Question

What steps can be taken by executives to develop a strong entrepreneurial orientation in the organization?

Answer 1

In an organization the entrepreneurial orientation refers the individuals who have abilities to identify opportunities, planning, managing and organizing the key resources for its value creation, wealth creation, competitive advantages, economic advantage etc. The steps that can be taken by executives to develop a strong entrepreneurial orientation within the organization are followings -

• Autonomy should be given to the individuals so that they can experiment with their ideas and take them forward for the betterment of the organization. There should be autonomy in decision making process.
• There should be competitive aggressiveness so that they can focus more on the performance of the organization and its gives more value to the competitiveness, aggressiveness, initiative takers and result achievers.
• Innovativeness in approach should be encouraged within organization and its strategic positioning. The creative ideas should get a place in decision making process and experimentation.
• Pro-activeness should be appreciated as it helps the organization to analyze the present state of the business where the organizations can evaluate their internal and external environment and anticipate and act on new business opportunities.               
• Risk-taking approach of a firm can be analyzed in context of its strength and weakness and the tendency to take calculated risk should be encouraged within organization.