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Definition and Meaning Entrepreneurship - Research Paper Example

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 This paper discusses competitive advantage of management. This paper attempts by explaining entrepreneurship, intrapreneurship, innovations, strategies, and empowerment as well as examples from industries where adoption these strategies have paid rich dividends…
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Definition and Meaning Entrepreneurship
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Download file to see previous pages Innovations create core competency of a firm (McCarthy et al, 2006). Some firms are already blessed with competencies in the form of their entrepreneurs who come with unique ideas and concepts that relate to the markets. They are gifted people who understand what the customer needs and offer this to the market.
Entrepreneurship, however, is a limited phenomenon and not everyone with a bright idea can become an entrepreneur. Also, this category of people is restricted to small firms. In the corporate environment, where there are boards governing the policies, a leader has little scope to exercise the entrepreneurship qualities. Still, there are corporate examples of this kind of leadership. They are termed as Intrapreneurs.
It has been realized that the workers of the firm can also contribute to entrepreneurial efforts if they are empowered to do so. Some large firms have experimented with this idea with great results. Large corporations are now undertaking this as a serious strategy and considering spreading intrapreneurship at this level.
There are still some critics that claim that all strategies are the same and that there is no uniqueness when a strategy is implemented. Indeed Gardiner (2004) claims that the process for converting strategic plans into the day to day actions by which they are realized is still largely a ‘black box’. He means to convey that strategies are not deliberate but a mixture of experimentation coupled with finding facts after events have occurred. He refuses to give credit to entrepreneurship as well as intrapreneurship.
This paper does not agree with this statement. Such a myopic outlook needs to be corrected and this paper will attempt this by explaining entrepreneurship, intrapreneurship, innovations, strategies, and empowerment through a literature review as well as examples from industries where adoption these strategies have paid rich dividends. ...Download file to see next pagesRead More
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