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ENTREPRENEURSHIP
Causes of Interest In Corporate
Entrepreneurship
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9.
Multidiscipline teamwork
approach
Long time horizon
Volunteer program
Appropriate reward
system
Sponsors and champions
available
Support of top
management
First, the organization operates
on frontiers of technology.
Research and development are
key sources for successful new
product ideas, the firm must
operate on the cutting edge of the
industrys technology,
encouraging and supporting new
ideas.
Second, trial and error. Successful
of new products or services do
not appear fully developed, they
evolve.
Establish an environment that
allows mistakes and failures in
developing new and innovative
products.
Third, the organization should
make sure that there are no initial
organizational obstacles that
inhibit creativity in new product
development.
Fourth, the resources of the firm
need to be available and easily
accessible.
Insufficient funds are allocated
not to creating something new,
but to solve problems that have
an immediate effect on the
bottom line.
Fifth, a multidiscipline team
approach needs to be encouraged.
This open approach, with
participation by needed
individuals regardless of area, is
the antithesis of the typical
corporate organizational
structure.
10.
An evaluation of successful
cases of corporate
entrepreneurship indicated that
one key to success was the
existence of skunkworks
involving relevant people.
11.
A team members promotion
and overall career within the
corporation are based on their job
performance in the current
position.
12.
Establish a long time horizon
for evaluating the success of the
overall program and the success
of an individual venture.
13.
This patient toward money in
the corporate setting is no
different from the
investment/return time horizon
used by venture capitalists and
others when invest in an
entrepreneurial effort.
14.
Sixth, the spirit of corporate
entrepreneurship cant be forced.
15.
An individual willing to spend
the excess hours and effort to
create a new venture needs the
opportunity and the
accompanying reward of
completing the project.
16.
A corporate entrepreneur
falls in love with the newly
created internal venture and will
do almost anything to help ensure
its success.
17.
Seventh, reward system.
Rewards based on the attainment
of established performance goals.
18.
The corporate entrepreneur
needs to be appropriately
rewarded for all the energy, effort
and risk taking expended in the
creation of the new venture.
19.
Eighth, sponsors and
champions throughout the
organization supports the
creativity and the planning
flexibility to establish new
objectives and directions.
20.
Corporate structures
frequently measure managers on
their ability to come close to
objectives, regardless the quality
of performance.
21.
Ninth, must be supported by
top management, both by their
physical presence and making
sure that the necessary personnel
and financial resources are
available.
Leadership Characteristics of
Corporate Entrepreneurs
1. Leadership characteristics:
Understands the
environment
Visionary and flexible
Creates management
options
Encourages teamwork
Encourages open
discussion
Builds a coalition of
supporters
Persists
2. To establish a successful
corporate venture, the individual
must be creative and have a broad
understanding of the internal and
external environments of the
corporation.
3. Be a visionary leader, a person
who dreams great dreams.
4. To establish a successful new
venture, the corporate
entrepreneur must have a dream
and overcome obstacles to
achieving it by selling the dream
to others.
5. A corporate entrepreneur does
not mind the store but open to
and encourages change.
6. In forming a new venture, putting
together a variety of skills
requires crossing established
departmental structure and
reporting systems.