Dynamic capabilities and entrepreneurial management: A review of selected works of David J. Teece

Abstract

Dynamic capabilities framework which is the combination of internal processes, resource utilization and structural transformations that have to be strategically formulated and managed for gaining sustained competitive advantage in rapidly changing environments became largely influential not only in strategic management field but had a significant impact on several areas of management (Di Stefano, et al., 2010, Barreto, 2010). After the introduction of the dynamic capabilities approach, the contributions from the initiator of the approach David J. Teece and several other important strategy and management scholars gave way to the development of a new capabilities theory of the ‚innovative‛ firm as well the evolution of the fresh domain of entrepreneurial management. The current review aims to analyze the antecedents of dynamic capabilities and the development of this new theory through the works of David J. Teece and acknowledge his crucial contribution to fields of management, strategy, and entrepreneurship.