Tag: Entrepreneurship

Entrepreneurship!

The activity of setting up a business or businesses, taking on financial risks in the hope of profit. Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are, entrepreneurs. As the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit”

The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. In economics, its combines 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 successes in an ever-changing and increasingly competitive global marketplace.

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  • 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
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  • 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

  • Why is Intrapreneurship Better than Entrepreneurship?

    Why is Intrapreneurship Better than Entrepreneurship?

    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. Also learn, Intrapreneurs Inside an Entrepreneurs, This article explains to Why is Intrapreneurship Better than Entrepreneurship? Especially if capital for your idea is easier to come from inside the organization, Intrapreneurs better than entrepreneurs. 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, an intrapreneur is invigorating and addicting. The company provides him security with the freedom and creativity of the entrepreneur.

    Learn, Why is Intrapreneurship Better than Entrepreneurship? Deeply Explanation.

    Are you in a place in your career where you are willing to take a gamble? Are you prepares to bet it all on yourself and roll the dice on your future? Or has that time come and gone and now you’re just looking for stability for you and your family? Or maybe you’re stuck in the middle.

    Maybe you’re weighing the pros and cons of both paths and you’re desperately trying to decide between entrepreneur versus intrapreneur. The former revels in the idea of being their boss and making all the big decisions. While the latter is motivated by leading initiatives within the confines of corporate America.

    This article helps you compare the two career paths and decide which one is right for you.

    An entrepreneur is someone who, through his or her skills and passion. Creates business and is willing to take full accountability for its success or failure. An intrapreneur, on the other hand, is someone who utilizes his or her skill, passion and innovation to manage or create something useful for someone else’s business… with entrepreneurial zest.

    Though both are visionary, it is the entrepreneur who spots an opportunity in the marketplace and has the courage and zeal to turn this opportunity into a business. In contrast, however, the Intrapreneur uses his or her passion. Drive and skills to manage the business or create something new and useful for the business.

    The main disparity between an entrepreneur and an intrapreneur is that an entrepreneur has the freedom to act on his or her whim; whereas, an intrapreneur may need to ask for management’s approval to make certain changes in the company’s processes. The Product design or just about any innovation he or she needs to implement. Since an intrapreneur acts on innovative impulses, this may result in conflict within the organization. It is important for organizations who are implementing intrapreneurship, to create an atmosphere of mutual respect among employees.

    The works environment:

    One of the biggest differences between being an entrepreneur and intrapreneur is going to be your place of business and its culture.

    In 2012, 52 percent of entrepreneurs decide to make their venture a home-based business—something many agree is a very attractive aspect of entrepreneurship. Meanwhile, just 10 percent of internal employees spent at least one day a week working from home—something you probably wish you could do more often.

    But the work environment is about more than just location—it’s also about company culture. As an entrepreneur, you’ll shape the culture that surrounds your business. Meanwhile, intrapreneurs often join a preexisting culture that requires acclimation. It’s important to remember that an organization’s culture is something that can make you love or hate your job.

    It doesn’t matter if it’s your home, a small shop or even a large corporate office. Entrepreneurs and intrapreneurs need to be comfortable with their work environment and company culture. Start thinking about which environment and culture bests fits your interests as you consider your entrepreneurial or intrapreneurial career path.

    Responsibilities:

    Becoming an entrepreneur puts the responsibility clearly on your shoulders. From accounting and marketing to customer service and social media. You are solely responsible for getting things done—a reality that is sometimes difficult to manage with only so many hours in a day. As an intrapreneur, however, you’re often tasking to work in one specializing area. That might mean working in accounting, marketing, customer service or social media, but rarely will an intrapreneur assign to all four departments.

    Start thinking about if you would prefer to take ownership by juggling many different balls at the same time or simply focusing on a single set of responsibilities.

    Risks & rewards:

    The fact is that both entrepreneurs and intrapreneurs face risks. But, not all risks are equal. Entrepreneurs need to embrace the financial risk of forming their businesses, but the potential for financial gain may offset that risk. On the other hand, intrapreneurs enjoy the perks of a steady paycheck and health benefits but their employment is generally considering “at-will”. Which means the organization can terminate their employment at any time.

