Category: Entrepreneurship Content

Entrepreneurship Content!

Entrepreneurship content refers to information, resources, and material that stand specifically tailored to support and educate aspiring or existing entrepreneurs in starting, managing, and growing their businesses. This content designs to provide valuable insights, guidance, and inspiration for individuals. Who are interested in venturing into the world of entrepreneurship. It covers a wide range of topics and may present through various mediums, including articles, blog posts, videos, podcasts, online courses, workshops, and more.

Key components of entrepreneurship content include:

  1. Startup Guidance: Content focused on helping entrepreneurs navigate the early stages of starting a business. This may include advice on idea validation, market research, business planning, and legal considerations.
  2. Business Development: Content that assists entrepreneurs in developing their business models. Defining their value proposition, identifying target markets, and creating marketing and sales strategies.
  3. Funding and Finance: Information on different sources of funding, including bootstrapping, venture capital, angel investors, and crowdfunding. Content may also cover financial management, budgeting, and forecasting.
  4. Innovation and Creativity: Content that encourages entrepreneurs to think outside the box, foster innovation, and find unique solutions to problems.
  5. Leadership and Management: Entrepreneurship content often includes guidance on leadership skills, team building, and effective management practices.
  6. Marketing and Branding: Information on branding, advertising, social media marketing, and customer acquisition strategies.
  7. Risk Management: Content focused on identifying and mitigating risks associated with entrepreneurship, including financial risks, market risks, and operational risks.
  8. Networking and Community: Encouraging entrepreneurs to engage with like-minded individuals, attend networking events, and join entrepreneurship communities for support and collaboration.
  9. Success Stories and Case Studies: Sharing real-life success stories of entrepreneurs who have overcome challenges and achieved significant milestones to inspire and motivate others.
  10. Personal Development: Content that emphasizes the importance of self-awareness, resilience, and continuous learning in the entrepreneurial journey.

Entrepreneurship content is widely available on the internet and in books. Through entrepreneurship-focused organizations, and from business experts and thought leaders. It aims to empower individuals with the knowledge, skills, and resources needed to navigate. The complexities of entrepreneurship increase their chances of building successful and sustainable businesses.

For aspiring entrepreneurs, consuming relevant and reputable entrepreneurship content can be a valuable step in gaining insights. Avoiding common pitfalls, and honing the entrepreneurial mindset required for success in the ever-evolving world of business.

  • Social Entrepreneurship Meaning and Factors of Success

    Social Entrepreneurship Meaning and Factors of Success

    The rapid growth of marketing is constantly changing our lives. As a result, entrepreneurs are played the important role in a market as they are seen as agents of change. Which the change is economically based, the implications are far-reaching, affecting other aspects of society such as social, cultural and political. That is why the entrepreneur is willing to take the responsibility and taking the business risk to create and expand their business to order to explore more opportunities. Which the goods and services are fulfilled customer’s demand and preferences. Besides, learn what? More about Social Entrepreneurship Meaning and Factors of Success.

    Modern Business in need the Social Entrepreneurship? Explain Each Social Entrepreneurship Meaning and Factors of Success, Position, and their Challenges.

    Entrepreneurs have seen to be the starters and they also assume the role of manager. Which entrepreneurs are observing the fourth factor of production (entrepreneur, land, labor, and capital) and improve for the economic development. They were actively formed to lead their own business and cultivate and offering new ideas for the economic growth and prosperity in individually.

    Moreover, entrepreneurs have a good in planning and manage strategically to make a decision and always strive for excellence in a business. Therefore, it can avoid the failure that may threat to an entrepreneur and the lack of continuity of the business and know how to develop the field of social entrepreneurship.

    In the scenarios, among a social entrepreneur is motivated to improve and transform social, educational, environmental and economic conditions. Social entrepreneurs are for social improvement but not for the money. They present their ideas that are user-friendly and ethical that which applies innovative solutions to support in order to expand the large number of people to tackle their idea.

    Which the challenges and successes of highly effective social entrepreneurs include the failure and a lack of acceptance of the status. The social entrepreneur is importance to driven by an emotional desire for the social and economic conditions and not only by the desire for profit. Anyways, they seek for the best solutions to resolve the problems that can be copied by others. In another hand, the social entrepreneur was the improvement of the goods and services offered to the community is to create the social value with run as non-profits.

    #The success of Social Entrepreneurship.

    The success will require good practice, interchangeable ideas and knowledge to improve society. Social entrepreneurship must have hard work, plain, and simple behavior to drive the success that can solve the social issues. Anyways, they have shared their ideas and have a good in plan and manage strategically to make a decision and always strive for excellence in a business. Therefore, it can avoid the failure that may threat to an entrepreneur and the lack of continuity of the business and know how to develop the field perfectly.

    The next point will bring success to an entrepreneur is the traits of an entrepreneur. That’s important for the entrepreneur to strive the excellent in business and also focus on how they can get the things they want through the ways they go. Below are show the factor and traits of an entrepreneur to drive success.

    Goal-Setter:

    A goal-setter is very important for anyone to get the success in business. Stay focused and strive for balance to set a goal will be useful for everyone. To achieve the goal, the entrepreneur must ensure that the goal is clear and achieve attainable vision with concrete measurable goals.

    Knowing Your Strengths and Weaknesses:

    Knowing the strengths and weaknesses of an entrepreneur also may bring success in business. Anyways, the strengths and weaknesses are playing an active role in people likes to succeed in business. This is the ability that entrepreneurs have to brush off failures and mistakes and keep going forward.

    Therefore, an entrepreneur must exercise how to get even better performance in business, enhance self-confidence, and improve the study skills, knowledge and ability. Regardless in life or in business, entrepreneurs are playing the importance and potential role in the business. Before that, entrepreneurs have to self-evaluation themselves such as strengths, weaknesses, opportunities, and threats. This may transform people attitudes to get even better, know the ways to improve the ability.

    Maximizing Opportunities:

    An opportunity is important for entrepreneurs; they are always looking for opportunities. Whether they are already in business or just getting started, they have an attitude that expects opportunities, and they invest the time necessary to find the opportunities that will work for them; even those already running a successful business remain open to new possibilities.

    Know Your Business/ Know Your Competition:

    Problems are always occurring in the business. The new idea may bring the opportunities by increase the income of the business and success achieve the goal was set. So that an entrepreneur must have a good in plan and manage strategically to make a decision and always strive for excellence in a business.

    An entrepreneur must have the great thinking and creative ideas that to play the important to share the new ideas which the ideas may make them successful in their own business.

    Effectively Manage Budgets and Finances:

    Budgets and finance are also the issues for entrepreneurs as for how they earn the income by investment. The ethical and moral must be including by an entrepreneur, they use positive ways to operate their business. Effectively manage budgets and finances may help them to save the resources and reduce the expenses in production.

    Never Settle for Second Best:

    Never settle for second best also as a trait for an entrepreneur also may bring the success in business. Entrepreneurs have a good in planning and manage strategically to make a decision and always strive for excellence in a business. Innovation for entrepreneurs is to do the new ideas to become products and services which the products and services are fulfilled customer’s demand and preferences.

    They were actively formed to lead their own business and cultivate and offering new ideas for the economic growth and prosperity in individually. Moreover, entrepreneurs are the capability to learn from the failure and personal initiative to make innovation and improvement to get the business opportunities.

    Hard Work:

    The time is the issues that to bring people for driven to success. The characteristic of an entrepreneur is the willingness to work hard and assuming the responsibility in the workplace. Entrepreneurs must know how to managing their time to work or launching a new business. Therefore, they are fully applying their ability with intensity and focus to do their duty in business.

    #The position of Social Entrepreneurship.

    To become a great entrepreneur, there are ways to position their post in the workplace. This may help entrepreneurs to succeed in business and improve their knowledge and ideas.

    • Set a clear, attainable vision with concrete measurable goals: Explanation the notion of leading is to motivate the employee to achieve the goals has been set. Create a shared culture and values, communicating to all the employees of all the organization. That may infuse the employees that to perform the high level and ability to shape the communication, culture and motivate employees to achieve business success. Anyways, leading process was let the employees know what is the vision need to measure up and try to motivate the employees to make the organization more effectiveness, efficiency and functional the organization.
    • Tell people what your individual expectations are: A feedback is helpful to specific and measurable about their ongoing job performance. It’s may identify the employees who get the benefit from every training or supervision. In another hand, everyone’s expectations are different from each other. They’re needed to tell other about what was he or she expects to want to get in the business. That’s the key to striving to make someone a success. Moreover, responsibility for a person may bring the effect to the whole organization. The motivation, dedication and productive may drive the business a success. Entrepreneurs may feel confident about their skills and it may make it easily be more productive, satisfied and successful.
    • Self-review, evaluation to motivate the potential in the workplace: Self-evaluation can use the SWOT analysis to evaluate strengths, weaknesses, opportunities, and threats in workplaces. However, it may transform people attitudes to get even better, know the ways to improve the ability. A good conversation promotes an image of intelligence, wittiness and, self-confidence. Therefore, this may improve a person’s ability in conversation or other situation. This also may help people to find the objectives and how to solve the problem in presentation, study, and finding information. Anyways, the different path such as academic, personal, career, or other also has distinct objectives. To achieve the goal, a person must ensure that the goal is clearly aware of what is expected of them if an objective is to be achieved.
    • Be open to new ideas: The thinking strategically is the challenges for entrepreneurs to resolve the business problem and create the innovations. A social entrepreneur must have great thoughts and creative ideas. That’s an important reason than to share their new ideas which the ideas may success to improve their organization. A new idea may bring opportunities to extend the business in which increased productivity. The challenges in the field of social entrepreneurship also the development of new strategies and notion frameworks tailored specifically to social value creation. These reactions are crucial to fostering a positive environment that builds morale, improves motivation, and creates opportunities for success.

