Business Revolution through Corporate Entreprenuership

Abstract

This paper examines corporate entrepreneurship as a tool for economic prosperity in the global arena from the standpoint of the roles to be played by the business organizations.The global economy is creating profound and substantial changes for organizations and industries throughout the world. In times of global crisis and increasing pressures on companies to follow strategies for a competitive position on the global markets, many top management executives have to apply different approaches referred to  as corporate entrepreneurship and the creation and maintenance of knowledge networks. Many organizations are increasingly looking to “corporate entrepreneurship” as a way of combating the lethargy and    bureaucracy that often  accompany size due to the fact that for organizations to grow and survive they must change and adapt to increasing competition, client needs and the economic climate in which they live.Corporate entrepreneurship is defined as entrepreneurship activities within an existing Company. It involves innovative activities and orientations such as development of new products services, technologies, administrative techniques, strategies and competitive postures.  It has been recognized as an important element in organizational and economic development, performance and wealth creation. It characterizes a new management philosophy that promotes strategic agility, flexibility, creativity, and continuous innovation with the aim of transforming administrative-oriented employees into intrapreneurs. It can be a powerful antidote to large company staleness, lack of innovation, stagnated top-line growth, and the inertia that often overtakes the large, mature companies of the world. Four broad typologies or categories of corporate entrepreneurship have been identified in the literature namely: Corporate venturing; Intrapreneuring; Organizational transformation; and Industry rule-breaking. Welcome to the world of corporate entrepreneurship.

Keywords: Corporate Entrepreneurship; Business Renewal; Employment Generation;

Economic Growth and Development.