Questions on Corporate Innovation and Entrepreneurship
According to Kahn (2022) innovation and entrepreneurship is often muddle when corporation engage in corporate entrepreneurship. These two phenomena often subsume another but yet it is important to differentiate them. Failing to differentiate them imply ineffective strategies may be formulated by the corporation.
Discuss how corporate leaders can avoid the mis-specifying of the two phenomena and how they can formulate the right strategies for internal corporate venturing. Use relevant examples to support your answers.
Source: Kahn, K. B. (2022). Innovation Is Not Entrepreneurship, nor Vice Versa. Journal of Product Innovation Management.
Corporate Social Responsibility (CSR) and Corporate Social Entrepreneurship (CSE) are adopted by some corporations and their missions can be mistaken by the general public.
Appraise the general concepts of CSR and CSE adopted by corporations. Discuss the CSE elements used by corporations in some advanced countries. Provide your opinions why Malaysia corporations are not likely to adopt CSE concepts.
The contemporary business environment has become more turbulent than ever leading to corporate companies decrease the ability to focus and forecast the forces in the new normal. This means companies need to incorporate dominant logic strategy to the business model.
Differentiate the goods-dominant logic and service-dominant logic strategy use by corporation.
If you are the CEO of a corporate company, elaborate how you would incorporate the goods-dominant logic and service-dominant logic strategies for your business model. Choose a product you are familiar with to support your answers.
Established enterprises’ corporate human resource (HR) managers are part of a strategic teamactively formulating activities and improving policies that encourage entrepreneurial behaviour among internal corporate venturing (ICV) teams.
Assuming you are the HR manager, besides training, determine the activities that encourage the entrepreneurial behaviour for ICV. Recommend three (3) policies with a strong supporting justification for each policy to the top management that it will motivate entrepreneurial behaviour in the corporation.
Answers to Corporate Innovation and Entrepreneurship Assignment
Answer 1: Corporate entrepreneurship is all about developing new businesses, products, services or processes within an organisation with the objective of creating value and achieving higher growth and development. However, this concept of corporate entrepreneurship requires the application of both innovative and entrepreneurial capability of the entrepreneur. But these concepts of innovation and entrepreneurship look somewhat similar, but they are actually different from each other. Innovation is all about introducing something new whereas entrepreneurship involves turning a great idea into a business opportunity. Corporate leaders are required to make adequate consideration in order to avoid mis-specification of these two phenomena, and this can be achieved by way of ….
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