Today’s economy is experiencing its ups and downs very quickly: rising competitiveness and fast changing technologies create pressure to the companies that want to stay at the top of their markets. This is not going to slow down, so the need for tools of success is arising. At the same time we are moving away from the belief that “entrepreneurs are born, not made”. That is why the wanting, believing, hoping, planning must be followed by doing. As already Confucius said: “When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps”. It is time for action and one form of it that suits different businesses nowadays is — Corporate Entrepreneurship (CE). Corporate entrepreneurship is the process whereby an individual or group of individuals, in association with an existing organization, create a new organization or instigate renewal or innovation within that organization. There Continue reading
Entrepreneurship Articles
Effectuation – New Paradigm of Entrepreneurship
The business world is permeated through and through this kind of rationality, based on what we see is happening today in the world, what are the trends? what will be the consequences? are forecasted the solutions in a business environment. However, according to Saras Sarasvathy, it is not how entrepreneurs think. The thought process is not “causal” but “effectual”. When a project is approached, the entrepreneur has three means skills: his own innate abilities, skills acquired through education and personal contacts. The entrepreneur is guided by a simple maxim: “To what extent can we control the future, we do not need to predict it.” Here lies all the difference. According to Sarasvathy, the successful entrepreneur does not try to predict what will be the most profitable markets, very opposite idea to Henry Mintzberg. In 1997 Saras Sarasvathy, professor of business and ethics at the University of Virginia but then a Continue reading
Major Drawbacks of Entrepreneurship
Entrepreneurs are persons who are creative and imaginative in finding ways and add them to their own wealth, power and prestige. Entrepreneurs innovate and introduce new quality of good which consumers are not familiar yet. Besides, they often launch new method of production and new market which have not been tested and existed before yet. Moreover, they also bring new source of supply of raw material or half manufactured goods. Likewise, they create monopoly position which is the carrying out of the new organisation of any industry. It is important to differentiate between two primary types of entrepreneurs to understand how economic development occurs. ‘The initiation entrepreneur” is responsible for unprecedented economic growth during 19th and 20th centuries; creating new products, new productive technologies or procedures which has not existed before. Whereas ‘the imitative entrepreneur’ is for economic advancement in developing countries today, where there is a more widespread and Continue reading
Importance of Creativity and Innovation in Entrepreneurship
Business, innovation and creativity are interlinked terms. Business, any business, cannot exist without creativity. The very notion of starting up your own business, take calculated risks and give your best to succeed, is the definition for entrepreneurial creativity. Innovation is what makes the difference, what gives a company a competitive edge, what turns a small “garage” business to a multinational with offices around the world and with billions of pounds in its corporate accounts. Creativity, realized through innovation is what drives our economy, is what capitalism is built on, is what creates companies like Apple, Microsoft, and Dyson and Goldman-Sacks. Important Role of Creativity and Innovation in the Entrepreneurial Process Every sector of business and every sector of life is subject to creativity and innovation. If is strange that when the word creativity is mentioned most people think of painters or sculptors or even photographers and when the word innovation Continue reading
7 Characteristics of an Entrepreneur
Entrepreneurs have in common some characteristics and skills, but anywhere there is a wide range of individuality among them. Some entrepreneurs receive formal training and skill development, while others have a natural flair for it, still others break every rule or use very unusual approaches, but still succeed. There is no recipe for becoming a successful entrepreneur, but there are certain characteristics that are associated with entrepreneurial success, here are described several important ones: Aptitude: Most people have a wide range of aptitudes-natural talents, tendencies, or capacities. Entrepreneurs can apply their aptitudes to their business ventures. Every potential entrepreneur has to analyze his aptitudes and talents, which are an important part of his starting background. Then, with practice, hard work, and education, those basic aptitudes and talents can turn the potential entrepreneur into a real business man. Risk tolerance: Risk can be defined as the possibility of failure or adverse Continue reading
Case Study of Steve Jobs: The Ultimate Intrapreneur and Entrepreneur
Apple’s success can be without a doubt is credited to Late Steve Jobs and his entrepreneurial skills which reflected the way Apple developed their strategies and hence becoming a corporate Entrepreneur organization. Steve Jobs was an entrepreneur who turned into an intrapreneur due to demands of the environment he worked in. Apple was established on April 1st, 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne to sell the Apple I personal computer kit. The kits were hand-built by Wozniak. Steve Jobs was booted in 1985 and returned as CEO in 1997. By the time of his death in 2012 at the age of 56, he had transformed a company that was in such weak financial shape that it accepted a $150 million investment from Microsoft, into the most profitable technology company in the world. A consummate showman, Jobs was adept at explaining his vision to a mass audience and Continue reading