Setting up the corporate entrepreneurship environment
In modern business, one of the primary tasks of the business leader is to foster an environment in which entrepreneurial thinking is encouraged and readily takes places. Promoting this culture by freely encouraging creativity (and thereby innovation), business leaders motivated toward corporate entrepreneurship must continuously strive to exude and build trust, embracing the risk to fail and inspiring those around them to take similar calculated risks.
Categories of Corporate Entrepreneurship
The current change in the economy throughout the world pressurize to businesses and industries to change the strategies rapidly to satisfy the multiple stakeholders. Large organizations are focusing on innovation. The need of Intrapreneur arises due to numbers of problem. The number of competitors is increasing rapidly these competitors are very sophisticated, these competitors are not only their backyard but from other countries as well. Many innovative people leave the corporate and became the business entrepreneurs.
1.Corporate Venturing– Corporate venturing involves is starting a new business within the existing business, e.g. Thermo- Electron company’s core competence in medical laser technology and started a new venture involve hair removal salons utilizing their laser technology.
2. Intrapreneur– is an effort used by entrepreneurs to create and build a business to set up their mind and behaviours. Companies who wish to bring innovation in their companies generally make some intrapreneurs in their company so as to build a culture of creativity.
3. Corporate renewal or Transformation– When in a company transformation involves innovation and it leads to economic value it is called as corporate renewal.
4. Industrial Rule Breaking -When a company transforms itself significantly and the change involves a competitive environment it is called an industry rule breaking. Amazon.com is one such company that broke the rules of engagement of booksellers.