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What is Entrepreneurship?

An encompassing definition of
entrepreneurship
“Entrepreneurship is the process
of creating value by bringing
together a unique combination of
resources to exploit an
opportunity.”
What is Entrepreneurship?

Entrepreneurship involves a process


Entrepreneurs create value where there
was none before
Entrepreneurs put resources together in
a unique way
Entrepreneurship is opportunity-driven
behavior
What is Corporate Entrepreneurship?
“Corporate entrepreneurship is a term
used to describe entrepreneurial
behavior inside established mid-sized
and large organizations.”

Other popular related terms


 Organizational entrepreneurship
 Intrapreneurship
 Corporate venturing
Management Versus Entrepreneurship

“Management is the process of


setting objectives and
coordinating resources,
including people, in order to
attain them.”
Management Versus Entrepreneurship

Managers focus more on the current


situation and how to improve
efficiency and effectiveness

Entrepreneurs focus less on the current


situation and more on what can be
Turbulent Environments and the Embattled Corporation

The changing domain of the external


environment
•Technological •Legal
•Economic •Regulatory
•Competitive •Global
•Labor •Customer
•Resource •Social
•Customer •Supplier
“Managers face shortened decision windows and diminishing opportunity streams,
meaning they must act quickly or find themselves missing out on opportunities”
Management Versus Entrepreneurship

The Manager The Entrepreneur


• Planner • Visionary
• Strategist • Opportunity-seeker
• Organizer • Creator
• Staffer The • Innovator
Entrepreneurial
• Motivator Manager • Calculated Risk-taker
• Budgeter • Resource Leverager
• Evaluator • Change Agent
• Coordinator • Active and Adaptive
Concept Implementer
• Supervisor
Turbulent Environments and the Embattled Corporation

Customers Technology
Fragmented markets and rapidly rising Firms have to change the ways they
customer expectations are forcing operate internally and how they
firms to customize their products, compete externally based on:
cultivate longer-term customer -New information management
relationships and learn new skills in technologies
serving global markets -New production and service
delivery technologies
-New customer management
technologies
The
Embattled
Corporation
Competitors Legal, Regulatory and Ethical
Standards
Lead customers to entirely new market
spaces Firms are increasingly accountable to
multiple forcing management to make
Quickly mimic which makes it harder difficult choices and deliver results
to differentiate while behaving responsibly

Attack firms’ most profitable areas of Increasingly litigious environment


business by specializing in narrow,
Increasing regulatory restrictions
profitable niches
The New Path to Sustainable
Competitive Advantage
Achieving a sustainable competitive advantage
derives from five key company capabilities
 Adaptability

 Flexibility

 Speed

 Aggressiveness

 Innovativeness

Entrepreneurship is the core source of “sustainable competitive


advantage”
Entrepreneurial Realities: Understanding the Process

This process consists of six stages:


• Identifying the opportunity
• Defining the business concept
• Assessing the resource requirements
• Acquiring the necessary resources
• Implementing and managing the concept
• Harvesting the venture
How Corporate Entrepreneurship Differs
“Entrepreneurship is the process of creating value
by bringing together a unique combination of
resources to exploit an opportunity.”

The Entrepreneurial Context is never defined, thus,


entrepreneurship can occur in:
• Start-up ventures • Large conglomerates
• Small firms • Non-profit organizations
• Mid-sized companies • Public sector agencies
How Corporate Entrepreneurship Differs

Similarities between start-up and corporate


entrepreneurship
• Both involve opportunity recognition and definition
• Both require a unique business concept that takes the form of a product,
service or process
• Both are driven by an individual champion who works with a team to bring
the concept to fruition
• Both require that the entrepreneur be able to balance vision with managerial
skill, passion with pragmatism, and proactiveness with patience
• Both involve concepts that are most vulnerable in the formative stage, and
that require adaptation over time
Similarities (continued):
• Both entail a window of opportunity within which the concept can be
successfully capitalized upon
• Both are predicated on value creation and accountability to a customer
• Both find the entrepreneur encountering resistance and obstacles,
necessitating both perseverance and an ability to formulate innovative
solutions
• Both entail risk and require risk management strategies
• Both find the entrepreneur needing to develop creative strategies for
leveraging resources
• Both involve significant ambiguity
• Both require harvesting strategies
How Corporate Entrepreneurship Differs
Major differences
Start-up Entrepreneurship Corporate Entrepreneurship
 Entrepreneur takes the risk  Company assumes the risks, other than career-
related risk
 Entrepreneur “owns” the concept or  Company owns the concept, and typically the
innovative idea intellectual rights surrounding the concept
 Entrepreneur owns all or much of the  Entrepreneur may have no equity in the company,
business or a very small percentage
 Potential rewards for the entrepreneur  Clear limits are placed on the financial rewards
are theoretically unlimited entrepreneurs can receive
 One mis-step can mean failure  More room for errors, company can absorb failure
 More insulated from outside influence
 Vulnerable to outside influence
 Independence of the entrepreneur;  Interdependence of the champion with many
although the successful entrepreneur is others; may also have to share credit with any
typically backed by a strong team number of people
How Corporate Entrepreneurship Differs
Major differences continued
Start-up Entrepreneurship Corporate Entrepreneurship
 Flexibility in changing course,  Rules, procedures and bureaucracy hinder the
experimenting or trying new directions entrepreneur’s ability to maneuver
 Speed of decision-making  Longer approval cycles
 Little security  Job security
 No safety net  Dependable benefit package
 Few people to talk to  Extensive network for bouncing around ideas
 Limited scale and scope initially  Potential for sizeable scale and scope fairly
quickly
 Severe resource limitations  Access to finances, R&D, production facilities for
trial runs, an established sales force, an existing
brand, distribution channels that are in place,
existing databases and market research resources,
and an established customer base
How Corporate Entrepreneurship Differs

Corporate entrepreneurs face three major challenges


linked to the need for interorganizational political
skills:

• Achieving credibility or legitimacy for the concept


and the entrepreneurial team
• Obtaining resources
• Overcoming inertia and resistance
How Corporate Entrepreneurship Differs

Corporate entrepreneurs remain in the corporate


environment rather than starting their own ventures for
three main reasons:
• The size of the resource base that they can tap into
• The potential to operate on a fairly significant scope and scale
fairly quickly
• The security they enjoy when operating in an existing
company

Organizational politics is one of the main reasons corporate


entrepreneurs leave the company
How Corporate Entrepreneurship Differs

To cultivate an environment of entrepreneurship within an


organization, managers must:

• Create environments where employees have a sense that


resources can be accessed if a idea is sound

• Find ways to reinforce the ability of anyone in the firm


to champion an idea and get it implemented

• Invest in the development of people

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