dr.ghosh KUK

8/3/2019 dr.ghosh KUK

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Dr. H. J. Ghosh RoyProfessor, Institute of Management Studies & Research

M. D. University, Rohtak


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` Defined simply, it is . . .

New Entry

` That is, entering new or established markets withnew or existing goods and services.

` Entrepreneurship is the act of being anentrepreneur, which can be defined as "one whoundertakes innovations, finance and businessacumen in an effort to transform innovations intoeconomic goods".


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` Corporate Entrepreneurship

Firms capabilities to develop new goods or services and

manage the innovation process

` InventionCreating or developing a new product or process idea

` Innovation

Creating a commercializable product from invention

` Imitation

Adoption of innovation by a population of similar firms


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Entrepreneurs make things happen.

They are individuals who take a concept and convert it

into a reality. A product, policy or institution.

They become the champions of a new process, and

they are engines of change.

Individuals who carry out new combinations of meansof production - Schumpeter


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Engages in behaviour that is aimed at profitability and

growth-Carland

Establishes and manages a business for principal purpose

of profit and growth

Characterized by innovative behaviour

Will employ strategic management practices in the business

Business characterized by innovative strategic practices


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Different researchers have given different factors. The

factors can be classified as

1. Personality factors

o Motivation and emotion gives the drive and purpose

and self confidence

o High need for achievement

o Competitiveness main motivator

o Need for independence

o Behavioral characteristics- perseverance, determination,

take calculated risks, creativity, honesty and integrity,

initiative, taking responsibility


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2. Environmental factors

o Family background fathers ,career, inheritance

o Education not important, start at early age

o Work experience important

3. Action factors what entrepreneurs do

o Are creative and innovative

o Spot and exploit opportunities

o Find resources to exploit opportunitieso Manage risk, create capital

o are good net workers, determined


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Entrepreneurial Orientation mainly consists of 5

Dimensions-

` Innovativeness

` Risk Taking

` Proactiveness

` Competitive Aggressiveness

` Autonomy


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` A willingness to support creativity and

experimentation in introducing new products/services,

and novelty, technological leadership and R&D in

developing new processes; key is using creative

insights to achieve innovative solutions.


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` A tendency to take bold actions by venturing into the

unknown and/or committing a large portion of resources

to ventures with uncertain outcomes; key is to reduce

uncertainty by effective risk assessment.


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` A response to opportunities; occurs when a firm has an

opportunity-seeking, forward-looking perspective

characterized by introducing new products or services

ahead of the competition and acting in anticipation of

future demand.


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` A response to threats; refers to the intensity of a firm's

effort to outperform industry rivals, characterized by a

strong offensive posture or an aggressive responses to

competitor actions.


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` Independent action taken by entrepreneurial champions

or teams aimed at bringing forth a new venture and

carrying it through to completion.


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` The key to success with entrepreneurship and

innovation is moving from the invention of ideas to

effective commercialization and acceptance in the

marketplace


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Innovation is using new knowledge to transform

organizational processes or create commercially viable

products and services

Innovation is the initial commercialization of invention

by producing and selling a new product, service, or

process

Latest technology, results of experiments, creative

insights, competitive information


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` There are five disciplines for creating what customers

want

Identify important customer needs

Create solutions that fill those needs

Build innovation teams

Empower "innovation champions" who keep the effort on

track

Align the entire enterprise around creating value for

customers


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` Product Innovation

Efforts to create product designs

Applications of technology to develop new products

for end users

More radical and common during early stages of an

industrys life cycle

Associated with differentiation strategies


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` Process Innovations

Improving efficiency of an organizational process

Manufacturing systems and operations More likely to occur in later stages of an industrys life

cycle

Associated with cost leader strategies


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` Radical Innovation

Fundamental changes and breakthroughs

Evoke major departures from existing practices

Can be highly disruptive

Can transform or revolutionize a whole industry


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` Incremental Innovation

Enhance existing practices

Small improvements in products and processes

Evolutionary applications within existing paradigms


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` Sustaining Innovations

extend sales in an existing market, usually by enabling

new products or services to be sold at higher margins.

` Disruptive Innovations

overturn markets by providing an altogether new

approach to meeting customer needs.


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TimelyTimely

Difficult forDifficult forcompetitors to imitatecompetitors to imitate

Commercially exploitableCommercially exploitablewith present capabilitieswith present capabilities

Innovation and CompetitiveInnovation and Competitive

AdvantageAdvantage

CompetitiveCompetitiveAdvantageAdvantage

Provides significantProvides significantvalue to customersvalue to customers


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Fostering Entrepreneurial InnovationFostering Entrepreneurial Innovation

Internal Corporate VenturingInternal Corporate Venturing -------- Create ItCreate It

Three approaches:Three approaches:

Cooperating to Produce InnovationCooperating to Produce Innovation------ CoCo--Opt ItOpt It

Acquiring Innovative CapabilityAcquiring Innovative Capability------ Buy ItBuy It


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` Innovation is introduction of new ideas , goods, services

and practices which can be exploited commercially.

` Is conversion of knowledge and ideas into a benefit

` Innovation is the tool employed by entrepreneurs

` Entrepreneurship is the process by which new ventures

are created


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THANK YOU

dr.ghosh KUK

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