    The difference between entrepreneurs and intrapreneurs, as it relates to risks versus rewards, is always going to be a personal decision. And they are most certainly not always financially driven. Be honest with yourself about how much risk you are comfortable with and which rewards you value the most.

    Motivation:

    Deep down, both entrepreneurs and intrapreneurs are motivating to make an impact on their businesses or organizations. But motivation comes in many forms for many people.

    If you see yourself as someone who is motivated by things such as money. The personal achievement or fulfilling a lifelong dream, you might be fit to be an entrepreneur. But if your primary motivation is financial stability, love of what you are doing and putting others ahead of you, perhaps becoming an intrapreneur is a better fit.

    Finding your path:

    Deciding to become an entrepreneur can be very rewarding as it offers a variety of perks related to scheduling flexibility and control in making decisions. Meanwhile, intrapreneurs who work hard for a company often enjoy additional resources, financial stability, and greater responsibilities.

    At the end of the day, deciding on entrepreneurship versus intrapreneurship as a career path can be a tough decision. It’s important to be thinking about which path best matches your dreams, interests, and aspirations.

    So now Which one Better for You, Is Intrapreneurship Better than Entrepreneurship? Either way, the choice is yours.

    Why is Intrapreneurship Better than Entrepreneurship
    Why is Intrapreneurship Better than Entrepreneurship? Also, the image by Online.

    Reference:

    1. Compare – //www.ourknowledge.asia/blog-posts–articles/entrepreneur-or-intrapreneur-whats-the-difference
    2. Difference – //www.rasmussen.edu/degrees/business/blog/entrepreneurship-vs-intrapreneurship-career-path/
    3. Photo Credit URL – //estatico2.diariolibre.com/binrepository/2000×1333/0c0/0d0/none/10904/JNET/image_content_9378637_20180111174929.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 Intrapreneurs is Inside an Entrepreneurs?

    How to Intrapreneurs is Inside an Entrepreneurs?

    Intrapreneurs is Inside an Entrepreneurs: Intrapreneurship refers to employee initiatives in organizations to undertake something new, without being asked to do so. Hence, the intrapreneur focuses on innovation and creativity and transforms. An idea into a profitable venture, while operating within the organizational environment. Thus, intrapreneurs are Inside entrepreneurs who follow the goal of the organization. Intrapreneurship is an example of motivation through job design, either formally or informally.

    Learn, Business, Understanding Intrapreneurs is Inside an Entrepreneurs!

    Entrepreneurship essay; Another important concept is the Corporate Social Entrepreneurship. Which is the intrapreneurship within the firm which is driven to produce social capital in addition to economic capital? Also learn, What is Intrapreneur? Meaning and Definition.

    Understand by Example:

    A classic case of intrapreneurs is that of the founders of Adobe, John Warnock, and Charles Geschke. They both were employees of Xerox. As employees of Xerox, they were frustrated because their new product ideas were not encouraging. They quit Xerox in the early 1980s to begin their own business. Currently, Adobe has an annual turnover of over $6 billion.

    Employees or perhaps those engaged in a special project within a larger firm, are encouraged to behave as entrepreneurs, even though they have the resources, capabilities, and security of the larger firm to draw upon. Capturing a little of the dynamic nature of entrepreneurial management (trying things until successful, learning from failures, attempting to conserve resources, etc.) adds to the potential of an otherwise static organization. Without exposing those employees to the risks or accountability normally associated with entrepreneurial failure.

    Many companies are famous for setting up internal organizations whose purpose is to promote innovation within their ranks. One of the most well-known is the “Skunk Works” group at Lockheed Martin. The group was originally named after a reference in a cartoon and was first brought together in 1943 to build the P-80 fighter jet. Because the project was to eventually become a part of the war effort, the project was internally protected and secretive. Kelly Johnson, later famous for Kelly’s 14 rules of intrapreneurship, was the director of this group.

