12. Fostering corporate entrepreneurship
Many firms continually seek new growth opportunities and avenues for strategic renewal. In some corporations, autonomous work units such as business incubators and new-venture groups are used to focus corporate venturing activities. In other corporate settings, product champions and other firm members provide companies with the impetus to expand into new areas. When investigating the impact of entrepreneurship on strategic effectiveness, you mignt ask:
- has the company resolved the dilemmas associated with managing innovation? If so, is it effectively defining and pacing its innovation efforts?
- has the company developed autonomous work units that have the freedom to bring forth new product ideas? If so has it used product champions to implement new venture initiatives?
- does the company have an entrepreneurial orientation? If not, what can it do to encourage entrepreneurial attitudes in the strategic behavior of its organizational members?