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Personal Enterprising Activity Portfolio - Essay Example

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The paper "Personal Enterprising Activity Portfolio" states that entrepreneurs should be ready for failure. Failure would not always mean the end of an entrepreneurial idea. After all, Michael Jordan says that “I accept failure, everyone fails at something. But I can’t accept not trying”…
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Personal Enterprising Activity Portfolio
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Download file to see previous pages Coupled with innovation and change, entrepreneurship describes how successful companies become competitive.
Scholars and researchers alike still do not agree on the definition of corporate entrepreneurship. As such, different authors would use varied terms in reference to this including corporate ventures, intrapreneurship, internal corporate venturing and venture management. Nonetheless, the definition revolves around the creation of a new venture within an existing organisation; pursuance of renewal by large firms through new resources combinations so as to alter the relationship with the environment (Ferreira 2002; Wolcott & Lippitz 2007). Therefore, corporate entrepreneurship could be considered as the effort aimed at extending the competitive advantage of an organisation through internal innovations which alters the competitive balance within the industry of operation.
According to Ferreira (2002), corporate entrepreneurship could be externally or internally oriented. Internal activities include development in an organisation and independent units leading to the creation of internal test markets and improved technologies, staff services and production methods in the organisation. These cover administrative innovations, processes and products at different levels. External entrepreneurship encompasses a combination of resources that would be dispersed in the environment together with an organisation’s own resources leading to the creation of a new independent resource combination. These external efforts include joint ventures, mergers, venture spin-offs, corporate venture and venture nurturing among others.
Wolcott and Lippitz (2007) identified four models through which corporate entrepreneurship could be achieved. The opportunist model suggests that all companies began as opportunists and therefore, corporate entrepreneurship would proceed without any resources being specifically assigned for it.  ...Download file to see next pagesRead More
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