    #Challenges in Social Entrepreneurship.

    The challenging issue of social entrepreneurship is to build up a no funding of reliable team and establish an effective and realistic business plan to scale up. In this case, the skills and insight of a social entrepreneurship are very important that must hold by them in their business. Challenges may bring success for entrepreneurs to lead their own businesses and active involvement to explore more opportunities. The below are show the challenges of social entrepreneurship.

    Managing Accountability:

    Accountability is a complicated issue for social entrepreneurship. Social entrepreneurs create the opportunities, good in planning and manage strategically to make a decision and always strive for excellence in a business. Which they must have a good skill and insight into developing its strategy in the business.

    Social entrepreneurs need to build the profitable businesses which are observing the fourth factor of production (entrepreneur, land, labor, and capital) and improve for the economic development. Therefore, social entrepreneur always strives for excellence in a business which makes their own view and experiences to the company’s strategy.

    However, social entrepreneurs also same with other entrepreneurs, have to search for resources and survive until the business begins reaping income. The challenges and skills are useful in the future for entrepreneurs more accountable for their business.

    Managing the Double Bottom Line:

    The double bottom line is a business term which can create a series of tensions across the business. It’s to measure the financial performance in term of positive social impact. Its approaches to applying to public and private sector organization’s ability to take their strengths and capacity and match them to an opportunity they see in the marketplace- an opportunity that both meet their mission and provides financial stability- this is what we call double bottom line. These great efforts must take time to achieve the results more effective management and outcome of the form of revenue diversification.

    Managing Identity:

    In the managing identity issues, Social entrepreneurs who have worked mainly in the nonprofit sector may find it difficult to identify closely with the commercial side of the business; for entrepreneurs with a for-profit background, the problem may be a difficulty identifying with the goals and approach of the social side of the venture, especially when they undermine the stability of the business.

    Besides that, Complex identity issues such as these need to make explicit in the context of social entrepreneurship education, which should also convey the commercial realities of managing a social venture; regardless of their commitment to their social vision, only by operating profitably can social entrepreneurs engender sustainable social change. Clearly, this raises particular leadership dilemmas for social enterprise.

    Managing a Global Operation:

    Managing a global operation also play the important role in the challenges of the social entrepreneur. All the work is done for global especially for the social enterprise which they have faced to the new challenges to manage the business. In this case, the time also important to this section to help them more function closely as a team in the workplace.

    Anyways, staying objective and communicating your value, fighting fires and thinking strategically, and remaining true to the vision when complexity arrives is also be the strategy to positioning the business while there are occur a list of issues that need to solve in the workplace.

    Social Entrepreneurship Meaning and Factors of Success - ilearnlot
    Image Credit from ilearnlot.com.
  • What is Organizational Structure for Corporate Entrepreneurship?

    What is Organizational Structure for Corporate Entrepreneurship?

    An organizational structure defines how activities such as task allocation, coordination, and supervision are directed toward the achievement of organizational aims. Also learn, Why is Intrapreneurship Better than Entrepreneurship? This article explains to Organizational Structure for Corporate Entrepreneurship. Organizations need to be efficient, flexible, innovative and caring to achieve sustainable competitive advantage. Organizational structure can also consider as the viewing glass or perspective through which individuals see their organization and its environment.

    Learn, Entrepreneurial, What is Organizational Structure for Corporate Entrepreneurship?

    Corporate entrepreneurship (also called intrapreneurship) is defined by Guth and Ginsburg as;

    “The birth of new business within existing organizations, that is, internal innovation or venturing; and the transformation of organizations through the renewal of the key ideas on which they are built, that is, strategic renewal.”

    The organizational structure affects organizational action in two ways:
    1. It provides the foundation on which standard operating procedures and routines rest.
    2. It determines which individuals get to participate in which decision-making processes, and thus to what extent their views shape the organization’s actions.

    Organizational Structures for Corporate Entrepreneurship:

    Burgelman proposes that the use of a particular organizational structure should determine by:

    1. The strategic importance of the new business to the corporation. and.
    2. The relatedness of the unit’s operations to those of the corporation.

    The combination of these two factors results in nine organizational structures for corporate entrepreneurship.

    1] Direct Integration:

    A new business with a great deal of strategic importance and operational relatedness must be a part of the corporation’s mainstream. Product champion-people who are respected by others in the corporation and who know how to work the system need to manage these projects.

    2] New Product Business Department:

    A new business with a great deal of strategic importance and partial operational relatedness should be a separate department. Organize around an entrepreneurial project in the division where skills and capabilities can share.

    3] Special Business Units:

    A new business with a great deal of strategic importance and low operational relatedness should be a special new business unit with specific objectives and time horizons.

    4] Micro New Ventures Department:

    A new business with uncertain strategic importance and high operational relatedness should be a peripheral project. Which is likely to emerge in the operating divisions continuously. Each division thus has its new ventures department.

    5] New Venture Division:

    A new business with the uncertain strategic importance that is only partly related to present corporate operations belongs in a new venture division. It brings together projects that either exists in various parts of the corporation or can acquire externally, sizable new businesses are built.

    6] Independent Business Units:

    Uncertain strategic importance coupled with no relationship to present corporate activities can make external arrangements attractive. Also read, The Corporate Entrepreneurship Categories and Organizational Thinking.

    7] Nurturing and Contracting:

    When an entrepreneurial proposal might not be important strategically to the corporation but is strongly related to present operations. Top management might help the entrepreneurial unit to spin-off from the corporation. This allows a friendly competitor, instead of one of the corporation’s major rivals, to capture a small niche.

    8] Contracting:

    As the required capabilities and sills of the new business are less related to those of the corporation. The parent corporation may spin off the strategically unimportant unit yet keep some relationship through a contractual arrangement with the new firm. The connection s useful in case the new firm eventually develops something of value to the corporation.

    9] Complete Spin-Off:

    If both the strategic importance and the operational relatedness of the new business are negligible. The corporations are likely to completely sell off the business to another firm or the present employees in some form of ESOP (Employee Stock Ownership Plan). The corporation also could sell off the unit through a leveraged buy-out executives of the unit buy. Also, the unit from the parent company with money from a third source, to be repaid out of the unit’s anticipated earnings.

    Entrepreneurial Organizational Structure:

    The organizational structure of an entrepreneurial company often has two central requirements based on the nature and size of the business. Because they are innovators, these businesses must develop organizational structures. That promotes frequent interaction and communication among their marketing, sales and production departments. Because they are often smaller businesses that aren’t able to fully departmentalize because they have large sales of one product. They must maximize their management resources through multitasking.

    1] Theory Originator:

    The theory of an entrepreneurial organizational structure was developing by McGill University professor and management expert Henry Mintzberg. He proposed theories about five different types of organizational structures, including one well suited for operating an entrepreneurial organization. Others have since expanded on his theories, first proposed in the 1970s, as markets and technologies have evolved.

    2] Flat vs Hierarchical Structure:

    Smaller businesses with few employees that continue to evolve. Their product development and marketing often use a flat organizational structure rather than a hierarchical one. A traditional hierarchical organizational structure organizes a company based on departments. With each department having a leader and subordinates reporting to the department head.

    These departments work independently, reporting to a president, chief executive officer or executive management team. A flat organizational structure consists of individuals or small groups that work collaboratively, all reporting to the owner or CEO. A flat structure can require managers to take on or participate in more than one task to maximize scarce human resources.

    3] Planning Structure:

    An entrepreneurial structure should facilitate cooperative planning rather than top-down strategic and marketing planning. Which features execution of plans assigned to different departments. Marketing activities include product development, pricing strategies, brand creation, and distribution channel selection that occur before any promotions take place.

    For example, at a larger business with a hierarchical organizational structure. Also, the marketing department might develop the product and then tell the production department to determine how to make it. In an entrepreneurial organization, all team members are involving in product planning.

    So, they can share their concerns or make suggestions about whether they can make the product. At large companies, marketing will know the capabilities of its production department. While at an entrepreneurial company, marketing will pitch an idea, asking production. Information technology, sales, and finance if they can bring the idea to market.

    4] Communication Structure:

    An entrepreneurial organization holds regular team meetings to discuss ideas before a decision is creating. While a more traditional organizational structure uses meetings of department heads to announce their progress and tell subordinates what has been deciding. An entrepreneurial company might create an intranet or a communication system based on the Cloud to exchange project status in real-time.

    A Cloud-based system puts information on a secure Internet site that people can access with a password from anywhere. An intranet resides on a company’s servers. Using such a system, each team member will have his responsibilities but will update his progress on a master document that all other team members can access from their computers at any time of the day.

    What is Organizational Structure for Corporate Entrepreneurship
    What is Organizational Structure for Corporate Entrepreneurship? Google Image Searching.

    Reference:

    1. Structures – //www.mbaknol.com/strategic-management/corporate-entrepreneurship/
    2. Entrepreneurial – //yourbusiness.azcentral.com/entrepreneurial-organizational-structure-16071.html
    3. Photo Credit URL – //conditionaldesign.org/workshops/3d-straw-structure/resources/09-img-5455-edit.jpg

  • The Corporate Entrepreneurship Categories and Organizational Thinking

    The Corporate Entrepreneurship Categories and Organizational Thinking

    Rise of Corporate entrepreneurs: The current change in the economy throughout the world pressurize to businesses and industries to change the strategies rapidly to satisfy the multiple stakeholders. Also learn, What is the Difference Between an Intrapreneur and Entrepreneur? This article explains to Corporate Entrepreneurship Categories and Organizational Thinking. Large organizations are focusing on innovation. The need for Intrapreneur arises due to the number of problems. The number of competitors is increasing rapidly these competitors are very sophisticated, these competitors are not only their backyard but from other countries as well. Many innovative people leave corporate and became business entrepreneurs. Organizations want to improve efficiency and productivity.

