Summary Corporate entrepreneurship & innovation

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ISBN-10 1111526915 ISBN-13 9781111526917
259 Flashcards & Notes
2 Students
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This is the summary of the book "Corporate entrepreneurship & innovation". The author(s) of the book is/are Jeffrey Covin, Donald Kuratko, Michael Morris. The ISBN of the book is 9781111526917 or 1111526915. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

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Summary - Corporate entrepreneurship & innovation

  • 1.1 Introduction

  • The development application, and enhancement of new techonologies are occuring at a breathtaking pace.

    Companies cannot be static, they must continually adjust, adapt and redifine themselves.

    New management thinking
  • Can companies still be static?
    No, they must continually adapt, adjust and redifine themselves
  • What is new management thinking?
    Managers have to learn a whole new range of concepts and tools to keep up with the dynamic market
  • 1.2 Turbulent enviroments and the embattled corporation

  • External enviroment is everyhting outside the company, including the competitive, the customer, technoligical, economic and social

    Internal enviroment includes the structures, systems and processes within a company

    The embatted corporation exists of customers, technology, competitors and legal, regulatory and ethical standards.

    The dramatic pace of technological change combined with the fragmentation of markets forces companies to develop more new products  and to do so much faster.

    In the final analysis, companies are experiencing a general lack of long-term control over their external enviroment.
  • Give examples of the external enviroment
    Competitive, customer, technological, economic and social
  • Give examples of the internal enviroment
    Structures, systems and processes
  • Why is customers a part of the embattled organization?
    Rapidly rising customer expectations force companies to customize their products and communication approach, increasing costs
  • Why is technology a part of the embattled organization?
    Companies have to change the way they operate. including: new products, new customer management, new logistics management
  • Why is competitors a part of the embattled organization?
    Competitors lead customers to entirely new market spaces, forcing companies to spend greater amounts on product development.
  • Why is legal, regulatory and ethical standards a part of the embattled organization?
    Companies are increasingly accountable to multiple stakeholders and their actions are more visible to these stakeholders. Regulatory restrictions limit choices while forcing companies to learn new ways to compete
  • 1.3 The new path to sustainable competitive advantages

  • turbulence in the external environment is causing a fundamental transformation in the internal operations. External change forces internal change.

    there are no simple formulas for succes in the new competitive environment.

    there is an important upside to external environments as they become more complex, dynamic and hostile. turbulance also means oppurtinity.

    the bottom line is sustainable competitive advantage.

    there are five key company capabilities:

    adaptability, flexibility, speed, aggresiveness and innovativeness

    good companies do not take external environmnent as given and instead define themselves as agents of change
  • What is turbulance causing?
    turbualance is causing a fundamental change in the internal operations of companies
  • is there a simple formula for succes?
    no
  • what is an important upside to external enviroments?
    it creates oppurtinity
  • what is real quest as a manager?
    creating a sustainable competitive advantage
  • what are the five key company capabilities?
    adaptibility, flexibility, speed, aggresiveness and innovativeness
  • 1.4 What is entrepreneurship

  • what is entrepeneurship?
    the process of creating value by bringing togethere an unique combination of resources to exploit a oppurtinity
  • what are the four key elements?
    process, creating value, put resources in a unique way and oppurtinity driven
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Latest added flashcards

give the three steps of the health audit
assesing the company's EI
diagnosing the climate for CE
create an organization wide understanding of CE/ Innovation process
decribe a profit pool
a profit pool is the total profits earned in an industry at all points along the industry's value chain
describe organizational slack
the concept of slack implies a degree of looseness in resource availability
describe the bet the company culture
big stakes decisions and employees dont know fast if they made the right decision
describe the work hard play hard culture
fun and action is the rule here, low risk with quick feedback
describe the macho culture
competitive individualists with high risk and quick feedback
describe the process culture
little to no feedback, where employees find it hard to see if they are doing oke
give the six components of culture
values
rules of conduct
vocubalary
methodology
rituals
myths and stories
define culture
culture can be defined as an organizations' basic beliefs and assumptions about what the company is about
where should champions come from?
ideally, from all parts of the company and not just chosen by management