Whether it relates to a start-up or a corporate venture, fostering and nurturing an entrepreneurial organizational culture is a common thread in virtually all entrepreneurship theories.
Every organizational culture is distinct and largely unique, but there are some models that managers can use as guides for adjusting or revamping an organization to drive an entrepreneurial spirit. Entrepreneurial organizations require risk-taking and bold initiatives.
Market intelligence is king in the world of opportunity discovery. These discovery paths entail exploration across alternate industries, strategic groups, customers, complementary offerings, functional or emotional appeal, and timelines.
Today’s business leaders put too much emphasis on efficiency rather than innovation.
By exploring and adopting practices from alternative industries, firms can discover new ways to approach customer needs.
“Because of an unwavering focus on efficiency, all too many firms have stripped away excess resources, reducing or eliminating their capacity to innovate, and have weeded out entrepreneurial skills,” author Jim Dewald warns. This makes them vulnerable to disruptive change and eventually leads to their decline.
He explains, “Although most existing corporations have almost everything an individual entrepreneur seeks in pursuit of success—money, brainpower, leadership capabilities, sales channels, research facilities, customers, status—corporate entrepreneurship is actually quite rare”
“I needed to write this book because I am concerned that business leaders in particular, have lost touch with the all-important entrepreneurial spirit that drove growth and prosperity in the past,” writes Jim Dewald in “ACHIEVING LONGEVITY: How Great Firms Prosper Through Entrepreneurial Thinking.”
Source: Jim Dewald: Achieving Longevity: How Great Firms Prosper Through Entrepreneurial Thinking
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