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ENGINEERING

ENTREPRENEURSHIP
Entrepreneurship – Term out of
Fashion or Imperative?
• Are companies too big to be sustainably developed by some
managers?

• Companies have an entrepreneurial spirit, no matter how big they


are. The successful companies introduce new market offerings, build
new business units into old or new industries and launch their market
offerings into new country markets . They expand because of the
Customer
Competitors
Company itself
When is an entrepreneurial
mindset needed?
Entrepreneur
• The term “Entrepreneur” is derived from the Middle Ages:
“Entrepreneur“ in Latin “prehendere” evolved into the French
term“entreprendre” and can be translated as “to begin”, “to try” or to
“get a contract”.

• An Entrepreneur is a person who perceives a business opportunity


and creates an organization around it to pursue this opportunity
without regard to resources currently controlled
The Entrepreneur and related
terms
Entrepreneurship with various
contents
• In a start-up company the Entrepreneur builds new structures as well as in newly
founded business units, e.g. in foreign countries, of an established company. In an
acquisition of an existing enterprise the Entrepreneur uses existing structures and
changes them according to his existing pattern.
• In an innovative/technology oriented company structures must be changed constantly
according to the situation in the developing environment of the innovative market
offering. Improvisation is needed; this is the opposite of bureaucratic behavior in large
corporations where people are forced to act within the business processes. However, in
a new project in a big corporation, Entrepreneurship may be needed, especially when
the company enters into new fields of business or into new geographies.
• Family owned businesses are often strongly connected with Entrepreneurship,
especially in the first generation where a strong founder started the business. The
challenging questions might be: who will succeed him?
• In small and medium sized enterprises (SMEs), Entrepreneurship is needed as these
companies are not as specialized as compared to large corporations. This also provides
some flexibility which is also an indicator of entrepreneurial businesses.
Intrapreneurship or
Corporate Entrepreneurship
• Entrepreneurship as managerial asset in a company is often called
Intrapreneurship or Corporate Entrepreneurship.
• More and more companies appreciate Entrepreneurs in their companies,
who are able to adapt to the context in fast changing environments. Pre-
requisites for intrapreneurship are flat hierarchies; intrapreneurs carry
the responsibility and are free in a certain frame, an open communicative
culture, also in case of mistakes, and a creative innovative culture.
• Intrapreneurship may have some positive effects for the established
company
Positive effects of
intrapreneurship on the
established company
Types of knowledge
Entrepreneurs need
1. The cognitive knowledge (“know-what“) is the basis of every discipline, which is achieved through
training and certifications. Mostly this knowledge is not sufficient to solve real challenges in practical life.
2. The capabilities (”know-how“) transfer concepts into practical execution. The ability to transfer the
acquired knowledge into a new environment and apply it there successfully.
3. The system understanding (“know-why“) contains the deep understanding about the web of cause-
and-effect relations. This allows to solve larger and more complex problems, and is far more than just a
transfer of know-how into practical life but creates extraordinary customer value. This is necessary to
identify opportunities in the existing business models and help them into more effectiveness.
4. The creative self-motivation (“care-why“) consists of will, motivation, and adaptability for success.
Motivated teams often outperform teams with greater resources. The opposite is egomania, which may
occur when managers have long periods of success and are getting used to it. It enables the Entrepreneur
to adapt to rapid changes and to renew their knowledge, skills and system understanding in order to
compete.
The Process of
Entrepreneurship

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