September 08, 2017
Surendra Jagwan
Introduction
Corporate Entrepreneurship is thought of as rejuvenating and
revitalizing existing companies. It is brought into practice as a tool for
business development, revenue, growth, profitability enhancement and pioneering
the development of new products, services and processes.
The
concept of corporate entrepreneurship is generally believed to refer to the
development of new ideas and opportunities within large or established
businesses, directly leading to the improvement of organizational profitability
and an enhancement of competitive position or the strategic renewal of an
existing business.
Characteristics:
1.
Start of new business within existing business.
2.
Restructuring of organisations through a renewal of important
areas of business.
3.
Creativity, innovation and
renewal within an existing organisation.
Why should established
organizations consider corporate entrepreneurship?
Corporate entrepreneurship is especially crucial
for large companies, enabling these organizations - that are traditionally
averse to risk-taking - to innovate, driving leaders and teams toward an
increased level of corporate enterprising. In addition to the obvious benefits
obtained through innovation, this approach also provides the organizational
benefit of setting the stage for leadership continuity.
In a simpler view, corporate entrepreneurship can also be considered a means of organizational renewal. For in addition to its focus on innovation, there also exists an equal drive toward venturing. These two work in unison as the company undertakes innovations across the entire organizational spectrum, from product and process to technology and administration. In addition, venturing is a primary component in the process, pushing larger companies to enhance their overall competitiveness in the marketplace by taking bigger risks. Examples of these risks, as seen in a large-scale organization, may include: redefinition of the business concept, reorganization, and the introduction of system-wide changes for innovation.
In a simpler view, corporate entrepreneurship can also be considered a means of organizational renewal. For in addition to its focus on innovation, there also exists an equal drive toward venturing. These two work in unison as the company undertakes innovations across the entire organizational spectrum, from product and process to technology and administration. In addition, venturing is a primary component in the process, pushing larger companies to enhance their overall competitiveness in the marketplace by taking bigger risks. Examples of these risks, as seen in a large-scale organization, may include: redefinition of the business concept, reorganization, and the introduction of system-wide changes for innovation.
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