The Need for Adaptation in Successful Business Concepts: Strategies for Entrepreneurs

It is argued that timely adaptation of one’s broadly-defined business concept has more to do with entrepreneurial success than having the right concept from the start or being in the right place at the right time. A conceptual model is proposed in which the need for adaptation is linked to three characteristics of the business itself: the level of ambiguity surrounding the venture, the level of risk involved, and the amount of control the entrepreneur has over key factors affecting venture outcomes. Types of adaptation strategies appropriate for each of the three conditions are identified. An approach to measuring adaptation is presented together with an application of the measure. Implications are drawn and suggestions made for ongoing research.