    Another example could be 3M, who encourage many projects within the company.

    They give a certain freedom to employees to create their own projects, and they even give them funds to use for these projects. Genesis Grant is 3M’s intrapreneurial program which finances projects that might not end up getting funds through normal channels. Genesis Grant offers $85,000 to these innovators to carry forward their projects. In the days of its founders, HP used to have similar policies and just such an innovation-friendly atmosphere and intrapreneurial reputation. Besides 3M, Intel also has a tradition of implementing intrapreneurship.

    Robbie Bach, J Allard, and the team’s XBOX might not have been feasible without Microsoft’s money and infrastructure. The project required 100’s of millions and quality talent to make the product.

    Identifying Intrapreneurs:

    Entrepreneurs are not born but are self-made. However, some common psychological traits make them stand out. Such as a strong will to achieve, the ability to take responsibility and risks, and the desire for independence and internal control. Also learn, What is the Difference between Leadership and Entrepreneurship?

    Equally, corporate entrepreneurs tend to take initiative, accept challenges, and discover new opportunities for growth for the company that they work for. They look to be leaders and put their ideas into practice. Nevertheless, they have a lesser desire for independence and prefer the security of their work as opposed to the uncertainty of starting up their own company.

    Traits intrapreneurs have in common with independent entrepreneurs: Intrapreneurs identify new opportunities for growth for the company. They develop a business model, they form teams, and they present their ideas and projects to the various evaluating committees at the company. Overall, they are aware that their success will depend on their ability to manage their network of internal supporters, namely those people who are higher up in the organization and who support their ideas.

    Intrapreneurs can also identify by the following traits:
    • The main motivation for an intrapreneur is to achieve hierarchical independence and the possibility to move up the reward scheme within the company.
    • Their time orientation depends on the urgency to meet deadlines set by themselves and by the company.
    • Their activity is based on direct participation and team leadership instead of delegation and supervision of others.
    • Instead of carefully managing risks, which is a characteristic of management, intrapreneurs take moderate risks, as if they were independent entrepreneurs.
    • In terms of status, corporate entrepreneurs are not worried about traditional status symbols; they are looking for independence.
    • When making decisions, they are not dependent on superiors. They can make others agree with them to achieve their goals.
    • Unlike a manager, who guides others, an intrapreneur guides themselves, their clients, and their internal stakeholders.
    • They predominantly establish transactional relationships with others, without being left out of the organization’s hierarchy.

    All companies need employees with entrepreneurial instincts, and the challenge for businesses is to include tools in their human resources policy that attract and retain people with these characteristics. Correctly managing these employees’ motivation and competitive edge will stop them from leaving the company. Whether that be to start their own business or to join another company with a more entrepreneurial culture.

    How far does intrapreneurship reach?

    Even though corporate entrepreneurship encompasses the strategies and practices that companies use to look for new business opportunities via the promotion and management of entrepreneurial competencies, the overall impact of intrapreneurs can see in two ways. Why is the Need Entrepreneurship for Small Business?

    On one hand, they may focus on generating new business for companies, or even new companies or spin-off companies. This involves searching for new opportunities to amplify the activities of the company in terms of its related sectors, as well as the development of new products, markets, and technology. They create fresh activities within the organization. Which of course involves a larger risk of failure than the company’s business lines, as well as an overall degree of uncertainty. Firms such as P&G, 3M, Google, and more recently Tesla are clear examples of strong intrapreneurial dynamics and continuous development of new business within the companies.

    On the other hand, a strategic renovation can take shape, which can imply a new combination of resources and a full transformation of the company’s foundations, changing it into a different company from what it was before. The process of strategic renovation often includes the redefining of the company’s mission, the creation of a new business model, the reformulation of the competitive base strategies, and the acquisition or generation of new competencies. The success of this process mainly depends on the entrepreneurial instinct similar to what is seen when companies are first created. With a committed entrepreneurial leader who has the same motivation, attitude, and behavior of a traditional independent entrepreneur. Some notable examples of companies in which intrapreneurial leadership has driven relevant strategic renovation are IBM, Xerox, and Lego.

