What is Corporate Entrepreneurship?
Entrepreneursh
Corporate Entrepreneurship is the process of attempting to identify, encourage,
and assist entrepreneurship within an established company to create new
products or services that become new sources of revenue and leverage the
parent company's assets and market position. The term 'Corporate
Entrepreneurship' was first used by Professor Michael E. Gerber in his book
Myth Revisited: Why Most Small Businesses Fail and What to Do
named 'The E-Myth
About It'. It embodies one of the major mediums for corporate innovation,
innov
growth, and curtailment of cost. It preserves and helps in increasing employment
and boosting the market while simultaneously providing aid to limit or channel
some of the inconsistencies in the population of businesses.
Why is Corporate Entrepreneurship important?
The breathtaking pace of development and innovation is driving the way business
is conducted. As several new processes, ideas, strategies, and technologies are
flooded in the competitive world, the already established companies can either
innovate their future or be the victims of innovations. The pathway to overcome
such circumstances involves fostering and promoting entrepreneurial activity.
The reason why corporate entrepreneurship is important can be summed up in
the following points:
Need for Innovation: There is always a need for innovation as managers look for
ways to cut costs, improve quality, or otherwise enhance performance.
Creation of New Value: Businesses engaged in entrepreneurial activities are
expected to achieve higher levels of growth, profitability, and new wealth
creation.
Effect on Economy: Corporate entrepreneurship can affect an economy by
increasing productivity, improving best practices, creating new industries, and
enhancing international competitiveness.
Boosting Productivity: Intrapreneurship helps in boosting productivity as people
come up with new ideas and also helps to increase morale among the workforce.
Benefit for the Organization: Corporate entrepreneurship provides a new source
of revenue which is the ultimate benefit of the parent organization. This leads to a
greater impact on the market condition of the company.
Entrepreneurial Mindset
What is an entrepreneurial mindset?
A “mindset” refers to the specific behaviors, attitudes, and thought processes that
prompt our decisions. It encompasses how we view situations, obstacles, and our
mental faculties. Our thought processes can be positive, negative, or anywhere in
between. A negative mindset can blind you, clouding your judgment with doubt
and uncertainty, while a positive mindset opens your mind to the possibilities of a
situation. This gives you a more well-rounded view of a situation, helping you
adapt and approach things creatively.An entrepreneurial mindset is a set of skills
that relies very heavily on positive and resilient thinking. People with this mind
frame see new opportunities where others only view risk. They’re constantly
generating ideas to solve everyday problems and are unafraid of advocating for
their views or pursuing their ideas on their own.
Entrepreneurship Ecosystem
An entrepreneurial ecosystem
ecosystem is a community of people,
institutions, and processes that support the creation and growth of new
businesses. It's made up of social, economic, cultural, and political
factors.
• People: Entrepreneurs, aspiring entrepreneurs, and people who
support them
• Talent: People with skills that can help businesses grow
• Finance: Access to capital, loans, and other financial resources
• Infrastructure: Physical spaces, public services, and other
infrastructure that support entrepreneurs
• Culture: A culture that encourages entrepreneurship and
collaboration
• Policy: Public policy, regulations, and other institutional conditions
that affect entrepreneurs
• Research and development: Research and development activities that
support entrepreneurs
