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50 Shades of Entrepreneurship

Explore the causes driving interest in corporate entrepreneurship, comparing problems and successful efforts within established organizations. Gain insights on distinguishing entrepreneurially managed firms, make decisions towards opportunity and resource control, and establish a culture conducive to entrepreneurship. Learn how to establish corporate entrepreneurship in your organization step by step, utilizing technology for flexibility, training employees, and enhancing productivity. Understand how to cope with failure and embrace sustainable entrepreneurship, with a focus on economic, environmental, and social gains. Discover international entrepreneurship challenges and gain practical insights with in-class exercises on fostering entrepreneurial culture.

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50 Shades of Entrepreneurship

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  1. 50 Shades of Entrepreneurship

  2. Corporate Entrepreneur: Google

  3. Causes for Interest in Corporate Entrepreneurship • Corporate entrepreneurship • Entrepreneurial action within an established organization • Capitalizes on individuals who can do things differently and better • Causes for interest • Desire for responsibility • Strong need for individual expression and freedom • Discontent within the structured organization

  4. Problems and Successful Efforts • Compared to new ventures started within a corporation, independent start-ups: • Perform better • End up twice as profitable • Reasons cited • Corporation’s difficulty in maintaining a long-term commitment • Lack of freedom to make autonomous decisions • Constrained environment

  5. Table 2.1- Distinguishing Entrepreneurially from Traditionally Managed Firm

  6. Managerial Versus Entrepreneurial Decision Making • Strategic (managerial) orientation • Focuses on factorsthat are inputs in formulation of the firm’sstrategy

  7. Managerial Versus Entrepreneurial Decision Making • Entrepreneurial orientation • Toward opportunity: Commitment to take action on potential opportunities • Toward commitment of resources: Minimizes resources that would be required in pursuing a particular opportunity • Toward control of resources: Focuses on how to access others’ resources

  8. Managerial Versus Entrepreneurial Decision Making • Toward management structure: More organic focus has few layers of bureaucracy between top management and the customer • Toward rewards: Compensation is based on generation and exploitation of opportunity • Toward growth • Toward culture: Encourages employees to generate ideas, and engage in tasks that might produce opportunities

  9. Table 2.3 - Characteristics of an Entrepreneurial Environment

  10. Table 2.4 - Leadership Characteristics of a Corporate Entrepreneur

  11. Establishing Corporate Entrepreneurship in the Organization • Step one • Secure a commitment from top, upper, and middle management levels • Identify, select, and train corporate entrepreneurs • Step two • Identify ideas and areas that interest top management • Identify amount of risk money available • Establish overall program expectations and target results • Establish time frame, volume, and profitability requirement • Establish mentor/sponsor system

  12. Establishing Corporate Entrepreneurship in the Organization • Step three • Use of technology to ensure organizational flexibility • Step four • Identify interested managers to train employees • Step five • Develop ways to get closer to the customers

  13. Establishing Corporate Entrepreneurship in the Organization • Step six • Learn to be more productive with fewer resources • Step seven • Establish a strong support structure for corporate entrepreneurship • Step eight • Tie rewards to the performance of the entrepreneurial unit

  14. Afraid of Failure?

  15. Learning from Failures • Dual process model of coping with negative emotions suggests an oscillation between: • Loss orientation • Working through and processing some aspect of the loss experience • Breaking emotional bonds to the object loss • Restoration orientation • Both avoidance and proactiveness toward secondary sources of stress arising from a major loss

  16. Sustainable Entrepreneurship • Preserving nature, life support, and community in the pursuit of perceived opportunities to: • Bring future products, processes, and services into existence for gain • Can generate: • Economic gains • Environmental gains • Social gains

  17. Sustainable Entrepreneur: NURU

  18. International Entrepreneurship • Requires dealing with differences in: • Levels of economic development • Currency evaluations • Government regulations • Banking, venture capital, marketing and distribution system

  19. International Entrepreneur: Donut Plant

  20. In-Class Exercise • Task: In your past/current job, if your boss gave you complete power, what would you change to encourage entrepreneurship? • Guidelines: • Team A&B, C, D, E&1/2F, 1/2F, G, H, J&L, M, O&P, R&T, S, W • Take only 1 characteristics of an ENT environment • Pick 1 company • Layout steps (all 8 if you could) to establish ENT in that company • Turn in your written report

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