The Impact of Digitalisation and Entrepreneurial Networks on Business Strategy Development-a Media Richness Theory Approach

Abstract

In the digital-based economy, digitalisation, entrepreneurial networks, and business strategy are three important interdependent components of entrepreneurship process. Accurate, reliable, and timely information is also vital to effective decision-making of the entrepreneurs. Often, owing to limitations in their resources and capabilities, entrepreneurs rely on their entrepreneurial networks to satisfy their information need. The core objective of this paper is to examine the use of information in business strategy development and assess the role of entrepreneurial networks as information sources. The theoretical lens used in this narrative literature review is media richness theory. The findings of this paper show that entrepreneurial networks significantly influence entrepreneurial success and survival, and that access to accurate and timely information enhances business strategy development.