1. The Relationships between Strategic Entrepreneurial Awareness and Business Performance

Strategic entrepreneurship is entrepreneurial action with strategic perspectives (Luke and Verreynne, 2006). One could also consider entrepreneurial action to be strategic action with an entrepreneurial mindset. Concisely, strategic entrepreneurship is the integration of entrepreneurial, like opportunity-seeking behavior, and strategic perspectives, like advantage-seeking-seeking, in developing and taking actions that creating wealth to the firms. Businesses that are able to identify opportunities but are incapable of exploiting them do not realize their potential wealth creation. Likewise, firms with current competitive advantages, but without newly identified opportunities to pursue and exploit these advantages, expose their stakeholders to an increased risk such that market changes may diminish the rate of wealth creation, or even reduce previously created wealth. Wealth is created only when firms combine effective opportunity-seeking behavior with effective advantage-seeking behavior. As strategic entrepreneurial awareness is a key element of this research, the term “awareness” emphasizes the role of strategic management in appropriately acknowledging, recognizing, and conceding internal and external organizational resources and the ability to match the requirements of the changing environment. Hence, entrepreneurial awareness is dependent on the ability of a firm in sensing, understanding and searching business opportunity and competitive advantage. Therefore, in this research, strategic entrepreneurial awareness refers to the business mindset of a firm to be successful in sensing and acknowledging business opportunities and business competitive advantage which consists of four newly purposed dimensions: proactive risk-taking attitude, integrative new idea generation, market-leadership orientation and modern technology utilization as follow. Firstly, Proactive Risk-taking Attitude involves managerial perspective in investing significant resources in activities with a high possibility of failure, which includes incurring heavy debt or making large resource commitments in the hope of reaping potentially high benefits (Cai et al., 2015). Secondly, new ideas generation refers to the competency of a firm to create new operational processes, promote man for new concepts and knowledge increase, and support a financial plan for creation new ideas to increase the potential, effectiveness, and efficiency of the businesses (Grandi and Grimaldi, 2005). Most of the managerial research have found a positive relationship between new ideas generation and innovation, creativity, competitive, and outstanding business performance (Rauch et al., 2009). Thirdly, with regarding to the marketing literature, Market-leadership orientation has positive effects on both innovation and firm performance, which contribute to understanding the changing demands and needs of their customers (DeFoggi and Buck, 2009). Market-leadership orientation refers to the firm mindset of becoming the business precursor who give priority to new opportunities and innovation, take risks in challenging situations and rapidly adapt the business methods to the changing circumstances (Tsai, Chou and Kuo, 2008). Lastly, Modern technology is the application of knowledge, skills, methods, processes and scientific workings that are used to apply in helping the transition to achieving better work, and increasing efficiency and effectiveness (Tippins and Schi, 2003). Utilizing the modern technology can encourage the organization’s competitive advantage and facilitate the better

