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self evaluation. Entrepreneurial self evaluation :conviction that one can successfully execute the entrepreneurial process. Perceived outcomes: degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes
entrepreneur will create a new business to make use of the discovered opportunity.
important once decision to launch is made. Experience in the following areas is important:
Financing. Product or service development Manufacturing Development of distribution channels Preparation of a marketing plan.
other entrepreneurs.
Successful entrepreneurs are viewed as catalysts
by potential entrepreneurs.
Role models serve in a supportive capacity as
eventually networks early in the new business enterprise formation process. Strength of the ties between the entrepreneur and any individual in the network is dependent upon the frequency, level, and reciprocity of the
Moral-Support Network
Individuals who give psychological support to an
Professional-Support Network
Entrepreneurs need advice and counsel
throughout the establishment of the new venture which can be obtained from:
Mentors Business associates Trade associations Personal affiliations
of interpersonal relationships.
Minority Entrepreneurship
Research on minority entrepreneurship has been
the environment. Economic opportunities (or lack thereof) available in the societal context.
Future research needs to focus on the overall
choose to do. Top management of an organization can influence that choice by the corporate environment that it creates.
nurturing environment
Enhances organizational members perceptions of
Social reasons:
Increasing interest in doing your own thing and
doing it on ones terms. New search for meaning and impatience involved, causes more discontent in structured organizations.
Corporate Entrepreneurship
Resistance against flexibility, growth, and
(1of 2)
diversification can, in part, be overcome by developing a spirit of entrepreneurship within the existing organization.
A method of motivating individuals in an
organization who think that something can be done differently and better.
Example: Xerox
Corporate Entrepreneurship
(2 of 2)
industries). Increased productivity. Decreasing costs by methods such as reducing the companys labor force.
Entrepreneurial Endeavors
Consist of the following four key elements:
New business : refers to creation of a new business
within an existing organization. Innovativeness: refers to product and service innovation, with emphasis on development and innovation in technology. Self-renewal: transformation of an organization through renewal of the key ideas on which it is built. Proactiveness: competitive aggressiveness and boldness particularly reflected activities of top management.
Visionary and flexible. Creates management options. Encourages teamwork. Encourages open discussion. Builds a coalition of supporters. strength of mind.
entrepreneurship in the organization by top, upper, and middle management levels. Establish initial framework and embrace the concept. Identify, select, and train corporate entrepreneurs.
interested in supporting. Identify amount of risk money available to develop the concept. Establish overall program expectations and target results of each corporate venture. Establish mentor/sponsor system.
Step Three: use of technology to ensure
organizational flexibility. Step Four: managers who will train employees as well as share their experiences.
customers.
Step Six:
Learn to be more productive with fewer resources.
entrepreneurship.
Step Eight:
Involve tying rewards to the performance of the
entrepreneurial unit.
Finally:
Implement an evaluation system that allows