The term entrepreneur comes from the French word 'entreprendre' created in the Middle Ages, and is translated to literally ‘go between’, referring to those who would facilitate business deals. Entrepreneurship, in its traditional form is the practice of starting new organizations, most commonly new businesses. A difficult task that some undertake despite the non-existence of currently controlled resources, or having ever undertaken such a feat in the past.
Table of Contents
1. Managerial Entrepreneurship
Objective and Topics
This paper explores the role of managerial entrepreneurship within established organizations, arguing that innovation and entrepreneurial processes are critical for sustained competitive advantage in a globalized, hyper-competitive economy.
- The evolution and definition of entrepreneurship as a process.
- Core facets of the entrepreneurial management approach.
- The strategic value of innovation versus micro-evolutionary improvements.
- Traits of entrepreneurial managers, including risk tolerance and big-picture thinking.
- Managing organizational growth in hostile and changing environments.
Excerpt from the Book
Managerial Entrepreneurship
It is the three facets of entrepreneurship that management of existing businesses can utilize in their everyday lives. These three facets include discovering opportunities others haven’t, evaluating the viability of these opportunities, and then exploiting these opportunities in the organization’s favor (“Entrepreneurship”). It is this approach to management that this paper will discuss.
Entrepreneurship can be viewed as a process. As mentioned, this three-step process includes opportunity identification, viability analysis, and an action component. These steps include gathering resources, persuading others, strategic planning, and implementation of actions to take advantage of the opportunities identified in the first step (Butler, Brown & Chamornmarn, 2003). Although some managers are good at one or two parts of this three-step process, it is only by expertly performing all three steps that true innovation occurs.
Entrepreneurial managers are valuable to small firms, helping them grow more rapidly and compete against larger competitors. They are an asset to larger firms and ensure that complacency has not set in. Entrepreneurial managers are key in bringing new products to market across all industries.
Summary of Chapters
Managerial Entrepreneurship: This chapter defines entrepreneurship as a dynamic process involving opportunity identification and strategic action, highlighting why innovation is essential for the survival and growth of modern organizations.
Keywords
Managerial Entrepreneurship, Innovation, Intrapreneurs, Opportunity Identification, Strategic Management, Competitive Advantage, Globalization, Risk Tolerance, Macro Evolutionary Innovation, Business Growth, Organizational Strategy, Change Management.
Frequently Asked Questions
What is the primary focus of this work?
The paper focuses on how managers in established firms can apply entrepreneurial principles to foster innovation, growth, and long-term competitiveness.
What are the central themes discussed in the text?
The central themes include the process of opportunity identification, the distinction between micro and macro innovation, and the importance of an entrepreneurial mindset for organizational survival.
What is the main objective of the author?
The main objective is to demonstrate that entrepreneurship is not limited to new business startups but is a vital management approach for existing organizations to navigate global competition.
Which scientific method is utilized in this paper?
The paper utilizes a literature review and synthesis of existing management theories and academic studies to provide a conceptual framework for managerial entrepreneurship.
What topics are covered in the main body of the text?
The main body covers the three facets of entrepreneurship, the process of implementation, the role of corporate innovators (intrapreneurs), and the necessity of macro-level innovation to achieve a sustainable competitive advantage.
Which keywords best characterize this publication?
Key terms include Managerial Entrepreneurship, Innovation, Intrapreneurs, Competitive Advantage, and Strategic Management.
How does the author define the role of an 'intrapreneur'?
An intrapreneur is described as a corporate innovator who consistently drives new value and profits through constant innovation, acting as a catalyst for growth within an established firm.
Why does the author differentiate between micro and macro evolutionary innovation?
The author argues that micro-improvements are easily imitated by competitors and provide only short-lived advantages, whereas macro-evolutionary innovations represent revolutionary shifts that secure lasting market leadership.
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- Kimberly Wylie (Autor:in), 2003, Managerial Entrepreneurship, München, GRIN Verlag, https://www.hausarbeiten.de/document/60775