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flexibility in business operations. Modern technology provides the important resources that affect the firm’s growth and survival (Thongsodsang and Ussahawanitchakit, 2011). Therefore, in this research, modern technology utilization refers to the effective use of technology in facilitating the organization’s operation to create opportunity and organizational performance. The consequence of strategic entrepreneurial awareness in this research are superior organizational innovation, outstanding business creativity and business performance. Superior organizational innovation is defined as an adoption of an internally-generated or purchased device, process, system, program, policy, product, or new service to the adopting organization, and new methods of organization for business management in the workplace and in the relationship between firms and external agents. It has been major research and literature written to illustrate the positive consequences of innovation. For instance, some syntheses of previous studies have noted that certain characteristics of innovation are positively linked to performance (Vakola and Rezgui, 2000). Next, Business creativity is defined as the development of ideas that are both novel and useful concerning products, procedures, and processes at work, either in the short or the long-term (Amabile et al., 1996). Some previous research indicates that the dimension of organizational creativity consists of a creative process, product, person, and situation; and that each of these elements interacts with one another. Business creativity is derived from the notion of novelty, newness, and originality in the areas of process, product, technology and management (Styhre, 2006). Therefore, be outstanding in business creativity resulted in that the firm can continuously achieved the superior creation of valuable ideas, service, useful new products, procedures, or processes within the firm. According to the contingency theory, competitive intensity is the external factor that significantly influences business structure, organizational systems, business operations and performance. Competitive intensity refers to degree of competition that a firm faces in its industry or a specific market (Zhou, 2006). It is a situation where competition among competitors in the market is volatile and lacks opportunity for future growth (Auh and Menguc, 2005). This highly competitive environment causes firms to change and innovate in their products and business processes (Sriboonlue and Ussahawanitchakit, 2014). In summarized, all the research hypotheses were proposed as follow. H1: Proactive risk-taking attitude is positively related to (a) superior organizational innovation, (b) outstanding business creativity, and (c) business performance. H2: Integrative new idea generation is positively related to (a) superior organizational innovation, (b) outstanding business creativity, and (c) business performance. H3: Market-leadership orientation is positively related to (a) superior organizational innovation, (b) outstanding business creativity, and (c) business performance. H4: Modern technology utilization is positively related to (a) superior organizational innovation, (b) outstanding business creativity, and (c) business performance. H5: Superior organizational innovation is positively related to business performance. H6: Outstanding business creativity is positively related to business performance. H7: Competitive intensity positively moderates the relationship between proactive risk-taking attitude and superior organization innovation. (b) outstanding business creativity., and (c) business performance. H8: Competitive intensity positively moderates the relationship between proactive risk-taking attitude and superior organization innovation. (b) outstanding business creativity., and (c) business performance. H9: Competitive intensity positively moderates the relationship between proactive risk-taking attitude and superior organization innovation. (b) outstanding business creativity., and (c) business performance. H10: Competitive intensity positively moderates the relationship between proactive risk-taking attitude and superior organization innovation. (b) outstanding business creativity., and (c) business performance. H11: Competitive intensity positively moderates the relationship between superior organizational innovation and business performance. H12: Competitive intensity positively moderates the relationship between outstanding business creativity and business performance.



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3. Research Methods To answer the research questions and testing the proposed hypotheses, this paper delineates the research methods used in data collecting and investigating the postulated relationships in the established conceptual framework. Population in this study is Thai SMEs. According to the database, there are more than 2.8 million Thai SMEs in 2018 (OSMEP, 2018). Therefore, in order to obtain the considerate reliable sampling of 384 completed questionnaires recommended by Krejcie and Morgan (1970), mail-questionnaires are distributed to the 1,805 key informants, managing director or managing partner. With respect to the data collection procedure, 387 completed questionnaires are used in the analysis. The response rate of this study is 21.44% indicates that the results of this analysis are reliable (Aaker, Kuma, and Day, 2001). The validity and reliability of the questionnaire were tested. The confirmatory factor analysis was used to examine the validity of each construct. Cronbach’s alpha coefficient is used to examine the reliability of the instrument. Furthermore, the results of comparison testing between early and late groups of respondents. The results indicate that the non-response bias does not occur. In addition, this the statistical techniques including VIFs, correlation analysis, and OLS regression analysis which productively use in the examinations of the postulated hypotheses. 4. Results and Finding According to the regression analysis, Table 1 developed to shows the influence of strategic entrepreneurial awareness on its consequences which are proposed in Hypotheses 1-3 along with the moderating effects of competitive intensity on the aforementioned relationships. The relationship in each hypothesis is proposed to be in a positive direction. In addition, the moderating role of competitive intensity is proposed to positively influence the relationships among each of four dimensions of strategic entrepreneurial awareness, which are presented in Hypotheses 7- 10. Table 1. Results of OLS Regression Analysis of the Relationship among Strategic Entrepreneurial Awareness, Its Consequences, and the Role of Competitive Intensity Independent Variables Dependent Variables SOI OBC BPE H1-4a H7-10 H1-4b H7-10b H1-4c H7-10c Proactive Risk-taking Attitude .221 .266 .219 .244 .213** .241*** (.152) (.178) (.146) (.163) (.087) (.092) Integrative New Idea Generation .241*** .262*** .236*** .269*** .197*** .224*** (.092) (.101) (.084) (.099) (.072) (.090) Market-leadership Orientation .237** .245** .231** .253** .221** .232*** (.116) (.120) (.113) (.124) (.108) (.099) Modern Technology Utilization .199* .228* .229 .249 .233 .259 (.111) (.138) (.168) (.189) (.147) (.183) Competitive Intensity .194 .252 .301* (.144) (.171) (.182) Proactive Risk-taking Attitude x .233 .169 .274*** Competitive Intensity (.148) (.105) (.101) Integrative New Idea Generation x .284*** .358*** .295*** Competitive Intensity (.108) (.130) (.107) Market-leadership Orientation x .327*** .339*** .289*** Competitive Intensity (.127) (.129) (.111) Modern Technology Utilization x .277** .254 .328* Competitive Intensity (.141) (.210) (.199) Firm Size .255** .294** .217 .239 .251** .276** (.128) (.145) (.169) (.174) (.123) (.136) Firm Capital .249** .308** .278 .294 .231** .242** (.126) (.157) (.185) (.193) (.117) (.122) Adjusted R2 .453 .599 .470 .514 .508 .665 Maximum VIF 1.908 4.469 1.908 4.469 1.908 4.469 Beta coefficients with standard errors in parenthesis, *** p < 0.01, **. p <0.05, * p < 0.10

