“A new vision future of the business world: Corporate Entrepreneurship.” An insight into the trend of mingling innovation in the corporate culture
Entrepreneurship has changed a number of things. It has changed the pattern of thinking, the rules, and orders for growth in the business world. An entrepreneur who seeks a safe haven in innovation usually tends to take the defensive approach when it comes to the traditional corporate culture.
The new competitors
Over the years, corporate culture has found a new competitor in the market in the form of entrepreneurship. Many professionals who earlier served businesses and their grand plans are now looking for a way to show their real talent by displaying their professional skills. This has made the corporate culture think for a mediation between the two because one day or the other both are affected by the gross quality of progress due to sharing mutual competition.
Effort to protect
Thus, the attempts from the culture’s part are highly protective ones. They are protective towards securing the ideas or plans which they have in their minds by allowing the individual talent to rise and shine. This previously appeared a joke to much of the grand corporations of the world where they only wanted their ideas on the practice table.
The growing influence has made these corporations seek out enormous ways of showing their professional capability by preserving that individual uniqueness for which they are mentioned in the course of the business world in no words less than the hymns of appreciation. These hymns get beautified by the action of individuals and organizations.
Significance of man than manpower
A number of organizations are already at the edge of shaping up their strategies into ideals that can fit perfectly as per the structure of modern entrepreneurship. There is huge stress over the leading corporations to lay down such principles which promote individual growth rather than hindering it. This is because now the wind is turning against their sovereignty and hence they need to get back to the position where they were once.
One interesting fact about the corporate culture is its adaptability. It mixes up easily with new norms of the business town thus making it easier for the corporate names to find out their true places in the growing tide of competition. The fact that entrepreneurship now presents itself attached to a culture that is abhorred by many leaves many business experts in a state of awe.
A collaboration so significant
However, all of them agree to a single fact that corporate culture is doing its own better by collaborating with a bright future. This time individual no longer remains a commodity but becomes a necessity to maintain the pace of growth. Manpower is altered by the skill power where skills are loved than anything else.
Well, what is the definition of corporate entrepreneurship then?
Business experts of the town do not need assurances or theories to put forth their fortunes and skills just for the sake of individual empowerment. As the business world is always about profit or loss, hence this time a win-win scenario appears before us. A proper definition of corporate entrepreneurship highlights that,
“It is an act of devising individual or team’s skill for the betterment or profit of an organization so that the organization under consideration creates more number of opportunities to adjust the right kind of talent, thus by increasing its reach to a global clientele and preaching about the skills it has nourished under its command”.
This elaborate definition clears out many things before us that foremost priority in corporate kind of entrepreneurship is given to the individual talent and then profit is evaluated on the basis of innovation carried out by individuals. This trend of nurturing your talent while remaining a part of an organization makes one an integral part of the organization.
As the innovation heightens, every individual acts up as a unit to manufacture the ideas that would support the ambition of the company and turn out profitable amidst the presence of other potential rivals in the global market.
Components of Corporate entrepreneurship
As a whole is made up of its scattered unit. In that very manner, the essence of corporate culture is based on its integral components that make up a large part of the action course. It is because of these features that one is able to find out the loopholes present in the agenda and conduct the process smoothly by modifying it.
There are three basic components involved in building up the whole statue of the corporate kind of entrepreneurship.
- Innovation concerning a specific product
- Proactiveness regarding action
- Taking and actively handling risks
As you must have read at a number of places that an entrepreneurial venture remains incomplete without testing your skills enough to formulate an innovative product at the end. This innovation or creativeness is what actually leads your company towards the destination of success. If you are innovative and skillful then you can manage to handle it easily being a part of a larger group.
As an innovator, you are the real mind behind the credibility of the whole venture.
One wrong step can take you to the underworld of bleak darkness. Therefore, always keep your thought process intact. Think about new things to make up something that finds its place in the most historical innovations.
Large corporations understand the role of a fantastic innovative product. Therefore, they have separate teams of geniuses who think and research the nature of new products every day. This is why one new innovation becomes a symbol of success immediately gaining clientele through sound advertisement and adequate skills to make the impossible possible.
An innovative sense can take an organization to the skies of success.
