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Introduction To Corporate Entrepreneurship Essay

3039 words - 13 pages

Introduction
to
Corporate Entrepreneurship


Executive Summary
Entrepreneurship is the process or application that drives creation and development of creative and innovative ideas (Frederick and Kuratko 2010). It involves market changes through systematic process to assist in the identification and address of new business opportunities (Alizadeh 2012).
Corporate entrepreneurship is about the total process whereby organisations act in an innovative, risk-taking and proactive (Bouchard 2010) ways to help organisations, similar to entrepreneurship of creative and innovative thinking, however, the keyword for corporate entrepreneurship is ‘Organisation’.
The aim of this manual was to ...view middle of the document...

1 Entrepreneurship 3
2 Corporate Entrepreneurship 4
2.1 Principle Types of Corporate Entrepreneurship 5
2.1.1 Corporate Venturing 5
2.1.2 Strategic Renewal 6
2.1.3 Frame Breaking 6
2.2 Dimensions of Corporate Entrepreneurship Capability 6
2.2.1 Innovativeness 6
2.2.2 Risk-Taking 6
2.2.3 Pro-Activeness 7
2.3 Generations of Innovation Process Models 7
2.4 Framework of Promoting Corporate Entrepreneurship 8
3 Focal Areas of Corporate Entrepreneurship 9
3.1 Benefits of Corporate Entrepreneurship 9
3.2 Barriers of Corporate Entrepreneurship 10
3.3 Success Factors of Corporate Entrepreneurship 10
4 Conclusion 11
5 References 12

1 Introduction
1.1 Entrepreneurship
Entrepreneurship is the process or application that drives creation and development of creative and innovative ideas (Frederick and Kuratko 2010). It involves market changes and through systematic process assist in the identification and address of new business opportunities (Alizadeh 2012).
With the discovery of opportunities, entrepreneurs being creative and innovative will develop and execute new ideas/things that address and best suit customers’ behaviours and needs. One important factor that entrepreneurs need to consider is the understanding of risks associated to uncertainty.
All businesses’ objectives are about business growth and competitiveness. Entrepreneurship is about the pursuing of these growths through creative and innovative propositions, however, entrepreneurship is not just about plain business, its’ also about transforming one’s dream and creative ideas into reality (Pinchot 1985).
Often entrepreneurship is associated with high level of failures which sometimes help build the necessary foundation of a business and a part of experiences learning.

Figure 1: Evolution of Entrepreneurship
With the world economies opening their markets, comes globalisation, globalisation involves market and consumers’ behavioural changes, with all the changes surrounding the markets, they generate new and substantial opportunities, with opportunities, they fosters new business growth, and with growth ensures business viability and sustainability for organisations. Uncertainty associated with risks has to be taken into serious consideration, such as calculated risks.
Considering all the factors above, people with lots of creativity and with minds full of innovation will be encouraged start to develop new ideas to address the targeted market needs, thus emphasizing the importance of creativity such as thinking of new ideas, and innovation by doing and executing those ideas. The combination of creativity and innovation gives birth to Entrepreneurship.
2 Corporate Entrepreneurship
Convergence with entrepreneurships’ creative and innovative thinking, the keyword for CE is ‘Organisation’. Stevenson, Roberts and Grousbeck’s (1999) observed CE as the process which individuals or entrepreneurs inside their organisations pursue opportunities without regards...

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