Regarding to Table 1, the results of OLS regression analysis illustrates that the first dimension of strategic entrepreneurial awareness, namely proactive risk-taking attitude (Hypotheses 1a-c) is significantly and positively

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related to only one of its consequences: business performance (β35 = 0.213, p < 0.05; β41 = 0.241, p < 0.01). However, its show non-significant influence on superior business creativity and outstanding business creation. Therefore, hypotheses 1a and 1b are not supported but hypothesis 1c is supported. Next the results in Table 1 also indicated that the second dimension of strategic entrepreneurial awareness, integrative new idea generation (Hypotheses 2a-c) shows significant and positive effects on all of its consequences: superior organizational innovation (β2 = 0.241, p < 0.01; β8 = 0.262, p < 0.01), outstanding business creativity (β19 = 0.236, p < 0.01; β25 = 0.269, p < 0.01), and business performance (β36 = 0.197, p < 0.01; β42 = 0.224, p < 0.01). Hence, hypotheses 2a, 2b, and 2c are supported. In analyzing the effects of the third dimension of strategic entrepreneurial awareness, market-leadership orientation (Hypotheses 3a-c), the regression analysis illustrated that market-leadership orientation have the positive significant effects on all of it consequences, superior organizational innovation (β3 = 0.237, p < 0.05; β9 = 0.245, p < 0.05), outstanding business creativity (β20 = 0.231, p < 0.05; β26 = 0.253, p < 0.05), and business performance (β37 = 0.221, p < 0.05; β43 = 0.232, p < 0.01). Thus, hypotheses 3a, 3b, and 3c are supported. Lastly, the fourth dimension of strategic entrepreneurial awareness, modern technology utilization (Hypotheses 4a-c) shows positive significant influence only on superior organizational innovation (β4 = 0.199, p < 0.10; β10 = 0.228, p < 0.10) and there is nonsignificant influence on outstanding business creation and business performance. So, hypotheses 4b and 4c are not supported while hypothesis 4a is supported. For control variables, the results illustrated that both firm size and firm capital have positive significant relationship on superior organization innovation (β5 = 0.255, p < 0.05; β6 = 0.249, p < 0.01) and business performance (β39 = 0.251, p < 0.05; β40 = 0.231, p < 0.05). Therefore, the relationship among strategic entrepreneurial awareness’s dimension, superior organization innovation, and business performance may influenced by firm size and firm capital. Table 2. The Relationships among Superior Organizational Innovation, Outstanding Business Creativity, and Business Performance Independent Variables Dependent Variables BPE H5-6 H11-12 Superior Organizational Innovation Outstanding Business Creativity Competitive Intensity Superior Organizational Innovation x Competitive Intensity Outstanding Business Creativity x Competitive Intensity Firm Size

.257*** (.094) .271*** (.101)

.222 (.148) Firm Capital .247* (.152) Adjusted R2 .453 Maximum VIF 1.908 Beta coefficients with standard errors in parenthesis, *** p < 0.01, **. p <0.05, * p < 0.10

.259*** (.087) .298*** (.115) .204** (.104) .255*** (.097) .232*** (.085) .224 (.138) .341** (.172) .599 4.469

