CORPENT

• Entrepreneurship


  Ability of individuals to perceive the products or services that others need and deliver these at the right time, place, to the right people, and at the right price
• Entrepreneurship


  Process by which individuals pursue opportunities without regard to resources they currently control
• Entrepreneurship


  Art of turning an idea into a business
• Rewards of entrepreneurship


  • Being your own boss
  • Owning your time
  • Financial rewards
  • Respect for other people
  • Intrinsic rewards
• Penalties of entrepreneurship


  • Limited scope of operations
  • Occasional uncertainty of income
  • Longer working hours
  • Entails very hard work
• Benefits of entrepreneurship


  • Fosters economic growth
  • Increases productivity
  • Creates new technologies, products, and services
  • Changes and rejuvenates market competition
  • Creates employment
  • Develops new markets
  • Discovers new sources of materials
  • Mobilizes capital requirements
  • Contributes to government via taxes, duties, and licenses
• Barriers to entrepreneurship


  • Lack of viable concept
  • Lack of market familiarity
  • Lack of technical skills
  • Lack of seed capital
  • Lack of business know-how
  • Complacency, Non-motivation
  • Social stigma
  • Job lock-ins, Golden handcuffs
  • Time pressures, Distractions
  • Legal constraints, Regulation, and Red tape
  • Protectionism
  • Monopoly
  • Patent inhibitions
• Entrepreneur


  The originator of a new business venture and a new organization for that venture
• Entrepreneur


  Always searches for change, responds to it and exploits it as an opportunity
• Characteristics of a successful entrepreneur

  • Has boundless store of energy, drive and determination
  • Works hard and shows results for it
  • Is capable of dabbling in all phases of the business
  • Is a good judge of character
  • Is able to define and solve problems efficiently
  • Knows how to work with other people
  • Is persevering, a self-starter, motivated
  • Has plenty of insights and awareness, perspective and confidence
  • Makes decisions based on the total picture
  • Is committed
• Important characteristics of an entrepreneur

  • Ability to take risks
  • Desire to compete
  • Ability to make work fun
  • Ability to solve problems creatively
  • Ability to recognize opportunities
  • Commitment to the business
  • Goal orientation
  • Realistic optimism
• Personal traits of a successful entrepreneur

  • Hardworking
  • Responsible
  • Self-confident
  • Persevering
  • Self-disciplined
  • Sincere
  • Achievement-oriented
  • Seeks concrete feedback
  • Prefers moderate risks
  • Committed
  • Innovative
  • Thrifty
  • More concerned with tasks than people
• Technical skills of a successful entrepreneur

  • Organizing
  • Technical knowledge of product/services
  • Verbal communication
  • Ability to implement ad follow-up
  • Visioning/goal setting
  • Coordination
  • Networking
  • Evaluation
  • Opportunity-seeking
  • Control and system development
  • Written communication
• Entrepreneurship


  The practice of taking an idea and inventing an organization for developing that idea
• Entrepreneurship


  Focus on initiating change
• Entrepreneurship


  Formulation of the business
• Intrapreneurship


  Corporate entrepreneurship
• Intrapreneurship


  Practice of beginning and developing new business ventures within the structure of an existing organization
• Intrapreneurship


  About understanding what is needed or reevaluated in the existing organization
• Corporate entrepreneurship


  • Activities that receive organizational sanction and resource commitments for the purpose of innovative results
  • A process whereby an individual or group, in association with an existing organization, creates a new organization or instigates renewal or innovation within the organization
  • A process that can facilitate firms' efforts to innovate constantly and cope effectively with the competitive realities that companies encounter when competing in international markets
• Corporate entrepreneurship process


  • Strategic entrepreneurship
  • Innovation
  • Corporate venturing
• Strategic entrepreneurship


  • Strategic renewal
  • Sustained regeneration
  • Domain regeneration
  • Organizational rejuvenation
  • Business model reconstruction
• Strategic renewal


  Process includes, evaluating customers, products, and services by strategic importance, significance, and profitability
• Sustained regeneration


  Introduction of new products or services or entering new market continuously
• Domain regeneration


  Creation of new product-market arena that others have not recognized or actively utilized
• Organizational rejuvenation


  Sustaining or improving competitive standing and strategies
• Business model reconstruction


  Redesigning core business models
• Corporate venturing


  Larger, more established company enters into a joint venture with one or more small, innovative start-ups to effectively leverage corporate assets to develop innovative products and services
• Corporate venturing


  Can help established organizations to enter new markets, experiment with new technologies, new business models, and create new revenue streams
• Corporate venturing


  Small business owners are risk-takers and are more eager in innovating products and services
• Types of corporate venturing

  • Internal corporate venturing
  • Cooperative corporate venturing
  • External corporate venturing
• Internal corporate venturing


  Entrepreneurial initiatives that originate within a corporate structure and are intended from their inception
• Cooperative corporate venturing


  An effort between two or more businesses to undertake a new venture
• Cooperative corporate venturing


  Allows the pooling of resources and knowledge to create something new
• External corporate venturing


  New business creation activities through organizational modes such as corporate venture capital, acquisitions, etc.
• External corporate venturing


  Means to develop new distinctive capabilities and businesses by exploring business opportunities outside a firm's existing boundaries
• Factors in the emergence of the entrepreneurial economy

  • Rapid evolution of knowledge and technology promoted high-tech entrepreneurial start-ups
  • Demographic trends adding fuel to the proliferation of newly developing ventures
  • The venture capital market became an effective funding mechanism
  • Industries began to learn how to manage entrepreneurship
• Need for corporate entrepreneurship

  • Rapid growth in the number of new and sophisticated competitors
  • Sense of distrust in the traditional methods of corporate management
  • An exodus of some of the best and brightest people from corporations to become small business entrepreneurs
  • Internation competition
  • Downsizing of major corporations
  • An overall desire to improve efficiency and productivity
• Types of innovation


  • Incremental innovation
  • Disruptive innovation
  • Architectural innovation
  • Radical innovation
• Incremental innovation


  Most common form, utilizes existing technology and increases value to the customer within its existing market, may include adding new features or removing features, systematic evolution of a product or service intro newer or larger markets, goal is developmental phase, focuses on existing markets