4.1 DISCUSSION
Based on this journal, two main points that can be applied or relate to Malaysian corporate entity had been identified and it is different dimensions of corporate entrepreneurship. The second point is the relationship between corporate entrepreneurship and firm’s performance.
The dimensions of corporate entrepreneurship in the journal include innovation, risk-talking and proactive. First, entrepreneurs use innovation as the prime tool to create or exploit opportunity. True innovation is rarely about creating something new. In Malaysia, every corporate entity should apply innovation so that the management discipline can transforms creative ideas into market successes. It can be applies to all form of innovation in a company such as technology-based,
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To improve this aggressive competitive stance, the firms have to know the pattern of competition and existing demand in the market to overcome competitors in the industry. Then, the firms should not act reactively to maintain its position in the market. This will make the firm become draggle in the market. Besides, the firm also can strive to lead the market as well as in marketing spending and emphasize the "follow soon" in the market. Firms should use the right attitude then they can adopt a strategy for competing on the market. In short, when the five dimensions of corporate entrepreneurship were improve, the interaction between corporate entrepreneurship with firm’s financial performance will become positive. While, after improve the dimensions of corporate entrepreneurship, the company should always do research and development (R&D). This can help the company to increase productivity within the company and enhance cooperation and interaction within the
The characteristics discussed in the article is important to possess in order to be entrepreneurial.
When analyzing the personality, cognitive, social, and behavioral features which differentiate successful entrepreneur and unsuccessful entrepreneur, one would have to look at the Bandura’s social cognitive theory in association with the triadic reciprocal determinism as a measure of determining behavioral, personal, and environmental factors which increases experiences which leads to critical thinking and observing every situation or challenges as a opportunity. I believe this theory is greatly associated with personality, cognitive, social, and behavioral aspects of an entrepreneur characteristic are linked to the bidirectional of influences bases on their behavior, environment, a different situational creations which increase learning and developing analyzing in a particular way. According to Gaimon and Bailey explains how one may adopt a dynamic learning perspective of entrepreneurship through gained knowledge’s and activities through life cycles and experiences. (p. 1429).
For an entrepreneurial venture such as Apple, where at the beginning angle investors were employed (CNN, 1998) to its present state where the business is said to be in a period of stability, its structure of centralized decision making has transcended to the use of more sophisticated decision-making procedures (Blank, 2006) in the form of larger organization strategies. At this stage, the income generated from the sale of the firm’s products and services remains fairly constant. The business is said to have utilize all the available resource and cannot expand further unless a new management comes in to assist with new business idea and innovation. This may come in a change in corporate strategies and vision or also through a merger and acquisition direction to gain further inroads into new ventures and expansion of operations.
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,
The list of competitive priorities is the same for all entrepreneurship but which of them is more important depends on the company’s decision.
This is an excellent and thorough research on innovation and strategic management. The book has clearly outlined the management strategies that should be put in place for a smooth running of business. The authors of this book went forward and gave detailed information on innovative ideas that should be used in the modern businesses. The book has not only given out the management strategies and innovative ideas but also how both can be integrated to develop business organizations. In the book, authors have indicated that managerial strategies
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
In Malaysia entrepreneurship become most important part, which is its help to growth of Malaysia economics. The intention to becomes self-employed it is depends on individual perception of desirability and feasibility in relation to starting a new business. Student perception such as ‘can I want to do it’ or ‘do I have the resources to do it’ is important role to student choose self-employed as career after graduated, because student should have knowledge and resources to build a new business.
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
It is true that most entrepreneurs typically have a flair for the creative and a lot of energy. They are born with it. But having these characteris...
...not just the financial issues for example equity shares, turnover and profitability. Before any growth entrepreneur need to have a plan to ensure that they know the risk and what problems will be appear and the solution to solve the problem. Although a growth plan is times consuming to be preparing but other company would like to look at the plan before doing anything. Also entrepreneurs always need to beware of the company vision is it similar to each other, culture and the communication also will affect the result and should be considered carefully. Those are the main reasons to make company businesses successful or failures in few years. Furthermore, this method cannot predict one thing is the timing, sometimes entrepreneurs miss the right time to growth their company because of the physical problem like earthquake or hurricane occurs which no one can predict it.
Business involved by two or more members of the family and is owned within the family is the simplest way to define family business. In this type of business the positions in the company is filled according the family blood. The founder of the business is usually the skull of the company, the rest of the positions are taken place by the family member which are usually higher positions where else other positions are filled by non family members.
What are the steps to be a good entrepreneur? Write your suggestion and recommendation based on your observation and experience in Malaysia.