    Learn, and Understand, The Corporate Entrepreneurship Categories and Organizational Thinking.

    Corporate entrepreneurial leadership Characteristics: A corporate entrepreneur is a person who focuses on innovation and creativity to transform dreams into a profitable reality. A charismatic leader in a company instills an entrepreneurial philosophy in the employees in an organization. These entrepreneurs must have leadership characteristics. They must be visionary and flexible. Also, the Entrepreneur encourages teamwork and builds a coalition of support. For the team, performance entrepreneur understands the organization environment they persist continuously trying to give their best.

    What is Corporate Entrepreneurship?

    Since the late 1990s, many large companies have been experimenting with the idea of corporate entrepreneurship as a way to launch and manage new ventures within a big corporation. Using the resources of the parent company, individual employees and internal teams can develop new products, innovations or brands. Also, this leads to increased profits and a more competitive stance in the marketplace. It also helps large companies retain talented staff that might otherwise leave to start their ventures.

    Corporate entrepreneurship has also been called corporate venturing. This should not be confused with corporate venture capital, which involves large corporations investing directly in external startups as a means of innovation. Also, they happen completely from within the existing company.

    Categories of Corporate Entrepreneurship:

    As well as Corporate entrepreneurship is the choice for large organizations. They have been categorized into four broad categories.

    1] Corporate Venturing:

    The Corporate venturing involves is starting a new business within the existing business, e.g. Thermo- Electron company’s core competence in medical laser technology and started a new venture involve hair removal salons utilizing their laser technology.

    2] Intrapreneuring:

    Is an effort used by entrepreneurs to create and build a business to set up their mind and behaviors. Companies who wish to bring innovation in their companies generally make some intrapreneurs in their company to build a culture of creativity.

    3] Corporate renewal or Transformation:

    When in a company transformation involves innovation and it leads to economic value it is called a corporate renewal.

    4] Industrial Rule Breaking:

    When a company transforms itself significantly and the change involves a competitive environment it is called an industry rule-breaking. Amazon.com is one such company that broke the rules of engagement of booksellers.

    Organizational Thinking in Corporate Entrepreneurship:

    Numbers of corporations are trying to re-engineer corporate thinking and encourage an entrepreneurial environment. But some top managers are finding it difficult to implement policies to encourage freedom and not believe in entrepreneurial ideas that can be nurtured in their environment. Managers need to develop policies to encourage innovative people. Management should identify potential intrapreneurs in their companies early. If someone has these qualities try to promote him before he leaves the organization. Also learn, How to Explain Observing Trends in Entrepreneurship?

    Key features in the success of any innovative program are trust, accountability, and confidence. Management should emphasize individual responsibility. To encourage staff to take the risk and achieve management should implement the reward system and give freedom. In case of failure, the project must examine closely for real learning. Also, Individuals must feel free to do all the experiments without the fear of punishment.

    Why is Intrapreneur better than an entrepreneur?

    Intrapreneur generally has the burning vision which helps them to improve the organization as an Intrapreneur you have the company name and a marketing channel at your back which can increase the chances of success of your enterprise, Intrapreneur does not need to risk his funds but as an entrepreneur have to risk your finances.

    Especially if capital for your idea is easier to come from inside the organization, Intrapreneur is better than an entrepreneur. The success of the enterprise needs continuous assesses of the companies technologies to stay competitive. If the Intrapreneur wants to bypass the existing company distribution channel still the company name matters. For the right person, intrapreneurs are invigorating and addicting. Also, the company provides him security with the freedom and creativity of the entrepreneur.

    Corporate Entrepreneurship Models:

    Traditionally, most new ventures arise from the research and development of information technology departments. Also, Corporate entrepreneurship encourages innovative thinking in departments across the organization. A research study by Robert C. Wolcott and Michael J. Lippitz published in MIT Sloan Management Review; outlines four models of corporate entrepreneurship:

    1] Opportunist model:

    This is sort of the “no model” model. An employee has an innovative idea and happens to get the support of a project champion with the power to say yes to funding and research.

    2] Enabler model:

    The organization hires entrepreneurially-minded people and encourages all employees and teams to promote and pursue their ideas. Google, for example, aims to hire people with “entrepreneurial DNA,” and allows employees to spend 20% of their time exploring new concepts and prototypes. This model requires that companies communicate clearly how they select projects, provide resources, and track projects.

    3] Advocate model:

    The company creates a core group of who act as innovation experts and evangelists to work throughout the company and help encourage new business ideas. There are no established funds to participate, so each unit must pay for its ideas. Those that participate do so because they think the initiative is valuable. This model depends on people who can work with different teams and facilitate change.

    Producer model:

    The company creates internal organizations with funding and a defined process for how new ideas will develop if they don’t fit into the existing business structure. This model requires significant funding and staffing, and support from executive management.

    As well as Corporations or management teams that want to encourage intrapreneurship should promote an environment where new ideas are heard and supported, make innovative thinking a part of the corporate culture, and identify and foster those who have an entrepreneurial drive.

    Also, Successful corporate entrepreneur initiatives, according to Wolcott and Lippitz, are those that communicate a broad vision and delineate specific objectives. Companies typically start with a small team that can get consensus from senior management to determine these objectives and build support across the board.

    The Corporate Entrepreneurship Categories and Organizational Thinking
    The Corporate Entrepreneurship Categories and Organizational Thinking, Image #Pixabay.

    Reference:

    1. Categories and More – //www.ukessays.com/essays/business/the-need-for-the-corporate-intrapreneurship-business-essay.php
    2. Model – //generalassemb.ly/blog/how-to-encourage-corporate-entrepreneurship/
    3. Photo Credit URL – //media-exp2.licdn.com/mpr/mpr/AAIAAgDGAAAAAQAAAAAAAAsuAAAAJDUwODhjYTdiLWMwMDAtNGZkZS1iNTdiLTM3NmNiYTZhYmYxNg.jpg

  • What is Corporate Entrepreneurship? Meaning and Definition

    What is Corporate Entrepreneurship? Meaning and Definition

    Corporate Entrepreneurship Definition and Meaning – Major current researches are based on the studies of Joseph A. Schumpeter (1883 – 1950); An Austrian-American economist and political scientist. He was the first economist who determined entrepreneurs as the main agents of economic growth which create new products, find and develop new methods of production, and allocate other innovations to stimulate economic evolution. Also learn, What is Intrapreneurship? This article explains Corporate Entrepreneurship Meaning and Definition. According to the “creative destruction” the entrepreneurs continually displace, substitute, or destroy existing products or methods of production with new ones. The positive outcomes of these processes are the opportunity to create new technologies and new products to satisfy the changes in customer’s needs and the improvement of overall economic activities.

    Learn, Understanding, and explain Corporate Entrepreneurship (CE) meaning and definition.

    What is Corporate Entrepreneurship (CE)? It is a set of activities to enhance a company’s ability to innovate, take a risk, and seize the opportunities that are allocated in the market. Also, Corporate entrepreneurship is targeting the new business establishment, new market allocation with further business pursuing, or both.

    Robert A. Burgelman (1983) refers to CE to the company’s activity in diversification through internal development. The process of such diversification involves new resources to help the firm to extend its activity in the new spheres of opportunities.

    Such diversification through internal resources development represents the process of individual entrepreneurship in the corporate one. Thus, corporate entrepreneurship is a result of combining the entrepreneurial activities of multiple participants.

    Meaning of Corporate Entrepreneurship:

    Corporate entrepreneurship (also know as intrapreneurship) is defined by Guth and Ginsburg as;

    “The birth of new business within existing organizations, that is, internal innovation or venturing; and the transformation of organizations through the renewal of the key ideas on which they are built, that is, strategic renewal.”

    A large corporation that wants to encourage innovation and creativity within its firm must choose a structure. That will give the new business unit an appropriate amount of freedom while maintaining some degree of control at headquarters. Also learn, What is the Difference Between an Intrapreneur and Entrepreneur?

    Burgelman proposes that the use of particular organizational design should determine by;

    • The strategic importance of the new business to the corporation, and.
    • The relatedness of the unit’s operations to those of the corporation.

    A combination of these two factors results in nine organizational designs for corporate entrepreneurship.

    Definition of Corporate Entrepreneurship:

    Though its definition is somewhat contentious, the concept of corporate entrepreneurship is generally believing to refer to the development of new ideas and opportunities within large or establish businesses. Directly leading to the improvement of organizational profitability and an enhancement of competitive position or the strategic renewal of an existing business.

    Within that system, the notion of innovation is at the very core of CE – the two inseparably bound together and responsible for driving calculated and beneficial risk-taking. Taking it one step further, corporate entrepreneurship may even significantly alter the balance of competition within an industry or create entirely new industries through this act of internal innovation. As well as learn, Why is “The Language of Business” also called Accounting?

    Why the Need for Corporate Entrepreneurship?

    Corporate entrepreneurship or Intrapreneurship is an important element in large and medium organizations. Also, Intrapreneurship exists within the organizations. It plays an important role in organizational and economic development. Intrapreneurship leads not only to new ventures, but it also leads to other innovative activities and orientations. Such as the development of new products, technologies, services, strategies, and competitive postures.

    In good or bad economic times, companies seek innovations to remain competitive. Intrapreneurs are more intelligent and can perceive the big picture. They are self-motivating and optimistic. These people are action-orient and move quickly to get things done.