    “Don’t Think Intrapreneurs Are Just Like Entrepreneurs”

    Most people believe intrapreneurs are simply internal entrepreneurs, and that they should expect to act in the same ways, be driven by the same motivations, and respond similarly to a wide array of circumstances. These are naïve assumptions that, more often than not, will derail intrapreneurship.

    So, if that’s not exactly true, what is? We asked Larry Myler, Forbes.com columnist, for advice. Larry strongly advocates intrapreneurship as the highest form of employee engagement. As a serial entrepreneur and intrapreneur expert, he shares four fundamental Intra/entrepreneur disconnects for you to consider if you are serious about implementing intrapreneurship in your organization.

    1. Risk/Reward!

    Myler observes, “Entrepreneurs willingly sign up for unlimited risk or boundless reward. Not so with intrapreneurs, who take a paycheck from an organization largely to avoid financial risk, and therefore do not expect huge financial gains”.

    This is the main psychographic difference between the two, and the reason why motivations (both intrinsic and extrinsic) must carefully align for intrapreneurs.”

    Intrapreneurs do take more risks than your average employee and you must reward smart risk-taking. Even though the product was a complete flop, the guys who invented New Coke were given raises and promotions instead of being canned. Why?

    Because Coca-Cola executives love that they were forward-thinking and were willing to take a smart, calculated risk, even if it didn’t pay off. During the Intrapreneurship Conference, you’ll get to hear about the rewards systems other companies have adopted for driving intrapreneurship.

    2. Autonomy!

    “Intrapreneurs by definition are not as autonomous as entrepreneurs, although they’re typically made to believe they are. They are part of a bigger organization with well-establish operations, and that means they inevitably give up some autonomy.”

    According to the bureaucratic theory of organization, when everyone does his or her specialized job as directed by the boss. The whole works together and creates value for the customer and the shareholders. This sort of hierarchical coordination once worked well enough. Today, it is increasingly unworkable and become obsolete.

    The intrapreneurial challenge is to find the golden path: to firmly grasp a worthwhile dream in one hand and reality on the other. During the Intrapreneurship Conference, we will hear from Noam Wekser, a Member of the Board of Oracle. On the challenge of encouraging intrapreneurial behavior in a bureaucratic classic day-to-day business environment.

    3. Resource attainment!

    “Entrepreneurs hire marketing, advertising, R&D, design, engineering, and sales services. They call the shots from the vantage point of the boss or customer. Intrapreneurs, however, are employees and have to negotiate for these and other resources, subject to internal availability. The upside for intrapreneurs is that funding is generally offering by the organization, while entrepreneurs struggle to cobble together necessary funding.”

    What support can you offer to your intrapreneurial teams? Think of resources, brain-power, assets, and intellectual capital. It makes their job easier, drives collaboration and creativity, but especially makes it more likely they will succeed, moving your business forward.

    Mentorship has proven to be one of the most effective; especially when provided by seasoned entrepreneurs. During the Intrapreneurship Conference, you’ll get to know various strategies for implementing such a mentorship program.

    4. Culture!

    “Entrepreneurs have the luxury of building a company’s culture from scratch. While intrapreneurs fight against a long history of many deeply held and widely. Shared beliefs and assumptions—some of which run counter to intrapreneurship itself.”

    Culture – it’s a strange thing. Most innovative companies once in the market, end up following customers’ requests and fail to be able to renew their perspective. This is the classic innovator’s dilemma. Intrapreneurship strategies reveal themselves as very solid ways of quenching these structural and cultural shortcomings. By reconnecting teams that have become risk-averse to the innovation playfield. Philippe Méda will deliver a keynote on this topic.

    Intrapreneurs are not just entrepreneurs who happen to work inside an organization. There are some fundamental differences in their motivations, the skills they possess, and the environment they need to thrive. If you want to know how you can implement intrapreneurship in your organization.

