Lecture Contest: The Entrepreneurial and Intrapreneurial Mind (Lesson 05)

Welcome to this exciting lecture contest on "The Entrepreneurial and Intrapreneurial Mind" continuing from Lesson 04. This sesion will dive into key difference between Entrepreneurial and managerial decision making explore organizational environment that promote entrepreneurship and understand why intrapreneurship is vital for innovation and growth in organization.

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By the end of this lesson you will

1. Understand the aspect of the Entrepreneurial proces.
2. Learn the differences between entrepreneurial and managerial domain.
3. Identify the organizational environment conducive to Entrepreneurship.
4. Recognize the characteristics of entrepreneur.
5. Comprehend the proces of establishing entrepreneurship within an Organization.

1. Managerial vs. Entrepreneurial Decision Making:

The way entrepreneurs and managers make decision is quite different with five core business dimension defining the divide:

• Strategic Orientation:

  • Entrepreneur: Focuses on identifying and acting upon new opportunitie often in response to changing market dynamics like technology or social value.
  • Manager: Follows more planned system driven approach to decision making driven by existing organizational goals.

• Commitment to Opportunity:

  • Entrepreneur: Typically commits to opportunities with urgency and a short term focus driven by the need for immediate action.
  • Manager: Takes a slower approach committing to opportunities over a longer time horizon.

• Commitment of Resources:

  • Entrepreneur: Allocates resources in phases based on milestone achievement often using fewer resources.
  • Manager: Commits all necessary resource upfront for project or task.

• Control of Resources:

  • Entrepreneur: Prefers to rent or lease resources on an as-needed basis minimizing ownership and focusing on flexiblity.
  • Manager: Aims to own and control many resources as possible for long term stability.

• Managerial Structure:

  • Entrepreneur: Typically employs a flat flexible structure with informal network that encourage creativity and collaboration.
  • Manager: Favors a more formal hierarchical structure that define roles and responsibilities clearly.

2. Causes for Increased Interest in Intrapreneurship:

Intrapreneurship (entrepreneurship within an existing organization) has gained traction due to social cultural and business factors. Employee often feel constrained by rigid corporate structures leading to a desire for more freedom responsibility and innovation.

For instance companies like Xerox have invested in intrapreneurship through initiatives like Xerox Technology Ventures to foster innovation from within. Large organizations often struggle with resistance to flexibility and creativity but nurturing intrapreneurial spirit can lead to product innovation technological advancements and overall corporate growth.

3. Key Elements of Intrapreneurship:

• New Business Venturing: The creation of new businesses or products within an established organization.
• Organizational Innovativeness: Focusing on product or service innovations particularly in technology.
• Self-Renewal: Transforming the organization by renewing the core ideas that form its foundation.
• Proactiveness: Demonstrating initiative taking risks and showing competitive aggresiveness.

Key Terms to Remember:

• Entrepreneurial Domain: How entrepreneurs make decisions based on opportunities and resources.
• Administrative Domain: How managers make decisions based on pre established systems.
• Corporate Culture: The environment and values within an organization.
• Intrapreneurship: Entrepreneurship within larger established organization.
• Opportunity Identification: The process of discovering new business ventures.

To deepen your understanding of today lecture please answer the following questions:

1. List two differences between entrepreneurial and managerial decision making styles.

2. Explain why organizations likes Xerox foster intrapreneurship. what benefits does it provide?

3. What are the four key elements of intrapreneurship and how do they help businesses grow?

• The Title of the Post should be The Entrepreneurial and Intrapreneurial Mind (Lesson 05)
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• Participant are required to join one of the following clubs: #club5050 #club75 or #club100.
• The written content should consist of a minimum of 300 words and can be submitted in either national or global languages.
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• Contribute to the growth of the official community curation account by allocating a 10% reward to the @steempreneurship account.
• Plagiarism the utilization of artificial intelligence (AI) and any other forms of cheating may result in potential disqualification.

• Participants are invited to engage during the specified period from Saturday, Sep 08 2024 00.00 UTC to the expiration of this post
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