    A corporate entrepreneur is a person who focuses on innovation and creativity to transform dreams into a profitable reality. A charismatic leader in a company instills an entrepreneurial philosophy in the employees in an organization. These entrepreneurs must have leadership characteristics. They must be visionary and flexible. Entrepreneur encourages teamwork and builds a coalition of support. For the team, performance entrepreneur understands the organization environment they persist continuously trying to give their best.

    Now a day’s market is highly competitive, to survive organizations trying to be more innovative. Companies want innovative people to work for them. Intrapreneurial techniques have been using throughout the world, some with failure and some with great success. As well as reading, How to Explain the Most Important Characteristics of Organizational Culture? and. Also learn, What are Factors affecting Organizational Change? External and Internal!

    Why should established organizations consider corporate entrepreneurship?

    Corporate entrepreneurship is especially crucial for large companies. Enabling these organizations – that are traditionally averse to risk-taking – to innovate, driving leaders and teams toward an increased level of corporate enterprising. In addition to the obvious benefits obtained through innovation. This approach also provides the organizational benefit of setting the stage for leadership continuity.

    In a simpler view, corporate entrepreneurship can also consider a means of organizational renewal. For in addition to its focus on innovation. There also exists an equal drive toward venturing. These two work in unison as the company undertakes innovations across the entire organizational spectrum, from product and process to technology and administration.

    Also, venturing is a primary component in the process, pushing larger companies to enhance their overall competitiveness in the marketplace by taking bigger risks. Examples of these risks, as seen in a large-scale organization, may include the redefinition of the business concept, reorganization, and the introduction of system-wide changes for innovation.

    Setting up the corporate entrepreneurship environment:

    In modern business, one of the primary tasks of the business leader is to foster an environment in which entrepreneurial thinking is encouraged and readily takes place. Promoting this culture by freely encouraging creativity (and thereby innovation). Also, business leaders motivated toward corporate entrepreneurship must continuously strive to exude and build trust. Embracing the risk to fail and inspiring those around them to take similar calculated risks.

    But there is more to an environment of corporate entrepreneurship than simply inciting inspiration. It also relies heavily on a system of continuous analysis and feedback, potentially including the following two steps:

    Step 1:

    Set a broad direction for achievement, reevaluating it periodically for any new information. That may have surfaced regarding changes in the business environment. Including competitive products and markets in which the firm is operating. Constant evaluation is essential at this stage as even the most finely-tuned direction can still lead to catastrophic failure if the approach is no longer working.

    Step 2:

    Reinforce efforts across the entire organization that coincide with the current plan for achievement. The task of a leader or senior manager is often that of the analyst. Continuously promoting strategy while making adjustments based on their beliefs related to organizational goals and the feedback they receive from business units.

    As these business units continue to experiment with existing products and services. As well as, innovate and develop new ones, senior executives can magnify the stated goals to reinforce those business unit initiatives and thereby achieve the highest degree of success.

    What is Corporate Entrepreneurship Meaning and Definition
    What is Corporate Entrepreneurship? Meaning and Definition. Also, the Image is online take.

    Reference:

    1. Meaning – //www.mbaknol.com/strategic-management/corporate-entrepreneurship/
    2. Definition, Establish and Step – //www.businessdictionary.com/article/726/corporate-entrepreneurship-and-its-importance-in-large-companies/
    3. Need – //www.mbaknol.com/modern-management-concepts/the-need-for-corporate-entrepreneurship/
    4. Photo Credit URL – //bienveillus.fr/wp-content/uploads/2017/02/Bienveillance-au-Travail.jpg

  • How to Creating an Entrepreneurial Culture?

    How to Creating an Entrepreneurial Culture?

    Entrepreneurial culture; According to Christopher Rea and Nicolai Volland, cultural entrepreneurship is “practices of individual and collective agency characterizing by mobility between cultural professions and modes of cultural production”, which refers to creative industry activities and sectors. Also learn, Intrapreneurs Inside an Entrepreneurs, this article explains to Creating an Entrepreneurial Culture.

    Learn and Understand, The question How to Creating an Entrepreneurial Culture? are Explain.

    Rea and Volland identify three types of cultural entrepreneur: “cultural personalities”, defines as “individuals who create their own personal brand of creativity as a cultural authority and leverage it to create and sustain various cultural enterprises”; “tycoons”, defined as “entrepreneurs who build substantial clout in the cultural sphere by forging synergies between their industrial, cultural, political, and philanthropic interests”; and “collective enterprises”, organizations which may engage in cultural production for-profit or not-for-profit purposes.

    The relatively small amount of intrapreneurs in Latin America is due not to a lack of entrepreneurial initiative within businesses, but rather to a lack of an entrepreneurial culture in businesses. Unentrepreneurial companies are unable to generate an environment that encourages individual initiative among employees and are unlikely to attract entrepreneurial leaders. Intrapreneurs should be able to use their skills and knowledge creatively across different areas, and the company has to create a climate that encourages the development of this type of creativity. Also learn, What is Intrapreneurship? Meaning and Definition!

    A business with an entrepreneurial culture is characterized by:
    • Having a system with information on the needs and opinions of clients.
    • Being at the forefront of technology and including these advances into their value chain.
    • Respecting individuals and the ideas that come from “lower down,” as an employee from any level can be a key player in terms of innovation.
    • Tolerating well-intentioned failures because they are a learning tool, although intrapreneurs must also follow the rules established for the development of new ideas.
    • Sharing knowledge and not allowing it to just stay within one department.
    • Encouraging informal networking, as creativity often happens outside of designated frameworks in excessively rigid organization designs.
    • Creating multi-skilled teams with different outlooks and complementary skills, mirroring what happens in the creation process in independent businesses.
    • Having a long-term objective, along with the pressures of a short deadline. Management allows new risky projects enough time to prove their viability.
    • Having available and accessible resources for the development of new projects, even though they may be high risk.
    • Higher management supports the initiatives and creating the conditions for intrapreneurs to strive in the development of their ideas.
    • Celebrating internal success. Successful intrapreneurs are the reward and recognize the organization.

    An “entrepreneurial” company is one that integrates these characteristics, regardless of the people who are leading the entrepreneurial process. Thereupon, the organizations with an entrepreneurial culture achieve a balance between individual entrepreneurial initiative and a spirit of cooperation. As well as an overall innovative group identity. Thereby, the entrepreneurial culture can penetrate all levels of the organization, and the processes in the search for innovation can continue to strengthen in time.

    Few Steps to creating an Entrepreneurial Culture:

    Big businesses could drive economic growth and help their employees adopt entrepreneurial behaviors that foster innovation and growth by encouraging a culture of “entrepreneurialism”. The buzzword “intrapreneurs” was coined in the 1980s by management consultant Gifford Pinchot and often uses by organizations that recognize the need for new and innovative ideas.

    Unlike entrepreneurs, who tend to run their own small start-up organizations, intrapreneurs usually work in larger organizations. Where they’re tasked with developing new ideas and concepts like an entrepreneur would. There’s no doubt that a successful business depends on innovative ideas and sound market strategy, but good people management is crucial to the long-term success of any business.

    According to CIPD research advisor Claire McCartney, who recently authored a report on the issue.

    “As start-up companies grow, it can be easy for the entrepreneurial spirit that made it so successful in the first place to wane, but the companies we’ve spoken to have proven that even the largest organizations can retain an innovative edge if they pay close attention to attracting, retaining, engaging and developing the right talent to live and breathe the values of the founders.”

    McCartney said the top five secrets to entrepreneurialism success are:

    Purposeful profit – It’s okay to care.

    Entrepreneurs have a genuine desire to make a sustainable difference to their local communities and beyond and instill these values throughout their organizations. This clearly distances them from the sometimes unacceptable and uncaring face of larger corporates. Also Consider, How to Explain Observing Trends in Entrepreneurship?

    One part entrepreneurial = 20 parts reach and impact.

    Entrepreneurial organizations are not limited by their size, resource or money. Their entrepreneurial leadership and practices enable them to punch far above their weight. And, by catalyzing with other elements they create more value; clever use of social media, smart networking, and multiple strategic alliances all significantly amplify their impact and reach.

    Deep and deliberate co-creation with customers.

    Where entrepreneurial organizations really stand out is in their deep co-creation with clients and customers. This involvement goes way beyond simple one-sided communication to active involvement in shaping and even sponsorship of business strategy. They really listen to their customers and draw on their ideas and requirements to keep the business and brand fresh.

    Headspace for innovation – support your hidden intrapreneurs.

    A common theme across all the organizations involved in this research is the emphasis they place on employee innovation. They do this by supporting intrapreneurs using innovation days and cross-team working. Employees working daily with customers on the front line have the creative sparks or ideas that could really make a difference.

    Go forward with failure.

    Finally, fear of failure does not stop entrepreneurial organizations from doing things differently and innovating. In fact very little, if anything at all, holds back the entrepreneurial leaders and organizations featured in the report. They recognize that in order to create and innovate some failure is inevitable and realize the great potential for learning from mistakes and failures and even publicizing these as part of the learning process.

    This is especially true for entrepreneurial companies, where what’s going on in the building of a business as well as a culture. Corporate culture must be led, nurtured, constantly monitored and adjusted. Much like a “culture” in a petri dish, it requires that you combine the right ingredients, in the right way, to ensure. That what you grow is not an aberration of your intentions.

    Laying the Groundwork:

    When I founded Net Daemons, my computer consulting company, I had very definite ideas of what I wanted to provide for our future employees. A safe and comfortable environment. Which enabled people to learn, grow and, at the same time, focus on their day-to-day work. Also learn Related to another Culture, How to explain Organizational Culture? Meaning and Definition!