    How to Intrapreneurs is Inside an Entrepreneurs
    How to Intrapreneurs is Inside an Entrepreneurs?

    Reference

    1. How? – //www.mbaknol.com/modern-management-concepts/what-is-intrapreneurship/
    2. Intrapreneurs Inside Your Company – //gnp.advancedmanagement.net/article/2017/08/finding-intrapreneurs-inside-your-company
    3. Just Like – //www.intrapreneurshipconference.com/intrapreneurs-are-not-entrepreneurs/
    4. Photo Credit URL – //www.raconteur.net/wp-content/uploads/2016/09/professional-development-image-Klaus-Vedfelt-Getty-Images.jpg

  • What is Intrapreneur? Meaning and Definition!

    What is Intrapreneur? Meaning and Definition!

    Intrapreneur: An employee of a large corporation who is given the freedom and financial support to create new products, services, systems, etc., and does not have to follow. The corporation’s usual routines or protocols. A manager within a company that promotes innovative product development and marketing. Also learn, What is Intrapreneurship?

    Learn, What is Intrapreneur? You may better understand their Meaning and Definition.

    An intrapreneur is an employee who is given the authority and support to create a new product without having to concern about whether or not. The product will actually become a source of revenue for the company. Unlike an entrepreneur, who faces personal risk when a product fails to produce revenue. An intrapreneur will continue to receive a salary even if the product fails to make it into production.

    Meaning of Intrapreneur:

    An intrapreneur is an inside entrepreneur or entrepreneurship within a large firm. Who utilizes innovative abilities without causing the dangers related to those exercises. Also, Intrapreneurs are typical representatives inside an organization who are allocating to take a shot at an extraordinary thought or undertaking, and they are training to build up the venture as a business visionary would. Additionally, they for the most part have the assets and capacities of the firm available to them.

    Intrapreneurs and Innovation:

    Similarly, as a business person begins an organization as a method for giving a decent or administration, intrapreneurs look for strategies, advances, and applications that will help increment an organization’s profitability. As an intrapreneur constructs the fitness for perceiving and tackling significant issues. He likewise fabricates the aptitudes needed to go into business.

    Intrapreneurs and Experimentation:

    Like how business visionaries to analyze, an intrapreneur has the opportunity and self-sufficiency for proficient development. An intrapreneur has the freedom to examine and comprehend patterns fundamental for arranging the organization’s future. The Intrapreneurs combine their discoveries and decide techniques for remaining in front of their rivals.

    An Intrapreneurs and Company Leaders:

    Intrapreneurs become an organization’s chief chiefs over the long haul. They push the business ahead and ascend to the top as they comprehend the business from all levels. An organization ought to perceive and advance effective intrapreneurs so the business can succeed and develop. When intrapreneurs work at tackling issues, they cultivate the development of other capable intrapreneurs and incorporate cycles for everyone’s benefit of the whole organization.

    Example of an Intrapreneur:

    In less than one year of working as eBay’s head of staff of worldwide item the executives, Healey Cipher understood the organization was passing up an enormous business opportunity. Even though most shopper buys made inside 15 miles of a purchaser’s home in actual stores, eBay was offering just internet business administrations for its customers. Since Cipher met numerous retailers, he realized they would need items for actual retail too.

    After consulting with eBay’s chief executive officer (CEO), Cipher amassed a group of designers to discover approaches to utilize innovation to improve actual stores. The architects made an intuitive customer-facing facade that Toys R Us in the end introduced. Over the accompanying two years, the specialists did likewise for TOMS, Sony, and Rebecca Minkoff. The code’s prosperity turned into another division of eBay, giving laborers self-sufficiency for tackling issues and pushing the organization ahead.

    Definition of Intrapreneur:

    An intrapreneur is only a business person inside the limits of the association. Likewise, an intrapreneur is a worker of a huge association, who has the authority of startling inventiveness and advancement in the organization’s items, administrations, and activities, overhauling the cycles, work processes, and frameworks to change them into a fruitful endeavor of the venture.

