This week we analyze the development of an entrepreneurial arena with focus on culture, climate, and environment as integral components of the process. We will examine elements that assist to create an effective entrepreneurial environment and determine whether those factors support a viable venture. We will also take into consideration, the climate entrepreneurs establish and the position new innovations and technologies play to encourage the development of an entrepreneurial atmosphere. In addition, we will look at the strategies, as well as the structure, and the policies that support entrepreneurial ventures and their strategic alliances. We will also critically assess how these components affect the organizational experience, and look at how without thorough planning and the establishment of a solid support system, entrepreneurs face many challenges that can encourage them to give up and quit. Our research work will also reveal how the most successful entrepreneurs: (a) assess their strengths and weaknesses; (b) embrace an arena that supports trial and error; and (c) exhibit an ability to make adjustments and learn from any miscalculations and reveal why this setting will most likely enable entrepreneurs to thrive in their venture.
We are in the midst of a global entrepreneurial revolution in every nation, industry and market. According to Morris, et al. (2011) startups are at an all-time high with new products and services also at record levels in most industries (Morris, Kuratko, & Covin, 2011). In the meantime many of these new startups fail as quickly as they emerge. In order for a venture to have the best chance of survival experts concur that an analysis of the culture, climate and environment of an entrepreneurial organization is required in creating a successful establishment.
To create a successful entrepreneurial environment an individual needs to identify opportunities and generate new growth (Hisrich & Kearney, 2012). An analysis of the following components can help ascertain whether a venture is worth considering: (a) the technology incorporated; (b) the ability to nurture new ideas; (c) the establishment of systems and strategies to cope with failure; (d) the determination, accessibility and availability of resources; and (e) the channels available that support management. For example, challenges from high unemployment rates, can spark new ideas for innovative employment solutions. A joblessness condition may present an opportunity for someone with an entrepreneurial spirit and experience in administration to step in and provide specialty services specifically targeted to support corporate executives and businesses. To create a constructive entrepreneurial environment, however, the individual is encouraged to conduct a critical organizational assessment to help foster solutions and harness support, which includes their having access to additional resources. In the meantime, armed with a positive attitude, entrepreneurs will continue to grow because of their ability to embrace an openness which incorporates new innovative ideas with technologies that encourage creativity in addition to their support from cohesive plans and strategies.
Well, that’s it for this time! On Thursday we will conclude this discussion. Until then … keep working on your leadership skills!
The most important decision we make is whether we believe we live in a friendly or hostile universe.
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Hisrich, R., & Kearney, C. (2012). Corporate entrepreneurship: How to create a thriving entrepreneurial spirit throughout your company. New York, NY: McGraw-Hill Publishing.
Morris, M., Kuratko, D., & Covin, J. (2011). Corporate entrepreneurship and innovation (3rd ed.). Mason, OH: South-Western College Publishing.