    From early on, I felt it was important to treat every employee with trust and respect. That meant assuming automatically that each was an honest, hard-working, reliable and dependable individual. Rather than requiring all employees show up at nine and leave at five, for example, I expected each person to do the job assigned, and to apply the right amount of time and quality of skills toward the accomplishment of each task.

    While I wasn’t aware, back then, that I was creating what is now considered “corporate culture,” I knew I was looking to create a place of employment. Where employees were at once valued for, who they were and what they brought to the table. This was critical for our business, which sold knowledge and a system of collaboration between some 45 engineers providing network-administration and Internet-development solutions. If a team isn’t in sync, you can’t sell a team approach, and you’re no better than a single consultant.

    What Makes a Culture Entrepreneurial?

    As one of our engineers once put it, in an entrepreneurial culture, work is more than a job. It’s a lifestyle Employees are more like a team than most companies, and in some cases, we’re even a family.

    Lear, What also evolved was a set of rules for creating and maintaining NDA’s petri dish. In creating your own, consider these rules:

    Treat people with respect.

    This is a very simple premise, which threads through each and every complicated issue that can arise within a company. Respect and trust provide the necessary base for a vibrant and sustainable corporate culture. Also take a look Difference between Leadership and Entrepreneurship!

    Help employees stay healthy.

    When employees get sick, they miss work, so it makes sense to offer health insurance as a benefit. We covered 100% of employee health plans. I never want an employee to experience a catastrophic illness and not cover by insurance. We also offered unlimited sick time. While I had seen this type of policy backfire elsewhere, it nonetheless allowed people to be sick when they really were sick, and not feel obligated to gobble up each “allotted” sick day. You may also want to add a wellness allowance for health-club membership.

    Open doors to communication.

    Create an environment where people can interact with each other, support each other and recognize each other’s efforts and achievements. Provide positive rewards for positive behavior. Share information, so that employees are aware of the direction of the company and are involved in it. Use all-hands meetings for financial and operational information, team-building, and social events. Offer incentive programs to reward effort and improve the quality of life.

    Build camaraderie.

    Make time for people to get to know each other and the company. We held an annual off-site meeting to build team spirit and discuss where the company was going. At such events, you can also distribute and share your business plan and discuss issues and ideas raised by your strategies.

    Maintaining Entrepreneurial Culture:

    Once you have healthy, trust and inform employees, don’t let the culture that’s evolving just be. It needs to watch so that it grows as you intended. The trick is standing back, but not too far back. In maintaining your culture, consider these rules.

    • Let the team build itself. Within that safe, comfortable, open environment, let employees grow together without being made to.
    • Participate without controlling. Let the culture thrive, without your either meddling with it or ignoring it.
    • Don’t forget the little things. Culture makes up of many small actions. When putting together, create something larger than the sum of the parts. There are many things a CEO can do to make employees feel a part of the company. Some are just common courtesies: hallway conversations, saying “hello” in the morning, opening doors, asking after people’s families and partners. Others are little extras, such as flowers to say thank you and happy-birthday e-mail messages. Eating lunch with employees, helping spouses find jobs and participating in team events show that you, the CEO, are involving with your employees.

    Treating employees with respect helps enable them to do their jobs to the best of their abilities. If you challenge people to raise their bars, provide fun activities, keep people informed and humanize your management, you get culture. From these basics, you will grow in your petri dish a strong, healthy culture that will allow you, your company and your employees to flourish.

    How to Creating an Entrepreneurial Culture
    How to Creating an Entrepreneurial Culture? Also, the Image in Online,

    Reference:

    1. Creating – //gnp.advancedmanagement.net/article/2017/08/finding-intrapreneurs-inside-your-company
    2. Few Steps – //www.insidehr.com.au/5-steps-to-building-an-entrepreneurial-culture/
    3. What Makes – //www.entrepreneurship.org/articles/2001/06/creating-an-entrepreneurial-culture
    4. Photo Credit URL – //barrattgalvin.com/wp-content/uploads/2016/06/Regent-st-e1465453837129.jpg

  • How to Explain Observing Trends in Entrepreneurship?

    How to Explain Observing Trends in Entrepreneurship?

    Identifying Opportunities for Observing Trends; The First approach to identifying opportunities is to observe trends and study how they create opportunities for entrepreneurs to pursue. Also learn, What is the Difference between Leadership and Entrepreneurship? This article explains to the question How to Explain Observing Trends in Entrepreneurship? The most important trends to follow are economic trends, social trends, technological advances, and political action and regulatory changes. As an entrepreneur or potential entrepreneur, it’s important to remain aware of changes in these areas

    Learn and understand, Explaining are Observing Trends in Entrepreneurship.

    This sentiment affirms by Michael Yang, the founder of Become.com, a comparison shopping site, who believes that keen observation skills and a willingness to stay on top of changing environmental trends are key attributes of successful entrepreneurs: One of the most important attributes of a good entrepreneur is having a keen observation ability. Seeing what’s needed in people’s everyday lives and coming up with innovative new ideas and services that meet those needs . . . I always believe the entrepreneurs that anticipate trends and maintain observations of what’s needed . . . to solve those needs will have a higher chance of succeeding in the marketplace.

    When looking at environmental trends to discern new business ideas, there are two caveats to keep in mind. First, it’s important to distinguish between trends and fads. New businesses typically do not have the resources to ramp up fast enough to take advantage of a fad. Second, even though we discuss each trend individually, they are interconnecting and should consider simultaneously when brainstorming new business ideas.

    For example, one reason that smartphones are so popular is because they benefit from several trends converging at the same time, including an increasingly mobile population (social trend), the continued miniaturization of electronics (technological trend), and their ability to help users better manage their money via online banking and comparison shopping (economic trend). If any of these trends weren’t present, smartphones wouldn’t be as successful as they are and wouldn’t hold as much continuing promise to be even more successful as is the case.

    A summary of the relationship between the environmental factors just mentioned and identifying opportunity gaps. Next, let’s look at how entrepreneurs can study each of these factors to help them spot business, product, and service opportunity gaps. Read more, What are the Participation and Organizational Climate?

    Economic Forces:

    Understanding economic trends help determine areas that are ripe for new business ideas as well as areas to avoid. When the economy is strong, people have more money to spend and are willing to buy discretionary products and services that enhance their lives. In contrast, when the economy is weak, not only do people have less money to spend, they are typically more reluctant to spend the money they have, fearing the economy may become even worse and that in turn, they might lose their jobs because of a weakening economy.

    Paradoxically, a weak economy provides business opportunities for start-ups that help consumers save money. Examples include GasBuddy and GasPriceWatch.com, two companies started to help consumers save money on gasoline. A similar example is e.l.f., a discount retailer of women’s cosmetics. The company (which stands for Eyes Lips Face) sells cosmetics products for as little as $1.00.

    First:

    A poor or weak economy also provides opportunities for firms to sell upscale and everyday items at a “discount.” For example, daily deal sites like Groupon and LivingSocial have experienced rapid growth by providing consumers’ access to local providers of massages, trips to museums, high-end restaurants, and similar products or services at deep discounts. A similar example is Gilt Groupe, which sells luxury goods at a discount on time-limited sales. Brick-and-mortar retailers are affected by the search for discounts too.

    For example, in 2009, Neiman Marcus reported a 14.8 percent drop in sales while Family Dollar experienced a 25 percent increase in revenues. The same mindset is contributing to people wanting the most value for their money, across the spectrum. For example, the recession has caused an upswing in the number of people frequenting local farmers markets, where people can buy locally grown produce, meats, and other food products that are fresher and often cheaper than similar products at the grocery store.

    Second:

    It’s also important to evaluate how economic forces affect people’s behaviors beyond looking for discounts and the most value for their money. For example, when the economy is weak, more people go back to school; largely as a result of poor employment prospects. This trend provides opportunities not only for traditional and online colleges and universities but for businesses that develop products to assist them.

    An example is BenchPrep, the student-initiated business profiled in the opening feature. BenchPrep, which sells Apple iPhone and Android apps that help people prepare for college admission tests, is benefiting from an increase in college enrollments. Similarly, when the economy is poor, more people start businesses. Web-based businesses like Etsy, which provides a platform for people to sell handmade items; thrive when an increasing number of people are looking to open full-time or part-time businesses.

    Third:

    An understanding of economic trends can also help identify areas to avoid. For example, this is not a good time to start a company that relies on fossil fuels; such as airlines or trucking or perhaps even local transportation-related businesses such as a taxicab company, because of high fuel prices. Certain product categories suffer as a result of economic circumstances. This is not a good time to open a store or franchise that sells premium-priced food products like cookies or ice cream.

    Social Forces:

    An understanding of the impact of social forces on trends and how they affect the new product, service, and business ideas is a fundamental piece of the opportunity recognition puzzle. Often, the reason that a product or service exists has more to do with satisfying a social need than the more transparent need the product fills. The proliferation of fast-food restaurants, for example, isn’t primarily because of people’s love for fast food but rather because people are busy and often don’t have time to cook their meals.

    First Things:

    Similarly, social networking sites like Facebook and Twitter aren’t popular because they can use to post information and photos on a Web site. They’re popular because they allow people to connect and communicate with each other, which is a natural human tendency. Changes in social trends alter how people and businesses behave and how they set their priorities. These changes affect how products and services are built and sold. Here is a sample of the social trends that are currently affecting how individuals behave and set their priorities:

    • Aging of baby boomers,
    • The increasing diversity of the workforce,
    • Increasing interest in social networks such as Facebook and Twitter,
    • The proliferation of mobile phones and mobile phone apps,
    • An increasing focus on health and wellness,
    • Emphasis on clean forms of energy including the wind, solar, biofuels, and others,
    • Increasing the number of people going back to school and/or retraining for new jobs, and
    • Increasing interest in healthy foods and “green” products.

