Due to defects in new entry and limited natural resources, the development of new venture is a unique growth problem. This paper uses a three-dimensional analytic framework for sources of new venture' competitive advantages to deeply analyze the history of TCL International Electrotechnical. We found out that competitive advantages of TCL International Electro-technical' rapid growth come from the combination of many forces: ⅰ) social capital' development and utilization is the basis of quick establishment, high starting point and a favorable competitive position for new ventures ; ⅱ) marketing network' construction and innovation in management provide conditions for new venture to integrate channel resources rapidly and gain competitive advantages at low costs; ⅲ) proper selection of technological innovation strategy is the main source for new ventures to keep technological innovation capability and gain sustainable competitive advantages.%由于新进入缺陷和资源禀赋有限,新创企业的发展是一个独特的成长问题.运用新创企业竞争优势来源的三维分析框架,对TCL国际电工的发展历程进行了深入分析.结果发现TCL国际电工高速成长中竞争优势来自多种力量的组合:社会资本的有效开发与利用,为新创企业的快速组建及高起点经营,占据有利竞争位势奠定了基础;营销网络建构与管理的创新,为新创企业快速整合渠道资源,获得低成本竞争优势提供了条件;技术创新战略的恰当选择,是新创企业保持技术创新能力,获得可持续竞争优势的主要源泉.
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