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Corporate Entrepreneurship

Book Description

Beat the competition with INTERNAL INNOVATION

If 3M’s corporate leadership hadn’t given researcher Art Fry a creative outlet, the world would never have seen the Post-it Note . . .

Corporate entrepreneurs, intrapreneurs, mavericks. No matter what name they go by, these innovators are the pioneering forces within an organization who spark new enterprises, products, services, and processes to combat increased global competition.

Corporate Entrepreneurship shows you how to develop and grow your organization by designing the culture, structure, strategies, and policies that encourage and support internal entrepreneurial ventures. Bestselling author and world-renowned entrepreneur Robert Hisrich teams up with global management expert Claudine Kearney to provide action plans, techniques, and insights for establishing an organizational culture that allows intrapreneurs to develop the entrepreneurial ventures that will secure value and generate new growth in your company.

Every day, globalization and technological advancements continue to put more of your competitors within reach of your customers. In order for your company to stay attractive and thrive, you need the proven tools and tactics in this book to:

• Identify, evaluate, and fund venture opportunities

• Recognize bright corporate entrepreneurs and create their compensation plans

• Create business plans that avoid failure, optimize success, and develop and sustain corporate venturing

• Manage the internal politics of venturing

• Effectively implement corporate venturing into your organization

Hisrich uses illustrative examples from his experience consulting for such global companies as 3M, Alcoa, Westinghouse, Citi, and many others. Through informative, well-researched case studies, he demonstrates how his concepts help companies prosper over the long run, gain market share, and stay on the cutting edge of their potential.

If your employees aren’t innovating, your company is losing its competitive edge. Use Corporate Entrepreneurship to give your mavericks what they need to keep your company on top—all over the world.

Table of Contents

  1. Title Page
  2. Copyright Page
  3. Dedication
  4. Contents
  5. Preface
  6. Part One Managing Corporate Entrepreneurship
    1. 1 Entrepreneurship and Corporate Entrepreneurship
      1. Introduction
      2. An Overview of Entrepreneurship
      3. Entrepreneurship Today
      4. Corporate Entrepreneurship
      5. Social Entrepreneurship
      6. Entrepreneur versus Manager
      7. The Entrepreneurial Process
      8. Identification and Evaluation of the Opportunity
      9. Development of the Business Plan
      10. Determine and Evaluate Resource Requirements
      11. Starting and Managing the Resulting Enterprise
      12. The Entrepreneurial Process for Each Context
      13. A Framework for Corporate Entrepreneurship
      14. Summary
    2. 2 Behavioral Aspects of Corporate Entrepreneurship
      1. Introduction
      2. Innovation and Creativity
      3. The Creative process
      4. Personality Attributes of a Creative Individual
      5. Creativity Techniques
      6. The Innovative Process
      7. Corporate Innovation and Creativity
      8. Barriers to Innovation and Creativity
      9. Overcoming Barriers to Innovation and Creativity
      10. Corporate Entrepreneurial Behavior
      11. Elements of Entrepreneurial Behavior within Organizations
      12. An Entrepreneurial Culture
      13. Developing Entrepreneurial organizational Behavior
      14. Summary
    3. 3 Understanding and Managing the Entrepreneurial Process
      1. The Entrepreneurial Process
      2. Managerial versus Corporate Entrepreneurship Decision Making
      3. Causes for Interest in Corporate Entrepreneurship
      4. Managerial versus Corporate Entrepreneurial Culture
      5. Aspects of Corporate Entrepreneurship
      6. Innovation
      7. Ownership
      8. Creativity
      9. Summary
    4. 4 Identifying, Evaluating, and Selecting the Opportunity
      1. Introduction
      2. Sources of New Ideas
      3. Methods for Generating Ideas
      4. Trends
      5. Evaluating the Idea
      6. Product Planning and Development Process
      7. Establishing Evaluation Criteria
      8. Selecting the Foreign Market
      9. Internal Company Indicators
      10. Company Innovative Idea Strategies
      11. Summary
  7. Part Two Organizing Corporate Entrepreneurship
    1. 5 Locating the Venture in the Organization
      1. Introduction
      2. Organizational Barriers to Corporate Entrepreneurship
      3. Various Structures for Corporate Entrepreneurship
      4. Developing a Corporate Entrepreneurial Program
      5. Summary
    2. 6 Organizing the Venture
      1. Introduction
      2. Culture
      3. Core Ideology and Envisioned Future
      4. Designing the Corporate Venture
      5. Organizational Structures for Corporate Entrepreneurship
      6. Relatedness and Degree of Corporate Venture Autonomy
      7. Developing the Corporate Entrepreneurship team and a Successful Culture
      8. Effectively Organizing Corporate Entrepreneurial Activities
      9. Summary
    3. 7 Controlling the Venture
      1. Introduction
      2. Nature of Controlling the Venture
      3. Elements of a Management Control System
      4. Forms of Control
      5. Measures and Strategies of Control in Organizations
      6. Characteristics of an Effective Control System
      7. Control Philosophy of Corporate Entrepreneurship
      8. Control Systems for Innovation and Creativity
      9. Organizational Control Focus
      10. Core Management Control System
      11. Methods of Control
      12. Financial Controls
      13. Nonfinancial Controls
      14. Ingredients to Financial and Nonfinancial Controls in Corporate Entrepreneurship
      15. Summary
    4. 8 The Internal Politics of Venturing
      1. Introduction
      2. Internal Politics
      3. Overcoming the Obstacles
      4. Political Strategy
      5. Political Tactics
      6. Politics
      7. Political Tactics for Corporate Entrepreneurs to Exercise Influence
      8. Summary
  8. Part Three Operationalizing Corporate Entrepreneurship
    1. 9 Developing the Business Plan
      1. Introduction
      2. Importance of a Business Plan
      3. Scope and Value of the Business Plan
      4. The Corporate Business Plan
      5. Summary
    2. 10 Selecting, Evaluating, and Compensating Corporate Entrepreneurs
      1. Introduction
      2. Selecting a Corporate Entrepreneur and a Team
      3. Corporate Entrepreneurial Team Roles
      4. Key Characteristics of the Corporate Entrepreneurial Leader
      5. Survival Guidelines for Corporate Entrepreneurs
      6. Venture life Cycle and Selection of the Corporate Entrepreneurial Team
      7. Evaluating the Corporate Entrepreneurial Team’s performance
      8. Evaluation Criteria for the Corporate Entrepreneurial Team
      9. Compensating Corporate Entrepreneurs
      10. Components of a Compensation and Incentive System
      11. Compensation and Incentive Components for New Success
      12. Summary
    3. 11 Funding the Venture
      1. Introduction
      2. Need for Financing
      3. Overview of the Venture Capital Industry
      4. Corporate Venture Capital Units
      5. The Evaluation Process
      6. Valuing the Idea
      7. Factors in Valuation
      8. Ratio Analysis
      9. Nonfinancial Factors
      10. Summary
    4. 12 Implementing Corporate Venturing in Your Organization
      1. Introduction
      2. Models of Corporate Entrepreneurship
      3. Specific Examples of Corporate Entrepreneurship
      4. Implementing and Evaluating a Corporate Entrepreneurship Program
      5. Benefits of a Corporate Entrepreneurship Program
      6. Benefits to Employees
      7. Evaluating the Results
      8. Summary
  9. Notes
  10. Suggested Readings
  11. Index
  12. About the Authors