In the investigation of the relationships among superior organizational innovation, outstanding business creativity, and business performance, in hypotheses 5-6 and 11-12. Table 2 illustrated that superior organizational innovation (β52 = 0.257, p < 0.01; β56 = 0.259, p < 0.01) and, at the same time, outstanding business creativity (β53 = 0.271, p < 0.01; β57 = 0.298, p < 0.01) are significantly affect business performance. Hence, hypotheses 5 and 6 are fully supported. Moreover, the findings in Table 2 also show the moderating effect of competitive intensity on the relationship among each of four strategic entrepreneurial awareness’s dimensions and its consequences; superior organizational innovation, outstanding business creativity, and business performance. The result and discussion on hypotheses testing (Hypothesis 7-10) are as follows. First of all, business competitive intensity shows no influencing effect on the relationship between proactive risktaking attitude and superior organizational innovation (β12 = 0.233, p > 0.10), as well as outstanding business creativity (β29 = 0.169, p > 0.10). Therefore, hypotheses 7a and 7b are not supported. However, competitive intensity, in



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hypotheses 7c, the regression analysis reveals the positive significant moderating effects on the relationship between proactive risk-taking attitude and business performance (β46 = 0.301, p < 0.01). Thus, Hypothesis 7c is supported. In testing the moderating effect of competitive intensity on the influenced of integrative new idea generation (Hypotheses 8a-c), the findings illustrates the moderating effect on the relationship among integrative new idea generation, superior organizational innovation (β13 = 0.284, p < 0.01), outstanding business creativity (β30 = 0.358, p < 0.01), and business performance (β47 = 0.295, p < 0.01). Hence, Hypotheses 8a, 8b, and 8c are fully supported. Thirdly, competitive intensity shows strong moderating effects on the relationship among the influenced effects of market-leadership orientation (Hypotheses 9a-c) which are superior organizational innovation (β14 = 0.327, p < 0.01), outstanding business creativity (β31 = 0.339, p < 0.01), and business performance (β48 = 0.289, p < 0.01). Therefore, hypotheses 9a, 9b, and 9c are fully supported. However, in hypotheses 10b, the non-significant moderating effect of business competitive intensity is also found on the relationship between modern technology utilization and outstanding business creativity (β32 = 0.254, p > 0.10). But, in hypothesis 10a and 10c, the results show the positive significant moderating effect on the relationship among modern technology utilization, superior organizational innovation (β15 = 0.277, p < 0.05), and business performance (β49 = 0.328, p < 0.10). Thus, hypotheses 10a and 10b are supported. Moreover, the regression analysis in Table 2 illustrated that the moderating effect of competitive intensity on the relationship among all of the three consequences of strategic entrepreneurial awareness; comprising superior organizational innovation, outstanding business creativity, and business performance (Hypotheses 11a-b). As the results, competitive intensity shows the positive influencing moderating effect on the relationship among superior organizational innovation (β59 = 0.247, p < 0.10), outstanding business creativity (β60 = 0.341, p < 0.10), and business performance. Therefore, hypotheses 11 and 12 are fully supported. 5. Conclusion This Research integrates the relationship among strategic entrepreneurial awareness, superior organizational innovation, outstanding business creativity, and business performance in small and medium-sized enterprises in Thailand. The novel developed dimensions of strategic entrepreneurial awareness are proposed which included proactive risk-taking attitude, integrative new idea generation, market-leadership orientation, and modern technology utilization. Through the mediating agents of superior organizational innovation, and outstanding business creativity, these aforementioned relationships were examined alongside with the moderating effects of competitive intensity. The key research question is “How does strategic entrepreneurial awareness has an influence on business performance? The findings reveal that integrative new idea generation and market-leadership orientation have clearly positive relationship with superior organizational innovation, outstanding business creativity, and business performance. The findings also illustrated that both superior organizational innovation and outstanding business creativity have the positive significant relationship with business performance. In addition, the moderating effects of competitive intensity play the significant role on the relationship among each of four dimensions of strategic entrepreneurial awareness and its consequences, as well as, the relationship among superior organizational innovation, outstanding business creativity, and business performance. The critical theoretical contribution of this research is about conceptualizing the holistic view of strategic entrepreneurial awareness as a multidimensional construct. The processes of clarifying the linkage of the conceptual framework were based on two theories, the dynamic capability and contingency theories. It clarifies the nature of strategic innovation capability for future investigation. The research has unlocked the understanding of strategic entrepreneurial awareness concepts via proposing the newly developed four strategic entrepreneurial awareness including proactive risk-taking attitude, integrative new idea generation, market-leadership orientation, modern technology utilization. Especially, this research shade the light on the importance of integrative new idea generation and market-leadership orientation on business performance. In addition, the mediating role of superior organizational innovation and outstanding business creativity between strategic entrepreneurial awareness dimensions and business performance has been highlighted. At the same time, this research also contributes business management concepts in many different ways. First of all, the top managements and executives must pay their attention to the management philosophy that support the integrative idea generation and market-leadership orientation which is open the opportunities in helping new business idea generation that can lead to business performance. Moreover, top management and executives must be realized