    Each of these trends is providing the impetus for new business ideas. An increasing emphasis on alternative forms of energy is spawning business ideas ranging from solar power to biofuels.

    Second Things:

    The aging of the baby boomers is creating business opportunities from vision care to tech assistance to senior dating sites. An example is Glaukos, a company that’s developing new approaches for treating glaucoma, which is an age-related eye disorder. There are now 76 million baby boomers (people born between 1946 and 1964) in the United States. Many baby boomers will develop glaucoma and similar age-related ailments. The fact that roughly 10,000 baby boomers in the United States are now retiring daily also creates entrepreneurial opportunities related to social trends associated with this population of senior citizens.

    Third Things:

    The proliferation of mobile phones and mobile phone apps is a social trend that’s opening business opportunities for entrepreneurs across the globe. For example, both Runkeeper, the focus of Case 1.1, and ScriptPad, the focus of Case 2.1, are mobile phone apps. In the past 10 years, the worldwide penetration of mobile phones has grown from 1 billion to 4 billion active users. One company, PharmaSecure, the focus of the “You Be the VC 2.1” feature, is leveraging this trend to save lives in developing countries. It’s estimated that 10 percent of medications sold worldwide are counterfeit. In India alone, 1 million people a year die from ingesting counterfeit drugs.

    Forth Things:

    PharmaSecure provides drug companies the ability to place a nine-digit alphanumeric code directly on the blister pack, medicine bottle or vial, or on the product’s label, along with a phone number. Consumers can verify the code and by extension make sure the drug they have purchased isn’t counterfeit by texting it to the accompanying phone number. In India, PharmaSecure’s initial market, 55 percent of the population has a mobile phone, and it’s the fastest-growing market for mobile phones in the world. If it weren’t for the proliferation of mobile phones in India and elsewhere, PharmaSecure’s business wouldn’t be possible.

    Fifth Things:

    The booming interest in social networking sites such as Facebook and Twitter is a highly visible social trend. Nearly half of all Americans are now members of at least one social network; double from just two years ago. Social networks not only provide people with new ways to communicate and interact with each other, but they act as platforms for other businesses to build on. Zynga, for example, the maker of popular online games like FarmVille and Scramble; became popular by making browser-based games that worked as application widgets on Facebook and MySpace. Similarly, entrepreneurs have launched businesses to start social networks that cater to specific niches. An example is PatientsLikeMe, the subject of Case 1.2, which is a social networking site for people with serious diseases.

    Technological Advances:

    Advances in technology frequently dovetail with economic and social changes to create opportunities. For example, there are many overlaps between an increased focus on health and wellness and technology. Airstrip Technologies, a recent start-up, enables doctors to monitor critical patient information remotely on a smartphone or computer. The company’s founding was motivated by a desire on the part of doctors to stay in closer contact with their critical care patients while away from the hospital and while those patients are receiving treatment in locations outside a hospital.

    Tech first:

    Advances in wireless technologies made the system possible. In most cases, the technology isn’t the key to recognizing business opportunities. Instead, the key is to recognize how technologies can use and harness to help satisfy basic or changing needs. It’s always been difficult for doctors to leave the bedsides of critically ill patients, for example. Now, as a result of the advent of smartphones and wireless networks; a company like Airstrip Technologies can develop products to help doctors remotely monitor their patients’ conditions.

    Technological advances also provide opportunities to help people perform everyday tasks in better or more convenient ways. For example, OpenTable.com is a Web site that allows users to make restaurant reservations online and now covers most of the United States. If you’re planning a trip to San Diego, for example, you can access OpenTable.com, select the area of the city you’ll be visiting, and view descriptions, reviews, customer ratings, and in most cases the menus of the restaurants in the area.

    You can then make a reservation at the restaurant and print a map and the directions to it. The basic tasks that OpenTable.com helps people perform have always been done looking for a restaurant, comparing prices and menus, soliciting advice from people who are familiar with competing restaurants and getting directions. What OpenTable.com does is help people perform these tasks more conveniently and expediently.

    Teah second:

    Another aspect of technological advances is that once a technology is created, products often emerge to advance it. For example, the creation of the Apple iPod, iPhone, iPad, and similar devices have in turned spawned entire industries that produce compatible devices. An example is H2OAudio, a company that was started by four former San Diego State University students; which makes waterproof housings for the Apple iPhone and iPod. The waterproof housings permit iPhone and iPod users to listen to their devices; while swimming, surfing, snowboarding, or engaging in any activity where the device is likely to get wet.

    A similar industry is the one dealing with smartphone apps. As of May 2011, there were over 381,000 third-party apps available in Apple’s App Store and over 294,000 in the Android Market (Google’s app store).13 The app market is large and growing, all because of the advent of wireless networks and smart devices like the iPhone and iPad. To provide perspective on how big the app market is, at 10:26 A.M. GMT on Saturday, January 22, 2011, the 10 billionth app was downloaded from the Apple App Store.

    Political Action and Regulatory Changes:

    Political and regulatory changes also provide the basis for opportunities. For example, new laws create opportunities for entrepreneurs to start firms to help companies, individuals, and governmental agencies comply with these laws. For example, the No Child Left Behind Act of 2002; which is based on the notion of outcome-based education requires states to develop criterion-based assessments in basic skills to periodically give to all students in certain grades. Shortly after the act was passed, Kim and Jay Kleeman, two high school teachers, started Shakespeare Squared; a company that produces materials to help schools comply with the act.

    Extra information:

    On some occasions, changes in government regulations motivate business owners to start firms that differentiate themselves by “exceeding” the regulations. For example, several years ago, the Federal Trade Commission changed the regulation about; how far apart the wood or metal bars in an infant crib can be. If the bars are too far apart; a baby can get an arm or a leg caught between the bars, causing an injury.

    An obvious business idea that might spawn by this type of change is to produce a crib; that advertises and position as “exceeding” the new standard for the width between bars and is “extra safe” for babies and young children. The change in regulation brings attention to the issue and provides ideal timing for; a new company to reassure parents by providing a product that not only meets but exceeds the new regulation.

    Business change:

    Some businesses and industries are so dependent on favorable government regulations that their literal survival threatens if a regulation change. An example of a business that fits this profile is Almost Family, a company that provides home health nursing services. Almost Family receives the majority of its income via fixed payments from Medicare based on the level of care that it provides its clients. As a result, the company’s profitability is highly sensitive to any changes in Medicare reimbursement policies.

    Political change:

    The political change also engenders new business and product opportunities. For example, global political instability and the threat of terrorism have resulted in many firms becoming more security conscious. These companies need new products and services to protect their physical assets and intellectual property; as well as to protect their customers and employees. The backup data storage industry; for example, is expanding because of this new trend in the tendency to feel the need for data to be more protected than in the past. An example of a start-up in this area is Box.net; which was funded by Mark Cuban, the owner of the Dallas Mavericks. Box.net allows its customers to store data “offsite” on Box.net servers, and access it via an Internet connection.

    How to Explain Observing Trends in Entrepreneurship
    How to Explain Observing Trends in Entrepreneurship? Also, the Image from the Internet.

  • What is an Entrepreneur? Meaning and Definition

    What is an Entrepreneur? Meaning and Definition

    An entrepreneur is an individual, who rather than working as an employee. Also they Founds and runs a small business, assuming all the risks and rewards of the venture. Learn about them before first think what do you know who they are? This article explains to an Entrepreneur with their Meaning and Definition. Also, the stakeholder is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. Definition of Organization!

    Learn and understand, the question What is the meaning of an Entrepreneur? with Definition.

    Stakeholders play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to the market.

    Also, Stakeholders who prove too successful in taking on the risks of a startup are reward with profits, fame and continue growth opportunities. Those who fail to suffer losses and become less prevalent in the markets.

    • A person who sets up a business or businesses, taking on financial risks in the hope of profit.
    • A promoter in the entertainment industry.

    What is the definition of an Entrepreneur?

    The following definitions below are;

    “A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”

    Entrepreneur Defined as;

    “A person who starts, organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”

    Who is an Entrepreneur?

    World three best entrepreneur below are;

    Steve Jobs founder of Apple:

    Steve Jobs in Apple
    Steve Jobs was Apple Entrepreneurs and Leader.

    Bill Gates founder of Microsoft:

    Bill Gates in Microsoft
    Bill Gates Microsoft Entrepreneurs and Leader.

    Mark Zuckerberg founder of Facebook:

    Mark Zuckerberg in Facebook
    Mark Zuckerberg Facebook Entrepreneurs.

    An extra explain about Entrepreneur:

    Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision-maker, decides what, how, and how much of a good or service will produce. A stakeholder supply risk capital as a risk-taker, and monitors and controls the business activities. Also, the stakeholder is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.

    According to economist Joseph Alois Schumpeter (1883-1950), An entrepreneur is not necessarily motivating profit, But regard it. As a standard for measuring achievement or success.

    Schumpeter discovered that they;

    • Greatly value self-reliance.
    • Strive for distinction through excellence.
    • They are highly optimistic (otherwise, nothing would be undertaken), and.
    • They, always favor challenges of medium risk (neither too easy nor ruinous).

