Question

In your own words, explain the concept of corporate entrepreneurship. Under this concept, what is expected of the corporation? What is expected of the employees in such an entrepreneurial organization? Do you have the knowledge, skills and attitude to behave like an “entrepreneur” within a corporation (a corporate entrepreneur)? Explain why so? Big Bang Disruption is affecting the fields of Education, Healthcare, Transportation (Taxi Services) and Travel -Lodging (Hotels). Explain with examples of new businesses (or new ventures).

Answer 1

1. Corporate entrepreneurship is the process of developing new and creative ideas within a business, which impacts the organizational profitability positively. These ideas give a strategic renewal to the existing business. The business’ efforts to innovate constantly help it in maintaining its competitive edge.
2. In corporate entrepreneurship, the corporate is required to be actively involved in the innovation process. The corporate needs to facilitate the innovation and change process. The top management is required to behave as change agents and role models for the employees.
3. The employees in such an entrepreneurial organization will be required to embrace the change and work in its direction. They will be required to be adaptable, flexible and innovative to sustain such business environment.
4. An entrepreneur in such organization needs to be a visionary and a transformational leader. He needs to inspire the employees to embrace the change and facilitate it for the development of the organization. The entrepreneur must act as the change agent to facilitate the innovation drive in the organization.
5. 3M is the classic example of corporate entrepreneurship. 3M has been constantly innovating and evolving over the years. The culture of 3M encourages the employees to be innovative and creative. They are recognized for their innovative work and encouraged to sponsor such innovative activities. The employees have freedom to choose the projects on which they can work.