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that the uncontrollable external effects, such as business competitive intensity might create the business opportunities to the entrepreneurial firm. Therefore, entrepreneurial firm with opportunities seeking ability may enjoy the exploding the benefits of new business outcomes. The top management and executives must pay attention to organizational innovation and business creativity as a mediating bridge to achieve supremacy business performance and outcome. These are the ways to stimulate the employees to innovate new working processes or new creative business concept that satisfy customer expectation and enhance working operation efficiency. In conclusion, it is clear that strategic entrepreneurial awareness is essential for business performance. In more specify, integrative new idea generation and market-leadership orientation seem to be the key components of strategic entrepreneurial awareness which lead to the exaltation of superior organizational innovation, outstanding business creativity, and business performance. 6. Limitations and Future Research In this research, some limitations and the suggestions for future research are provided as follows: Firstly, the single population in this research, small and medium-sized enterprise (SMEs) in Thailand, may limit the generalizability of the research. Therefore, future research may employ other sampling populations with differentiation in types and characteristics in order to compare the results and outcomes; and at the same time, to gain more research credibility and confirm the generalizability of the research. Secondly, other research methodology may be employed to examine this conceptual framework of strategic entrepreneurial awareness. For example, qualitative in-depth interviews may help to explore the up-to-date and point of views of reality from top management and executives. This qualitative methodology stimulates the whole picture and the comprehensive understanding of strategic innovation capability. Moreover, other statistical techniques like the Structural Equation Modelling (SEM) may also highlights the hidden relationships among all constructs within the conceptual framework of strategic innovation capability. Thirdly, the newly-proposed dimensions of strategic entrepreneurial awareness can be also re-proposed to fit the variety of each industry environment and condition as, it would be fruitful to the literature to expand this research in future research. Some critical antecedents may be added to the framework, which will encourage the understanding of strategic entrepreneurial awareness concepts. Lastly, the moderating role of competitive intensity has shed more light on the important influent roles of competitive intensity toward the performance of the firm. However, the explanation and understanding of the moderating variable and its effect are still limited. Therefore, future research may shed light on organizational flexibility, environmental complexity, and government support as the alternative moderating variables of strategic entrepreneurial awareness framework. Acknowledgements This research receives sponsorship from Mahasarakham Business School, Mahasarakham University, Thailand. References [1] Aaker, D. A., Kumar, V. and Day, T. X. )2001(. Marketing Research, New York: John Wiley and Sons. [2] Amabile, T.M., Conti, R., Coon, H., Lazenby, J. and Herron, M. )1996(. Assessing the Work Environment for Creativity. Academy of Management Journal, 39)5(, 1154-1184. [3] Auh, S. and Mengue, B. )2005(. Balancing exploration and exploitation: The moderating role of competitive intensity. Journal of Business Research, 58)12(, 1652-1661. [4] Cadez, S. and Guilding, C. )2008(. An exploratory investigation of an integrated contingency model of strategic management accounting. Accounting, Organizations and Society, 33, 836-863. [5] Cai, L., Yu, X., Liu, Q. and Nguyen, B. )2015(. Radical innovation, market orientation, and risk-taking in Chinese new ventures: An exploratory study. International Journal of Technology Management, 67)1(, 47-76. [6] DeFoggi, J. M. and Buck, J. M. )2009(. Proactive Marketing Orientation in the U.S. Medical Manufacturing Industry. Journal of Applied Business and Economics, 10)2(, 91–110. [7] Grandi, A. and Grimaldi, R. )2005(. Academics’ Organizational Characteristics and the Generation of Successful Business ideas. Journal of Business Venturing, 20, 821-845.



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