All you need to think of making your idea a unique one so that it attracts the attention of hungry clientele and taking over your rival’s ideas. Smartphones for example were the magic of Apple and then every other company jumped into the flourishing river flowing its magical streams to double up the profits. However, sticking to one idea all the time is also not an appreciated behavior.
You must learn to shuffle amidst the ideas and add some sort of evolution to them over time so that the clients don’t get bored of it and find it amusing enough to buy it every single time.
When you are working over a certain venture on your own, you have the chance to take it easy and make it a game of slow and steady win. This is because understanding the market will definitely turn out burdensome for a newbie. However, this behavior is least expected from a well-established organization that stands sound and holds authentic grounds over the years.
As an established organization, there is a team of experts who are adept at keeping a keen eye on the growing and weakening trends of the business world.
Thus, they know how much their laziness can cost them. Among the corporate organizations, there is always some kind of competition going around in which one tries to berate the pother by taking lead over it.
As a member of the organization, you need to learn that you are lucky enough that a huge responsibility is bestowed on you by your company.
The strength of your company lies in the kind of actions you take in order to preserve it. Therefore, activeness is not the norm here but you really have to be a pro here to handle the pressure and work calmly with your own motive in your mind.
In this global market, competition is the new trend.
Every single day companies are working their best to add more and more innovation to the ideas they offer to the clientele just for the sake of staying in the game. If they get a bit too late to find out the true kind of effort needed for the completion of the venture, someone else might be availing that very opportunity right in front of their eyes. So, never let others chance of exploiting you by any means.
There is a fact about the business world that it is really harsh for those who take it as harsh and amazing for the amusing minds. This is cent percent true. In the business world, being a part of a larger organization, the volume of the troubles will be doubled up. You will have to look into a number of things considering the sensitivity of the case.
One of the biggest faults committed by many of the owners and employees of the organizations is their lack of interest in taking and managing risks.
They are more concerned about the defensive side. Their attempt is to minimize risks as much as they can. No doubt, it is a good thing to stay on the safe side but you cannot simply expect to remain safe all the time. This reduces the credibility of your organization.
A question is left at the performance of your employees because the employees who are not good at managing risks can never dare do any effort that is deemed out of ordinary. This is what the biggest organizations of the world teach us. They tell that as a responsible corporate organization, they have to embrace the challenges widely armed and then sorting out the ways to end them.
Remember! Risks are the kind of adventures that have a lot of tales of experiences springing up from their sides only if you have the eyes to see their magical qualities.
Models for corporate entrepreneurship
In addition to the components, there is certain kind of models attached with the entire concept stamping at the authentication of the overall procedure. With the help of the models, it becomes easier for you to ascertain your specific position as well as assign others a position according to their own skills.
This makes it easier to divide the labor within an organization which serves as the most vital component of effective functioning. These models tell you that there can be a skilled portrayal assisting or backing up the organization for the sake of strengthening its position in the global market.
Who are the minds behind the described model?
The models interactive in their approach and productive in their nature were given by Robert C. Wolcott and Michael J.Lippitz in their most renowned work, “Grow from within.”
In the book, they explained that how influential an entrepreneurial mindset can be for the progress of a full-fledged organization if and only if it is taken seriously.
Attempt to divide the labor based on skill
According to the overall model, the moderators gave four kinds of positions that determine how the skills of every single one of the entities could turn out as a piece of gigantic success for the company taking its name internationally for the nature of its impactful operation and fruitful results.
There are four levels of authority bestowed to the entrepreneurs focusing on the area where their skills are matchless compared to others. These are given down here.
Though this entire concept is based on one joined thought and forms the body and head of one singular idea representing a particular model, however, many experts often break these fragments into units devising their own distinctive model or approach centered on nature.
The name is driven from the word, “opportunity” is an indication of the role of the individual at this point. At this level, the organization is at its base looking out for minds that are creative o searching for ways that can help them grow in the business market.
Though bigger companies are existing at their own identity without looking for the right kind of opportunities to grow their ambition is to evolve.
However, the newly found organizations are already facing a hard time in the business sector because of their rivals and hence are in search of one golden opportunity that could make them a leader of the market.