    The intrapreneurs put stock in change and don’t fear disappointment, they find novel thoughts, search for such open doors that can profit. The entire association faces challenges, elevates advancement to improve the exhibition and benefit, assets gives by the association. The employment of an intrapreneur is incredibly testing; consequently, they are acknowledging and compensated by the association in like manner.

    Over the most recent couple of years, it has become a pattern that enormous companies name intrapreneurs inside the association, to bring operational greatness and addition upper hand.

    An enormous association can challenge to recognize and empower workers. Whose business aptitudes and innovative capacities make them a great contender to take on pioneering parts inside the organization, yet still be substance to hold workers. A few organizations have committed innovative work (R&D) offices. Whose intrapreneurial staff undertakings with investigating thoughts that will enable the organization to remain serious? Different organizations grasp the possibility of nonstop improvement.

    An idea acquired from assembling that energizes representatives in research, plan, deals, and creation to function as a group to distinguish new income openings. Numerous effective IT new companies encourage a culture of intrapreneurship casually by permitting workers to seek after. Their own specialized advantages during work hours or by supporting occasions, for example, hackathons or other social coding parties.

    What is Intrapreneur Meaning and Definition
    What is Intrapreneur? Meaning and Definition; Image from.

  • What is Intrapreneurship? Meaning and Definition!

    What is Intrapreneurship? Meaning and Definition!

    What is Intrapreneurship? Intrapreneurship is the practice of entrepreneurship by employees within an organization. In 1992, The American Heritage Dictionary acknowledged the popular use of a new word, intrapreneur, to mean; “A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation”. Also learn, What is entrepreneurship?

    Learn, What is Intrapreneurship? You may understand their Meaning and Definition.

    They are entrepreneurs, business people who seize a groundbreaking thought for an item, administration, or cycle and work to carry this plan to fulfillment inside the system of the association. Business visionaries with their developments and committed exertion are seeing as a significant resource by the association, moving others. He fills in like a boss to others in the association. As of late, a few business visionaries are finding employment elsewhere to begin their own endeavors. It is discovered that many are extremely fruitful in their new pursuits and they are making a danger the organizations they left a couple of years back.

    Meaning of Intrapreneurship:

    Which means of Intrapreneurship: Intrapreneurship is acting as a business visionary inside a bigger association. Business visionaries are generally exceptionally self-inspiring, proactive, and activity situated individuals. Who are all right with stepping up to the plate, even inside the limits of an association, in the quest for a creative item or administration. The ambitious innovator has the solace of realizing that disappointment doesn’t have an individual expense as it accomplishes for a business visionary since the association retains misfortunes emerging from the disappointment.

    Intrapreneurship is the demonstration of acting like a business person while working inside a huge association. Intrapreneurship knows as the act of a corporate administration style that coordinates hazard adopting and development strategies. Just as the prize and persuasive methods; that all the more generally consider similar to the area of the business venture.

    Definition of Intrapreneurship:

    The act of business in a setup firm. Intrapreneurship applies the ‘startup’ style of the executives (described by adaptability, development, and danger taking) to a protected and stable firm. The goal is too quick to track item advancement (by bypassing the organization) to make the most of another chance or to evaluate the possibility of another cycle or plan.

    Intrapreneurship includes making or finding groundbreaking thoughts or occasions to make esteem. Where this action includes making another and self-financing association inside or under the protection of a current organization. A business visionary is an individual who rehearses intrapreneurship.

    As indicated by this definition, a corporate supervisor who begins another activity for their organization which involves setting up another unmistakable specialty unit and governing body can view as an ambitious innovator.

    Interestingly, a corporate supervisor who begins another activity utilizing prior corporate structures isn’t an ambitious innovator. Nor is ahead of an R&D unit inside an association, whose developments are overseen by the association.

    Were this R&D pioneer to make another independent association, which plays out its own capacities and sells its own items – yet with solid proceeded with connections to the parent firm, association – it would consider intrapreneurship. Also learn, What is the Difference between Leadership and Entrepreneurship?

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  • 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
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