**2. Materials and Methods**

In this section, we discuss our inductive research approach and seek to answer how to derive any strategic insights going beyond the often-misleading conventional wisdom. Five assumptions associated with conventional wisdom have been formulating, as illustration, by the author who relies on his research and 25 years of international experience, including 10 years in corporate positions and

<sup>4</sup> (1) Firms from developed economies entering emerging economies, (2) domestic firms competing within emerging economies, (3) firms from emerging economies entering other emerging economies, (4) firms from emerging economies entering developed economies" (Wright et al. 2005, p. 1).

<sup>5</sup> Institutional theory, transaction cost theory, resource-based theory, and agency theory (Wright et al. 2005, p. 1).

15 years in academia.<sup>6</sup> It must be noted that these assumptions serve as examples to demonstrate the dangers of conventional wisdom. Each strategist must go deeper in the analysis, using the suggested framework below (please see Figure 1), as well as tools provided by well-respected scholars, such as Michael E. Porter, Pankaj Ghemawat, and others cited in this paper and in the literature.

In order to start our approach in the conventional wisdom realm, we must define what that is. According to the respected Merriam-Webster dictionary, conventional wisdom is "the generally accepted belief, opinion, judgment, or prediction about a particular matter (example: Conventional wisdom in Hollywood says that a movie can't succeed unless it stars a famous actor or actress)."<sup>7</sup> The basis for each assumption will be strengthened by at least one relevant academic reference.

**Figure 1.** Holistic Risk and Opportunity Analytical Framework (HROAF).
