Chapter 13 - Corporate entrepreneurship and innovation. Studying this chapter should provide you with the strategic management knowledge needed to: Define strategic entrepreneurship and corporate entrepreneurship; define entrepreneurship and entrepreneurial opportunities and explain their importance; define invention, innovation, and imitation and describe the relationship among them; describe entrepreneurs and the entrepreneurial mind-set;. | Lecture Organizational strategies for the 21st century - Chapter 13 The Strategic Management Process 1 Strategic Entrepreneurship Entrepreneurship is concerned with: The discovery of profitable opportunities The exploitation of profitable opportunities Entrepreneurship: the process by which individuals, teams, or organizations identify and pursue entrepreneurial opportunities without the immediate constraint of the resources they currently control Purpose of entrepreneurship: To create wealth or value 2 Strategic Entrepreneurship Entrepreneurs Individuals, acting independently or as part of an organization, who perceive an entrepreneurial opportunity and then take risks to develop an innovation to exploit it Entrepreneurial Mind-set Person who values uncertainty in the marketplace and seeks to continuously identify opportunities with the potential to lead to important innovations Firms that foster entrepreneurship are: Willing to take risks Committed to innovation Proactive in creating opportunities rather than waiting to respond to opportunities created by others 3 Strategic Entrepreneurship Strategic entrepreneurship: taking entrepreneurial actions through a strategic perspective Entrepreneurship dimension: identifying opportunities in the external environment to exploit through innovations Strategic dimension: determining the best way to manage the firm’s innovation efforts Corporate entrepreneurship: the use or application of entrepreneurship within an established firm Critical to the survival and success of established organizations as well as startup entrepreneurial ventures (or “startups”) Three ways organizations can innovate Internally By cooperating (., strategic alliances) Through acquisitions 4 Strategic Entrepreneurship Firms engage in three types of innovative activities Invention The act of creating or developing