    What is an Entrepreneur - ilearnlot
    What is an Entrepreneur? Meaning and Definition. Also, the Image from the Internet,

  • What is Entrepreneurship? Meaning and Definition

    What is Entrepreneurship? Meaning and Definition

    The word entrepreneur derives from the French words entre, meaning “between,” and Prendre, meaning “to take”. The word originally used to describe people who “take on the risk” between buyers and sellers or who “undertake” a task such as starting a new venture. Inventors and entrepreneurs differ from each other. An inventor creates something new. This article explains to Entrepreneurship Meaning and Definition. An entrepreneur assembles and then integrates. All the resources needed the money, the people, the business model, the strategy, and the risk-bearing ability to transform the invention into a viable business.

    Learn and understand, Explains to Entrepreneurship Meaning and Definition.

    Entrepreneurship is defined as the process by which individuals pursue opportunities without regard to resources they currently control. Others such as venture capitalist Fred Wilson define it more simply, seeing entrepreneurship as the art of turning an idea into a business.

    Meaning of Entrepreneurship:

    Entrepreneurship is the process of designing, launching and running a new business, which is often initially small. The people who create these businesses are called entrepreneurs. Entrepreneurship has described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit”.

    While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up. A significant proportion of start-up businesses have to close due to “lack of funding, bad business decisions, an economic crisis, lack of market demand—or a combination of all of these.

    Definition of Entrepreneurship:

    The capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. Also learn, What is the Difference between Leadership and Entrepreneurship?

    In economics, entrepreneurship combined with the land, labor, natural resources, and capital can produce the profit. The entrepreneurial spirit is characterizing by innovation and risk-taking and is an essential part of a nation’s ability to succeed in an ever-changing and increasingly competitive global marketplace.

    Explaining are entrepreneurship by Example:

    In essence, an entrepreneur’s behavior finds him or her trying to identify opportunities and putting useful ideas into practice. After the meaning and definition of entrepreneurship, you need to know better by Best entrepreneurs example. The tasks called for by this behavior can accomplish by either an individual or a group and typically require creativity, drive, and a willingness to take risks.

    First Things:

    Sam Hogg, the co-founder of GiftZip.com, exemplifies all these qualities. Hogg saw an opportunity to create a single place for people to shop for electronic gift cards, he risked his career by passing up alternatives to work on GiftZip.com full-time, and he’s now working hard to put GiftZip.com in a position to deliver a creative and useful service to its customers. However, ongoing firms can also behave entrepreneurially.

    Second Things:

    Typically, establish firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking. For example, Apple Inc. is widely recognizing as a firm in which entrepreneurial behaviors are evident. Steve Jobs is at the heart of Apple’s entrepreneurial culture. With his ability to persuade and motivate others’ imaginations; Jobs continues to inspire Apple’s employees as they develop innovative products after an innovative product.

    To consider the penetration Apple has with some of its innovations; think of how many of your friends own an iPhone, iPad, or Macintosh computer. Similarly, studying Facebook or Zynga’s ability to grow and succeed reveals; a history of entrepreneurial behavior at multiple levels within the firms. Also, many of the firm’s trade on the NASDAQ.

    Such as Intuit, Amazon, Google, and Research In Motion are commonly thought of as entrepreneurial firms. The NASDAQ is the largest U.S. electronic stock market, with over 2,850 companies listed on the exchange. We want to note here that established firms with an orientation to acting entrepreneurially practice corporate entrepreneurship. Also, know about corporate entrepreneurship.

    Extra Information:

    All firms fall along a conceptual continuum that ranges from highly conservative to highly entrepreneurial. The position of a firm on this continuum is referring to as its entrepreneurial intensity. As we mentioned previously, entrepreneurial firms are typically proactive innovators and are not averse to taking calculated risks. In contrast, conservative firms take a more “wait and see” posture, are less innovative, and are risk-averse.

    One of the most persuasive indications of entrepreneurship’s importance to an individual or a firm is the degree of effort undertaken to behave in an entrepreneurial manner. Firms with higher entrepreneurial intensity regularly look for ways to cut bureaucracy. For example, Virgin Group, the large British conglomerate, works hard to keep; its units small and instill in them an entrepreneurial spirit. Virgin is one of the most recognizing brands in Britain and is involving in businesses as diverse as airlines and music. In the following quote, Sir Richard Branson, the founder, and CEO of Virgin describes; how his company operates in an entrepreneurial manner:

    Convention . . . dictates that “big is beautiful,” but every time one of our ventures gets too big we divide it up into smaller units. I go to the deputy managing director, the deputy sales director, and the deputy marketing director and say, “Congratulations. You’re now MD [managing director], sales director and marketing director of a new company.” Each time we’ve done this, the people involved haven’t had much more work to do, but necessarily they have a greater incentive to perform and a greater zeal for their work. The results for us have been terrific. By the time we sold Virgin Music; we had as many as 50 subsidiary record companies, and not one of them had more than 60 employees.

    What is Entrepreneurship Meaning and Definition - ilearnlot
    What is Entrepreneurship? Meaning and Definition. Also, the Image from the Internet.

  • The Importance of Customer Relationship Management (CRM)

    The Importance of Customer Relationship Management (CRM)

    Importance of Customer Relationship Management (CRM); This Is the strongest and the most efficient approach to maintaining and creating relationships with customers. Customer relationship management is not only pure business but also ideate strong personal bonding with people. The development of this type of bonding drives the business to new levels of success. Customer Relationship Management in the Banking Sector.

    Here is the article explain, what is the Importance of Customer Relationship Management (CRM)?

    Once this personal and emotional linkage is built, it is very easy for any organization to identify the actual needs of the customer and help them to serve them in a better way. It is a belief that more the sophisticated strategies involved in implementing customer relationship management, the more strong and fruitful the business. Most of the organizations have dedicated world-class tools for maintaining CRM systems in their workplace. Some of the efficient tools used in most renowned organizations are BatchBook, Salesforce, Buzzstream, Sugar CRM, etc.

    The Importance of CRM (Customer Relationship Management) Within a Business:

    In a world where competition is becoming ever fiercer, importance, businesses need to implement customer relationship management or CRM, strategies to stay ahead of their rivals. Also, CRM is about understanding who your customers and potential customers are, and nurturing the relationships you have with them. It is also about understanding the needs and behaviors of these people, whilst reacting to them, and adapting as these change.

    There are numerous compelling reasons to employ CRM strategies. Here are just a few for starters.

    Targeted customer relationship management:

    CRM is about understanding who your customers are in every business. When you know what makes them tick, you can better target your sales and digital marketing services, or even the products or strategies that you sell to match their needs. By offering a targeted approach, you will not be wasting time in failing to meet the needs of your customers.

    You can also develop a personalized approach to your marketing, and focus on those that give you the best return. In using CRM to target specific groups of customers or even potential customers, you can improve your offering. This can, ultimately, help to boost sales and growth, whilst driving customer loyalty.

    Communication channels.

    It is a fact that as technology has evolved, the number of communication channels has also grown exponentially. This means that businesses now have multiple different ways in which to communicate with their customers, including both offline and online methods.

    Having more communication channels is a good thing for a business, but it also makes the ability to interact with customers, and serve their needs, something of a challenge. The need for effective customer relationship management (CRM) becomes even more pertinent as the number of communication channels increases, and also their importance.

    Improved experiences.

    CRM is about creating relationships with your customers, therefore, in the end, they enjoy positive experiences while talking to your brand. As a business grows, keeping track of customer interactions can be difficult, and a bad conversation can likely go through the net. Also, CEM (Customer experience management) is about ensuring that you know about your brand experience customers and respond accordingly.

    By applying the appropriate system, such as digital marketing services, you can ensure that positive and negative experiences are effectively controlled. As part of your CRM strategy, nurturing experiences can improve customer loyalty and enhance your brand name and reputation.

    Focusing your business.

    How do you know if you are offering your customers exactly what they want? Do you actually know who your customers are? Even if you have the answers to these questions, this may change over time. Having CRM systems in place means that you can answer these questions. Also, It provides you with the information you need to understand what your customers want or need, and who they are.

    You can use this intelligence to steer your brand in a particular direction. Keeping up to date with customer demands is essential to ensure you stay ahead of your competitors. It also offers you the best chance for business growth, and for making improvements.

    New customers.

    CRM is not just about nurturing relationships with those people who already purchase from your brand. It is also about gaining new customers and converting potential customers into new and returning customers. If you want your business to flourish, you cannot simply rely upon your existing customer base to achieve this.

    You need to implement marketing strategies to win new customers over, especially if you operate in a competitive market. Also, CRM tools let you identify potential customers who may be interested in your brand, and focus your marketing efforts on engaging with these prospects. These could be people who have made an inquiry in the past, or who fit the demographic profile of your target audience.

    Cost-effective.

    Putting systems in place to implement CRM strategies may sound like a time consuming and costly affair, but it can offer a very strong return on investment. By building relationships with your customers, you get to understand their needs and desires, so you can become more targeted in your approach.

    You can work out which of your customers are profitable for your business, and which are not. Also, CRM ensures that you don’t waste time and money implementing the wrong strategy for the wrong customers. By being targeted and focused, you maximize your sales and growth potential.

    Reputation management.

    To help customers solve their needs, solve their problems, and to ensure that. They have a great customer experience, you increase contentment. It enhances loyalty and enhances your reputation. Also, Creating relationships with customers and potential customers is certainly not that. If a business wants to achieve success, then it can ignore it.

    Looking at some of the broad approaches given below, we can easily determine why CRM systems are always important for an organization.

