Entrepreneurship and Corporate Entrepreneurship/Intrapreneurship

Entrepreneurship is a dynamic process of vision, change and creation that requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Also Entrepreneurship can be defined as the capacity and willingness to undertake conception, organisation, and management of a productive venture with all attendant risk, while seeking profit as a reward. .

Corporate Entrepreneurship is the process of profitability and creating innovation within an organizational setting. for example,in an establishment someone comes up with an improvement idea which will help him make more money for himself and the company. According to Burgelman (1983)Corporate entrepreneurship refers to the process whereby the firms engage in diversification through internal development. Such
diversification requires new resource combinations to extend the firm's
activities in areas unrelated, or marginally related, to its current domain
of competence and corresponding opportunity set. Also Chung & Gibbons (1997) defined
Corporate entrepreneurship as an organizational process for transforming
individual ideas into collective actions through the management of
uncertainties. Finally Corporate entrepreneurship
is the process whereby an individual or a group of individuals,
in association with an existing organization, create a new
organization or instigate renewal or innovation within that
organization.

Below is an example of an Intrapreneur and how he came about.

Digital Light Processing Technology

Intrapreneur:

Larry Hornbeck

Company:

Texas Instruments

Year Launched:

1996

TI researcher Larry Hornbeck had been tinkering for a decade with technology using tiny mirrors to redirect photons when his team developed the Digital Micromirror Device in 1987. DMD initially was used to print out airline tickets, but the government’s Defense Advanced Research Projects Agency initiated research in high-definition video and awarded TI and other manufacturers a multi-million dollar contract to work on the issue. TI execs started an internal venture called the Digital Imaging Venture Project and tapped Hornbeck to lead it. At the time, video projectors weighed 40 to 50 pounds and cost $15,000 to $18,000. Hornbeck realized DMD technology could greatly shrink the size and cost of a digital projector. Digital Light Processing quickly became an industry standard, dominating the market in projectors less than five pounds. The technology also has revolutionized the movie theater business and allowed Texas Instruments to compete in the HDTV market. Hornbeck received an Emmy for Outstanding Achievement in Engineering Development in 1998.

High achiever exercise

One essential features of a successful entrepreneur is the craving to be a high achiever. The high achiever experiential exercise is an exercise that helps you to know the basic characteristics of becoming a high achiever as an entrepreneur. I was able to score 94 in the exercise which shows I’m in the group of high achievers.

I scored high because I taught of the questions properly and I was able to know where I belong as an entrepreneur. The first question tried to find out what one’s reply will be if he is asked to do his work properly and earn his score or roll a die and earn a score. As an entrepreneur, you have to do your work well and expect good result and not wait for a mere chance or luck. A high achiever should be a moderate risk taker in other to protect his work also it should be someone that has to survey a situation before committing itself to any action. Don’t be too prompt to take action, find out the conditions involved first before venturing on that. Being a high achiever is all about being creative and driven by the need to achieve; working out your success with your skills is part of what it takes and like I said earlier don’t depend on luck. In other to be a successful entrepreneur, you have to work out things on your own and not do what others are doing. Always go for individuals that can challenge and motivate you rather than those you are in the same level with. High achievers always like to be in a position where they will be more skilled and active, do constructive things that helps them to improve and accomplish goals. These are the content of the exercise and I hope I am able to pass across what it takes to be a high achiever as an entrepreneur.

I wasn’t really surprised at my result because I know within me that I have this urge to accomplish a goal, create new things and be very successful in my endeavor or area of interest.

Myths about Entrepreneurs

Myths about Entrepreneurs

Myth 1: Entrepreneurs are always inventors.

Entrepreneurs are not always inventors but their ability to create more ideas and expand their business to suit the market demand has made it seem so. For example a business woman who deals in cosmetics may not be the inventor of cosmetics but her drive for change in the business world has made her more successful.

Myth 2: All entrepreneurs need is money.

Entrepreneurs need money, the survival of any business venture depends on the capital and many businesses fail as a result of lack of capital but problems emanating from lack of capital point towards other problems.  Business ventures require other things other than money to be successful. An entrepreneur with enough capital to finance his business may lack the managerial competency to successfully manage the business, expand it and make profit. Money is a reserve but not an ultimate goal.

Myth 3: All entrepreneurs need is luck.

All entrepreneurs actually need to be innovative and determined to succeed. But when an entrepreneur succeeds in her endeavor, at the detriment of others seeking for the same thing, it seems to be luck but actually it is her hard work meeting with the opportunity available. This is to say that entrepreneurs’ prepare and work hard and determines to succeed, and actually succeeds.

                                Myth 4: Entrepreneurs need money more than anything else.

Entrepreneurs need money, the survival of any business venture depends on the capital and many businesses fail as a result of lack of capital but problems emanating from lack of capital point towards other problems.  Business ventures require other things other than money to be successful. An entrepreneur with enough capital to finance his business may lack the managerial competency to successfully manage the business, expand it and make profit. Money is a reserve but not an ultimate goal.

                   Myth 5: All entrepreneurial work depends highly on luck.

All entrepreneurs actually need to be innovative and determined to succeed. But when an entrepreneur succeeds in her endeavor, at the detriment of others seeking for the same thing, it seems to be luck but actually it is her hard work meeting with the opportunity available. This is to say that entrepreneurs’ prepare and work hard and determines to succeed, and actually succeeds.

         Myth 6: Entrepreneurship is unstructured and chaotic.

Entrepreneurship is actually structured and organized and that is why entrepreneurs are successful. If it were unstructured, entrepreneurs would not be able to manage their business effectively, invent new business ideas and successfully expand their business. Entrepreneurship may look unstructured and unorganized to an ordinary man but entrepreneurs have their own basic ways or systems of running their business.

Meaning of Entrepreneur and Entrepreneurship

Entrepreneur is derived from the french word entreprendre meaning "to undertake". An entrepreneur is one who undertakes to organize, manage, and assume the risks of a business. He can also be an engine for job creation and economic growth. Also, an entrepreneur is one who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome. Entrepreneurship is the act of being an entrepreneur or the dynamic process of undertaking to organize, manage, and assume the risk of a business.

Introductory post

welcome to my blog


              I am Chidinma Lucia. I study Economics at American University of Nigeria Yola. Am a Nigerian, currently in school.i am in entrepreneurship class and this blog is all about important things to know about entrepreneurship hope you enjoy my posts.