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CHAPTER 3
Entrepreneurship
PowerPoint Presentation by Charlie Cook The University of West Alabama 2007 Thomson/South-Western. All rights reserved.
Chapter Objectives
Studying this chapter should provide you with the entrepreneurial knowledge needed: 1. To define the term corporate entrepreneurship 2. To illustrate the need for corporate entrepreneuring 3. To describe the corporate obstacles preventing innovation from existing in corporations 4. To discuss the intrapreneurship considerations involved in reengineering corporate thinking 5. To describe the specific elements of an intrapreneurial strategy 6. To profile intrapreneurial characteristics and myths 7. To illustrate the interactive process of intrapreneurship
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They tend to be action oriented. They can move quickly to get things done. They are goal oriented, willing to do whatever it takes to achieve their objectives. They are also a combination of thinker, doer, planner, and worker. They combine vision and action.
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Corporate Entrepreneurship Activities that receive organizational sanction and resource commitments for the purpose of innovative results.
A process whereby an individual or a group of individuals, in association with an existing organization, creates a new organization or instigates renewal or innovation within the organization. A process that can facilitate firms efforts to innovate constantly and cope effectively with the competitive realities that companies encounter when competing in international markets.
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Source: Reprinted by permission of the publisher from Corporate Venturing Obstacles: Sources and Solutions, by Hollister B. Sykes and Zenas Block, Journal of Business Venturing (winter 1989): 161. Copyright 1989 by Elsevier Science Publishing Co., Inc. 2007 Thomson/South-Western. All rights reserved.
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Atmosphere and vision Orientation to the market Small, flat organizations Multiple approaches Interactive learning Skunkworks
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Innovative Philosophy
1. 2. 3. 4. 5. 6. 7. 8. 9. Encourage action. Use informal meetings whenever possible. Tolerate failure and use it as a learning experience. Persist in getting an idea to market. Reward innovation for innovations sake. Plan the physical layout of the enterprise to encourage informal communication. Expect clever bootlegging of ideassecretly working on new ideas ideas on company time as well as personal time. Put people on small teams for future-oriented projects. futureEncourage personnel to circumvent rigid procedures and bureaucratic red tape.
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A vision-directed, organization-wide reliance on visionorganizationentrepreneurial behavior that purposefully and continuously rejuvenates the organization and shapes the scope of its operations through the recognition and exploitation of entrepreneurial opportunity. It requires the creation of congruence between the entrepreneurial vision of the organizations leaders and the entrepreneurial actions of those throughout the organization.
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Developing the vision Encouraging innovation Structuring for an intrapreneurial climate Developing individual managers for corporate entrepreneurship Developing venture teams.
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Source: Adapted from R. Duane Ireland, Donald F. Kuratko, and Jeffrey G. Covin, Antecedents, Elements, and Consequences of Corporate Entrepreneurship, Best Paper Proceedings: National Academy of Management (August 2003) CD Rom: L1L6; and R. Duane Ireland, Jeffrey G. Covin, and Donald F. Kuratko, Corporate Entrepreneurship Strategy (in press, 2007).
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An entrepreneurial strategic vision A proentrepreneurship organizational architecture Entrepreneurial processes and behavior as exhibited across the organizational hierarchy.
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Source: Jon Arild Johannessen, A Systematic Approach to the Problem of Rooting a Vision in the Basic Components of an Organization, Entrepreneurship, Innovation, and Change (March 1994): 47. Reprinted with permission from Plenum Publishing Corporation. 2007 Thomson/South-Western. All rights reserved.
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Source: Adapted by permission of the publisher from Supporting Innovation and Venture Development in Established Companies, by Rosabeth Moss Kanter, Journal of Business Venturing (winter 1985): 5659. Copyright 1985 by Elsevier Science Publishing Co., Inc. 2007 Thomson/South-Western. All rights reserved.
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Types of Innovation
Radical Innovation
The launching of inaugural breakthroughs. These innovations take experimentation and determined vision, which are not necessarily managed but must be recognized and nurtured.
Incremental Innovation
The systematic evolution of a product or service into newer or larger markets. Many times the incremental innovation will take over after a radical innovation introduces a breakthrough.
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Source: Harry S. Dent, Jr., Reinventing Corporate Innovation, Small Business Reports (June 1990): 33. 2007 Thomson/South-Western. All rights reserved.
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Table 3.3
Source: Adapted from Harry S. Dent, Jr., Growth through New Product Development, Small Business Reports (November 1990): 36. 2007 Thomson/South-Western. All rights reserved.
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3M s Innovation Rules
Dont kill a project Tolerate failure Keep divisions small Motivate the champions Stay close to the customer Share the wealth
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Corporate Venturing
Institutionalizing the process of embracing the goal of growth through development of innovative products, processes, and technologies with an emphasis on longlong-term prosperity.
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Figure 3.4 Intrapreneurial Development: Joint Function of Individual and Organizational Factors
Source: Deborah V. Brazeal, Organizing for Internally Developed Corporate Ventures, Journal of Business Venturing (January 1993): 80. 2007 Thomson/South-Western. All rights reserved.
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Rewarding intrapreneuring:
Allow inventor to take charge of the new venture Grant discretionary time to work on future projects Make intracapital available for future research ideas
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Table 3.4
Source: Adapted from Intrapreneuring by Gifford Pinchot III, 1985, 22. Copyright 1985 by Gifford Pinchot III. Adapted by permission of HarperCollins Publishers. 2007 Thomson/South-Western. All rights reserved.
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Collective Entrepreneurship
Individual skills are integrated into a group; this collective capacity to innovate becomes something greater than the sum of its parts.
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Source: Jeffrey S. Hornsby, Douglas W. Naffziger, Donald F. Kuratko, and Ray V. Montagno, An Interactive Model of the Corporate Entrepreneurship Process, Entrepreneurship Theory and Practice (spring 1993): 31. 2007 Thomson/South-Western. All rights reserved.
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Something external or internal to the company (e.g., corporate entrepreneurial activity) that causes a change to take place) initiates the need for strategic adaptation or change.
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Source: Donald F. Kuratko, Jeffrey S. Hornsby, and Michael G. Goldsby, Sustaining Corporate Entrepreneurship: Modeling Perceived Implementation and Outcome Comparisons at Organizational and Individual Levels, International Journal of Entrepreneurship and Innovation 5(2) (May 2004): 79. 2007 Thomson/South-Western. All rights reserved.
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