How Corporate Entrepreneurship Is An Ever Growing Concept

Creativity has become a buzzword. It is often mixed and used interchangeably with innovation. Therefore, many corporate leaders, managers and ordinary employees associate creativity with something sophisticated and complex, requiring a lot of effort and knowledge, and, therefore, difficult to pursue. Although creativity is a critical building block of innovation, it is not the same. Moreover, it is not something that corporate leaders should ignore or be scared to encourage. In today’s world, where product centric approach is not sufficient for corporate success and progress, creativity in organizations is as important, including for profitability, as having adequate financial and capital resources. For that reason, the study of creativity

Employees are a major source of innovation and new ideas that have organizations. Above all, the factor that makes it so interesting is the fact that the generation of new ideas is produced internally, making it easy to process of innovation as long as the company counts with the channels and means to enhance and channel the creativity of its workforce (Gumusluoglu&Ilsev, 2009, pp. 461-73). That is why it is so necessary to adopt techniques and procedures aimed at channeling such creativity.

General Motors incorporates entrepreneurship and innovation into its business objectives. This is evident in General Motors Vision statement which states that its goal is to “lead in advanced technologies and quality by creating the world’s best vehicles”. (1) For instance General Motors has an extensive R & D, Design, and Engineering department that oversees the creativity, innovation, and invention of its strategic technologies and innovation programs which are aligned with its corporate vision. In order to lead in advanced technologies of the world’s best vehicles General Motors incorporates entrepreneurship and innovation concepts, which are essential to competing in the global market place.(2) In the spirit of entrepreneurship, which

It is known that when an organization is undergoing a significant change, the ability for employee’s innovation and creativity is also paramount to the organizational success. In fact, when attributed ethically and effectively innovation detracts alienation and inter-group hostility (West & Altink, 1996). Therefore, to assist the manufacturing

Innovation research has addressed many areas: capacity for creativity; creativity at individual level; leadership style influences; and environmental influences. All these factors have significant impacts on creativity and innovation in

To integrate innovation at General Mills Canada, and ultimately increase sales, Brad Taylor needs to implement at least four changes. One solution is to set a mandatory time outside of the workday so that members of different departments can meet and share ideas, such as corporate sponsored events. According to Professors John Bessant and Joe Tidd, innovation tends to come from “bottom up team initiatives,” as seen from IBM’s success during Lou Gerstner’s tenure. , If low-level employees can associate, they can construct better ideas. A second solution to General Mills Canada’s problem is to “exploit their resources.” The idea is for employees to increase the efficiency of what they already do. They can increase innovation in this area by implementing new software to speed up any processes, or use the data from software to forecast demand and sales in a better way. , If they make their processes better than their competitors, they can gain a competitive advantage. A third solution is to create a balance between risk taking and stability. General Mills Canada must encourage employees to speak up in meetings when they have ideas or spot potential business opportunities. When upper level management encourages these initiatives, it will drive the employees’ risk aversion down and hopefully promote innovative thinking. Finally, General Mills Canada needs to increase the size of their prototype division.

Creativity and design are important features of a well-developed knowledge economy, not only for having a favorable impact on people's well-being and business performance, but also on innovation (Hollanders & Cruysen, 2009). Creating an innovative organization requires more than understanding the design of an efficient development process (Stamm, 2003). Innovation deals more with and organizations or individuals ability to of creating and implementing a successful idea. This idea does not necessarily need to be creative. Sometimes a common sense solution, when implemented properly, can be the most efficient and effective organizational innovation. However, when

While creativity leads to the production of new and useful ideas in any domain, innovation is the successful implementation of those creative ideas within an organization (McLean, as cited in Zhou, Zhang & Montoro-Sanchez 2011). In highly dynamic business environments, innovation and creativity have become crucial for creating competitive advantages for the firm. People are the most vital resource of an innovative organization, and all innovation-based firms, in order to succeed, have to learn how to manage, motivate and reward their people (Gupta and Singhal, as cited in Zhou, Zhang & Montoro-Sanchez 2011).