Not everyone has the skill to identify the accurate kind of opportunity knocking at the door of organizations. Every day, they encounter a bunch of opportunities from which they are supposed to segregate the ones ensuring real-time success.
An opportunist is an entrepreneur who lives for such kind of life-changing opportunities. As an opportunist, you know how to make the most out of a situation and assist your company in its growth.
You identify the right or exact kind of opportunities your company needs which can, later on, help the company gaining the trust of the clientele with a sum of handsome profit. This is the core of the entire corporate entrepreneurship venture. If you are unable to choose the opportunities or avail the right kind of opportunities at the right time, then mate! You are missing out on the real charm. You will be unable to get this chance again so identify and avail it wisely.
You need to remember that you are the one who can decide the future of the company.
If your business sense is sharp enough to tell you that the right opportunity is made just for you, then what else would you want from life when your life is already changing because of the skill you possess and use it timely in order to execute a proper action.
If an opportunist’s role is essential for the identification of the perfect opportunity, then we have another lot who does the real magic of making it possible. An opportunist can either identify or create a certain type of opportunity but it is not in his/her might to make preparations for the fortune required in order to execute the action plan.
This is where the role of an enabler comes. You learn that the opportunity has been created but fortune is the issue. You have to tackle down that issue as an enabler to nullify the pressurizing power. Once you are able to analyze the amount of capital needed for the execution of the plan, you are totally diverted into looking out for sources.
This is not just about money management. There is a whole lot of stuff inside the enabler’s layer.
First, you have to look at the individual resources of your company. If your company has enough capital necessary for the sustenance of the action plan, then you constitute a report highlighting the departments as well as the respective capital required for their effective functioning.
However, if your company is still the one struggling at the matter of fortune, then your responsibility increases, and here you are not only required to manage the departments on the criteria of their expenditures. At the same time, you have to create the kind of resources that would be monetarily beneficial to the growth of your company.
Once you have looked for all the positive resources, you intend to seek assistance in terms of financial affairs.
At this point, another role is entrusted to you and that is to keep a check on all the interests and loans you have returned back over a fixed period of time so as to avoid any fraudulent activity leading to the bankruptcy of your organization.
Once you have managed the resources from where your fortune will fall upon the plan of action, the role then gets transferred to the advocator. As an advocator, you create a map, containing the benefits of that very plan. Your role is very simple at this point. You are just supposed to tell others that why do they need the presence of this plan in their lives?
As simple as it looks but the innocence of the role is temporary because once you take up this responsibility, you find out that a greater degree of persuasion is needed for the introduction of new projects in the mainstream market.
If you are a fine player at the market, you must have noticed that whenever a new plan makes its entry to the officials as well as the clientele of the market, it is initially rejected because of a series of concerns rising over it.
As an advocator, the attempt is to end the series of concerns cooking up in people’s minds and to replicate them with a proper idea of the project. If you are a good speaker who believes in the power of not only speaking but effective listening as well, you are into being an advocator.
In the corporate entrepreneurship, an advocator is not an odd soul telling some unrealistic tales about the qualities and attributes that are more than even the fairest of all the projects. You simply pick up honesty and try to tell others what does this project means to you and your company and how is it going to alter the lives who are still contemplating the validity.
Once you realize that now people do have an idea about the true significance of your work, you can expect a positive result building up in some nearby alley.
All hail to the might producer who is not only creating a reality but making dreams of a number of people true. A producer is the one who uses all the strengths for the actualization of the plan. As a producer, you learn that your product should be an imitation of the original plan, not just a random product running along with, many of others in business town.
You are the soul acting up as the agent of merger who merges the opportunity, resources, and advocacy for the cause of making the impossible a possible part of your lives.
This is how champions of the world have progressed. They know that they have to be as unique as the original plan, therefore, they end up using all of their sources for the entry of a product in the market which is able to set its standard high among the others on the basis of the quality it portrays.
A producer acts as an artist painting up the realistic picture of what the dreamer or the opportunist has really thought in its most splendid ways.
Corporate entrepreneurship is becoming a norm but you need to know that no matter how normal a norm is, still, individual uniqueness is something that can add real taste to the cuisine of business. Acting unique and devising skills most efficiently and productively are the only fragments eventually resolving the puzzle of this corporate world before you.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.