* 4 major parts of corporate entrepreneurship. 1-New business venturing ( corporate venturing) Corporate venturing refers to the creation of a new business within an existing organization. Business dictionary defined corporate venturing as the practice where a large firm takes an equity stake in a small but innovative or specialist firm, to which it may also provide management and marketing expertise. Specifically, corporate venturing emphasized an internal capital resources, proprietary knowledge, and marketing expertise.
The concept of corporate venturing has existed for many years in the US where many of the top companies have a venture capital fund or offer strategic alliances. While the number of companies involved is much smaller in this country, it has existed for many years and in many sectors. Traditionally corporate venturing has appealed to high-growth sectors such as pharmaceutical or technology companies. 2. Innovativeness It’s product and service innovation, with emphasis on development and innovation in technology.
The innovation of product and services are crucially important to every economy. Innovation and new business development can be initiated by independent individuals or by existing enterprises. Corporate entrepreneurship is ever more considered as a valuable instrument for revitalizing existing companies. It is brought into practice as a tool for business development, revenue growth, and profitability enhancement for pioneering the development of new product, services and processes. 3. Self-renewal
It’s transformation through renewal of key ideas on which an organization is built. Self-renewal has strategic and organizational change implications and includes the redefinition of business concept, reorganization, and the introduction of system-wide changes for innovation. Self-renewal is entrepreneurial because it involves entrepreneurial efforts that result in significant changes to an organization’s business or corporate level strategy. 4Proactiveness This term includes initiative, risk taking, competitive aggressiveness, and boldness.
It attempts to lead rather than follow competitors. A proactive firm is inclined to take risk through experimentation. Some opinion conceives of proactiveness as a continuous search for market opportunities and experimentation with potential responses to changing environmental trend. Entrepreneurial proactiveness depends on the attractiveness of an opportunity and ability of the firm to grasp once it is perceived. Organizational performance depends on entrepreneurial proactiveness if there is uniqueness in the creation of new product from the available resource
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