Another important factor in how organisations can develop their innovation management capabilities is the work environment for employees following recruitment. Referring back to Google, they name their employees Googlers increasing the sense of inclusion and belongingness to the organisation which can only be met with a positive response from employees (to lead to more creative work, and hence innovation), due to the fact they are better motivated to do well for their peers and are enjoying work life. As Amabile (1996) states, ‘you will get the most creative work from people who are feeling happy and have positive thoughts, and on days when they have the most intrinsic motivation.’

As the world is expeditiously growing, many people are worried that the economy would not follow the rapid development. Recently, the term entrepreneurship has gotten international recognition, and many countries are using this concept to make an advancement within their economy. By definition, a entrepreneur is someone who is willing to take risks or opportunities to launch their own business (SlideShare, 2012). They are willing to accept failure, be creative, but mainly to become a leader (Robinson,2014). On the other hand, there is another form of Entrepreneurship which is called a Intrapreneur. This is where someone who has the same traits as a entrepreneur, however they work within a company in which they do not own

An entrepreneurship is the essence of capitalism, some people hate capitalism because of what it stands for and the effects it can cause to environment or the culture .But deep down inside, most want to be independent from working a job. Entrepreneurship is freedom to believe an create wealth, to be able to act on something, seeing as an opportunity , filling a need , while making money in the process .Problems are opportunities for the Entrepreneur .There are characteristics for entrepreneurs such as risk taker , freedom , independent ,leadership , organize , visionary and compulsive.

Positive approach to innovation is greater if employees know that they have the support of superiors and independence in action while they develop innovative ideas, as well as that they can make use of financial resources to support the innovation processes. As the relevant literature shows, objectives may actually promote innovation at the same time leaders of the organization should give a clear signal that innovation is highly desirable, by setting ambitious goals indifferent areas and establishing motivated teams to find ways to implement the vision.[14]

Historically, most executives referred to innovation primarily with the development of new technologies or products. However, innovation is increasingly seen as the development of new service offerings, business models, pricing plans, distribution channels, or management practices. There is a greater recognition that great ideas can transform any part of the value chain and those products and services represent just a small segment of innovation. This broadening of focus has implications for those who are responsible to innovate. It used to be just a selected group of employees, usually within R&D: engineers, designers, or scientists, whose job was to generate and pursue new ideas. Nowadays, organizations are trying to induce an innovative culture across the hierarchy to achieve holistic transformations. Making innovation everyone’s business sounds intuitively appealing but is hard to implement. Employees face capacity issues, time constraints, and motivation issues that restrain them. There is often a lack of consistent follow-through of well-intentioned schemes. Additionally, there is typically some level of disconnection between the priorities of senior management and the efforts of those lower down in the organization. This becomes more evident in large corporations where established processes are already in place and leave very little room to innovate.

The practice of entrepreneurship has existed throughout history with the definition advancing through time and the global enterprise. During the life of Marco Polo, entrepreneurship was defined as the practice of being the “go-between” (Arthur & Hisrich, 2011, p. 2) in trade endeavors. Today, the definition includes: the development of ideas, comprehensive risk, commitment of time and resources, and vision with the overarching goal of holistic success and autonomy (Arthur & Hisrich, 2011). The entrepreneur exudes behaviors which foster initiative, orchestrate options, and accept responsibility for the success or failure (Arthur & Hisrich, 2011). Entrepreneurship has transformed the global marketplace and imprinted all

The spokesperson said that there are two major aspects that drive innovation in an organization. They were Emerging Market, Peer-Competition. I agree to him, but I also would like to add one other important aspect to the list i.e. Encourage Creative Thinking within the organization. It is because of the continuously evolving Market and consumer requirements, organizations are forced to innovate. Creativity is exploring the capability of one’s mind and to bring about new ideas which eventually leads to an innovation. This is the case with companies like Microsoft that introduced Windows 7 and Apple that introduced iPod. Apple and Windows encourages employees to be creative, collects ideas, and tries to implement those ideas into innovation as and when possible.