1University at Albany?SUNY
Albany, N. Y. 12222
2University of Nevada?Reno
Reno, NV 89557
The research studied differences in the strategic visions of entrepreneurs and non-entrepreneurs, changes in their visions and the relation of vision to firm performance over time. In addition, the study examined the relation of industry, firm, and individual variables to financial performance.
Chief executives and presidents of firms surveyed in an earlier study participated in a follow-up study which examined differences between entrepreneurs and non-entrepreneurs in vision and firm performance. The data were analyzed with multivariate procedures.
Significant differences were found between entrepreneur and non-entrepreneurs in dimensions of vision including creativity. There were also significant differences in the associations between vision change, implementation factors, risk taking, and firm financial performance.
Developing and implementing a vision are more than organizational exercises. The study supports the influence of vision formulation and implementation on financial performance of the firm.