Summary

(Entrepreneurial intentions and corporate entrepreneurship)

Individuals become entrepreneurs because they intent to do so. The stronger the intention to be an entrepreneur, the more likely it is that it will happen. Intentions become stronger as individuals perceive an entrepreneurial career as feasible and desirable. These perceptions of feasibility and desirability are influenced by ones background and characteristics. Such as education, personal values, age and work history, role models and support system, and networks. Gender and race are also characteristics of individuals that helps us understand the entrepreneurial phenomenon. Established firms can create environmental conditions to motivate individuals within their organizations to act entrepreneurially, that is, that allow organizational members to perceive entrepreneurial outcomes as feasible and desirable. Within existing corporate structures, this entrepreneurial spirit and effort is called corporate entrepreneurship. To develop successful innovation, a corporate should establish a conductive organization climate. Traditional tend to adhere more strictly to established hierarchical structures, to be less risk oriented, and to emphasize short term results, all of which inhibit the creativity, flexibility, and risk taking required for new ventures. Organizations desiring an entrepreneurial climate need to encourage new ideas and experimental efforts, eliminate opportunity parameters, make resources available, promote a teamwork approach and voluntary corporate entrepreneurship, and enlist top managements support. The corporate entrepreneur also must have appropriate leadership characteristics. In addition to being creative, flexible, and visionary, the corporate entrepreneur must be able to work within the corporate structure. Corporate entrepreneurs need to encourage teamwork amd work diplomatically structures. Open discussion and strong support of team members are also required. Finally, the corporate entrepreneur must be persistent in order to overcome the inevitable obstacles. The process of establishing corporate entrepreneurship within an existing organization requires the commitment of management, particularly top management. The organization must carefully choose leaders, develop general guidelines for ventures, and delineate expectations before the entrepreneurial program begins. Training sessions are an important part of the process. As role models and entrepreneurial ventures are introduced, the organization must establish a strong organizational support system, along with a system of incentives and rewards to encourage team members. Finally, the organization should establish a system to expand ventures and eliminate unsuccessful ones.