    • A CRM system consists of a historical view and analysis of all the acquired or acquire customers. Also, This helps in reduced searching and correlating customers and to foresee customer needs effectively and increase business.
    • Each customer has every bit of description in the CRM, so tracking a customer accordingly is very easy and can be used to determine. Which client can be profitable and who does not.
    • In the CRM system, customers operate according to the type of group according to various types or according to the physical location. Allocate to different client managers, often called account managers. Also, It helps to concentrate and focus on every customer.
    • A CRM system is not only used to deal with existing customers but is also useful in getting new customers. The process starts with identifying the customer and maintaining all related details in the CRM system. Whatever is called ‘business prospects’, sales and regional representatives then try to get business from these customers, who follow them with Sophisticate-affiliates and convert them into a winning deal. All this is done very easily and efficiently through an integrated CRM system.
    Other things:
    • The strongest aspect of Customer Relationship Management is that it is very cost-effective. The advantage of decently implement a CRM system is that there is very little need for paper and manual work. Which requires lesser staff to manage and lesser resources to deal with. Also, the technologies used in implementing a CRM system are very cheap and smooth as compared to the traditional way of business.
    • All the details in the CRM system are kept centralize which is available anytime at fingertips. This reduces the processing time and increases productivity.
    • Efficiently dealing with all the customers and providing them with what they actually need increases customer satisfaction. This increases the chance of getting more business which ultimately enhances turnover and profit.
    • If the customer is satisfied they will always be loyal to you. Will remain in business forever resulting in increasing customer base and ultimately enhancing the net growth of the business.

    In today’s commercial world, the practice of dealing with existing customers. Looping more customers is dominant and it is only a dilemma. Also, Establishing a CRM system can certainly improve the situation. Can help in challenging new methods of marketing and business efficiently. Therefore, in the era of trade, every organization should recommend a complete CRM system to deal with all business needs.

    What are Importance of CRM (Customer Relationship Management) - ilearnlot
    What is the Importance of Customer Relationship Management (CRM)? Image from Online!
  • Every Leader have to need Social Media Skills with Qualities

    Every Leader have to need Social Media Skills with Qualities

    Why Every Leader have to need Social Media Skills with Qualities?

    What are social media skills? Being skill and experience in social media in today’s market is definitely changing frequently. There are new social channels popping up and big changes to current channels happening often. Integrating your social media networks to your business is very important it allows you to establish and publicize your brand, expand the reach within your target market, interact with your active users and send interesting information about your company to your desired audience. Why are the Need Entrepreneurship for Small Business? 

    The social media revolution has taken the business world by storm. Few areas of business and society have been left untouched by the social media revolution. Social Responsibility. Concomitant with this trend, companies and business leaders have realized the immense power of social media and have started to tune their strategies accordingly. This article discusses six essential social media skills that every leader must have to succeed in the world of Web 2.0, Best Characteristics and Qualities of a Good Leader.

    Becoming a Producer

    Business leaders must incorporate social media in their communications by producing and sharing rich media in their blogs and by opening Facebook and Twitter accounts through which they can communicate to their stakeholders. Of course, this is easier said than done as most business leaders are behind the curve where social media is concerned. To alleviate this shortcoming, business leaders have to learn to use technology more effectively and more efficiently. This means that they would have to upgrade their technical skills and become social media savvy. This literacy and expertise in using social media would be a major advantage to them as they go about communicating to their stakeholders.

    Becoming a Distributor

    The convergence of vertical broadcast media and horizontal participatory media means that the business leaders must master the knowledge of this interplay between these very different paradigms at work. For instance, traditional communication is largely hierarchical and follows command and control flow. On the other hand, social media follows system dynamics that determine whether the content goes viral or not and hence, business leaders must become experts in controlling the distribution of content that would let them influence the flow of communication throughout the organization. Knowing what to say and how to say are as important as the distribution of these messages to the wider audience.

    Becoming a Recipient

    A common refrain one hears in the information age is that we are besieged with information overload. Drowning in a never reducing flood of Facebook posts, tweets, and emails, business leaders can get lost in this electronic maze that would impair their ability to sift through the content and determine what is useful or not. Given the fact that traditionally business leaders have had assistants to wade through the information and give them what is necessary, they might have to employ web savvy staff to do this for them in the changing world of web 2.0

    Becoming an Advisor and Orchestrator

    Once the business leaders realize the importance of web 2.0 for their organizations, the next task is to ensure that they let this insight percolate throughout the organization. In other words, they have to become change agents wherein they would harvest the potential of social media by inspiring their employees to embrace social media effectively and efficiently. To do this, they must have the skills described in the three sections above and on top of that, they must don the hat of evangelicals who trumpet the advantages of social media to their employees.

    Becoming an Architect

    The social media revolution has challenged the traditional conceptions of organizational communication, as there is a thin line between free exchange of information throughout the organization and the risk of irresponsible use that poses existential threats to the organizations. For instance, it is common in many firms to ban the use of social media by the employee during the time they spend in office. Instead of these autarkic responses, business leaders must develop appropriate strategies that would merge vertical accountability with horizontal collaboration. In other words, the merger of organizational hierarchical communication with that of informal networks of communication is the challenge before business leaders.

    Becoming an Analyst

    Finally, business leaders must not only leverage social media for their organizational success but also be ahead of the curve by riding the wave of change and anticipating the next paradigm shift. As the next generation internet of things is already on the horizon, business leaders must use all their intellect and experience to see how their organizations can profit from the coming changes. This means wearing multiple hats at once and ensuring that they are ahead of the curve instead of behind it.

    Good Qualities of a Leader Really have to!

    A leader has got multidimensional traits in him which makes him appealing and effective in behavior. The following are the requisites to be present in a good leader:

    Physical appearance: A leader must have a pleasing appearance. Physique and health are very important for a good leader.

    Vision and foresight: A leader cannot maintain influence unless he exhibits that he is forward looking. He has to visualize situations and thereby has to frame logical programmes.

    Intelligence: A leader should be intelligent enough to examine problems and difficult situations. He should be analytical who weighs pros and cons and then summarizes the situation. Therefore, a positive bent of mind and mature outlook is very important.

    Communicative skills: A leader must be able to communicate the policies and procedures clearly, precisely and effectively. This can be helpful in persuasion and stimulation.

    Objective: A leader has to be having a fair outlook which is free from bias and which does not reflects his willingness towards a particular individual. He should develop his own opinion and should base his judgement on facts and logic.

    Knowledge of work: A leader should be very precisely knowing the nature of work of his subordinates because it is then he can win the trust and confidence of his subordinates.

    Sense of responsibility: Responsibility and accountability towards an individual’s work is very important to bring a sense of influence. A leader must have a sense of responsibility towards organizational goals because only then he can get maximum of capabilities exploited in a real sense. For this, he has to motivate himself and arouse and urge to give best of his abilities. Only then he can motivate the subordinates to the best.

    Self-confidence and will-power: Confidence in himself is important to earn the confidence of the subordinates. He should be trustworthy and should handle the situations with full will power. (You can read more about Self-Confidence at : Self Confidence – Tips to be Confident and Eliminate Your Apprehensions).

    Humanist: This trait to be present in a leader is essential because he deals with human beings and is in personal contact with them. He has to handle the personal problems of his subordinates with great care and attention. Therefore, treating the human beings on humanitarian grounds is essential for building a congenial environment.

    Empathy: It is an old adage “Stepping into the shoes of others”. This is very important because fair judgement and objectivity comes only then. A leader should understand the problems and complaints of employees and should also have a complete view of the needs and aspirations of the employees. This helps in improving human relations and personal contacts with the employees.

    From the above qualities present in a leader, one can understand the scope of leadership and it’s importance for scope of business. A leader cannot have all traits at one time. But a few of them helps in achieving effective results.

    Clearly, these are early days. Most companies recognize social media as a disruptive force that will gather strength rather than attenuate. But social-media literacy as we define it here is not yet an element of leadership-competency models or of performance reviews and reward systems. Equally, it has not yet found its way into the curricula of business schools and leadership-development programs.

    This needs to change. We are convinced that organizations that develop a critical mass of leaders. Who master the six dimensions of organizational media literacy will have a brighter future. They will be more creative, innovative, and agile. Attract and retain better talent, as well as tap deeper into the capabilities and ideas of their employees and stakeholders. More effective in collaborating across internal and external boundaries and enjoy a higher degree of global integration. Benefit from tighter and more loyal customer relationships and from the brand equity that comes with them. More likely to play leading roles in their industries by better leveraging the capabilities of their partners and alliances in cocreation, codevelopment, and overall industry collaboration. And they will be more likely to create new business models that capitalize on the potential of evolving communications technologies.

    It takes guts to innovate radically in leadership and organization, for legacy systems, cultures, and attitudes are powerful forces of inertia. Fortunately, the inherent quality of social media is a powerful transformational force. Social-media engagement will confront leaders with the shortcomings of traditional organizational designs. Leaders who address these shortcomings will learn how to develop the enabling infrastructure that fosters the truly strategic use of social technologies. When organizations and their leaders embrace the call to social-media literacy, they will initiate a positive loop allowing them to capitalize on the opportunities and disruptions that come with the new connectivity of a networked society. And they will be rewarded with a new type of competitive advantage.

    Why Every Leader have to need Social Media Skills with Qualities - ilearnlot
    Why Every Leader have to need Social Media Skills with Qualities? – @ilearnlot – Photo of Url – https://chiefexecutive.net/wp-content/uploads/2016/02/Best-Companies-for-Leaders-compressor.jpg

    Reference

    1. Six social-media skills every leader needs – https://www.mckinsey.com/industries/high-tech/our-insights/six-social-media-skills-every-leader-needs

    2. Qualities of a Leader – https://managementstudyguide.com/qualities_of_a_leader.htm

    3. What are social media skills? – https://www.quora.com/What-are-social-media-skills-What-kind-of-knowledge-do-people-with-social-media-skills-have-about-various-social-media-platforms