Innovation in large organizations

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Entrepreneurials can successfully transform large companies. They do not need to leave large organizations to achieve innovation.

Posting 36041 - Entrepreneurial Issues

Definitions of Entrepreneurial
A dictionary definition of negotiation is a person "willing to take risks in order to make a profit". The spread of technology, better access to information and the speed at which information circulates have opened up opportunities for entrepreneurship. Firms are increasingly abandoning their adaptation-based strategies in favor of more proactive models. That basic premise is that seeking a competitive advantages means implementing an 'entrepreneurial strategy'. Meyer and Hepard (2000) regard entrepreneurship as the dominant logic that must prevail when seeking a competitive advantage. This tends to support those who say that firms, especially larger ones, cannot survive unless they acquire truly entrepreneurial competencies. The notion of 'entrepreneurial strategy', although not exactly new, is attracting a great deal of attention. Given the realities facing firms today and to encourage academics to produce knowledge that firms can actually use, Hitt, Ireland, Camp and Sexton (2001) compared entrepreneurship and strategic management in the following definition:
"For the purpose of the research included in this special issue, we define entrepreneurship as the identification and exploitation of previously unexploited opportunities. As such, entrepreneurial actions entail creating new resources or combining existing resources in new ways to develop and commercialize new products, move into new markets, and/or service new customers...On the other hand, strategic management entails the set of commitments, decision, and actions designed and executed to produce a competitive advantage and earn above-average return". (p.481).

Profile of an Entrepreneur
Although no one has found the perfect entrepreneurial profile, there are many characteristics that show up repeatedly. What are some of the characteristics that are essential to success as an entrepreneur? The number one characteristic mentioned is good health. Entrepreneurs should be physically resilient and in good health. They should be able to work for extended periods of time and while in the process of building a business, refuse to get sick. The entrepreneur will often work well into the evening while everyone else has gone home. Listed below are some other characteristics:

• Self-Control. Entrepreneurs do not function well in structured organizations and do not like someone having authority over them. Most believe they can do the job better than anyone else and will strive for maximum responsibility and accountability. They enjoy creating business strategies and thrive on the process of achieving their goal. Once a goal is achieved, another greater goal quickly replaces it. Entrepreneurs strive to exert whatever influence they can over future events. There are easy to recognize in large structured organizations because of their belief that they are smarter than their peers and superiors. They have a compelling need to do their own thing in their own way. They ...