On Tuesday we began a discussion on the environment of an entrepreneurial arena, today we continue our analysis with a focus on climate and culture. One thing many experts will agree on, is that an entrepreneurial climate must adhere to innovation and change. For example, the culture of virtual organizations has really taken off which has transformed the modern work place. Virtual mediums enable leaders to accept, expect, and encourage innovations that include the staff in the co-creation process, make adjustments and adaptations based on user feedback, and coalesce from remote locations. Badal (2013) postulates that to create a successful environment, leaders should be: (a) driven; (b) display effective communication skills; (c) are able to motivate and inspire others; (d) can identify strengths and weaknesses in themselves as well as others; and (e) turn challenges into opportunities (Badal, 2013). For instance, one way to evolve an organization, may be to create an entrepreneurial climate that implements a daily ritual which includes various strategies that focus on the health and well-being of staff members. Effective leaders recognize the importance of focused intentions and attention on matters such as how self-disciplinary actions can help employees achieve and maintain effectiveness in their positions; especially in the early stages where a venture consists of very few individuals to help motivate each other. This disciplinary component is one way to nurture an individual’s confidence, as well as develop their stamina which can in turn, help drive their internal engines to achieve successful outcomes.
Hisrch and Kearney (2012) describe corporate entrepreneurs as mavericks and innovators. They are pioneers that spark new enterprises, products, and services by developing, growing and designing a culture which incorporates strategies, structure and policies to support their ventures (Hisrich & Kearney, 2012). When creating an entrepreneurial culture, successful leaders will assess the following components: (a) the technologies available required to operate effectively; (b) the fluctuation in cost of goods, exchange rates, interest rates, tax incentives and a price for services; (c) marketplace competition; (d) labor force requirements; (e) resource availability; (f) who the target market and customers are; (g) an understanding of law, restrictions and regulations for operation; (h) and the global environment that includes real-time communication, productivity, distributors, suppliers and other strategic alliances (Morris, Kuratko, & Covin, 2011). Although an operation may begin as a small entity, the creative culture the leaders nurture is key to achieving their goals.
What our research this week revealed, is that without analysis and support in their venture, entrepreneurs tend to give up and quit. Furthermore, visionary leaders that recognize talented corporate entrepreneurs are in a better position to help their firm benefit more by facilitating a platform which nurtures employee creativity by including new innovations as well as a comprehensive business plan to optimize their chances of success while managing internal politics effectively (Hisrich & Kearney, 2012). In other words, our analysis of the culture, climate and environment within an entrepreneurial organization, proved to be essential components in the development of successful business establishments.
Well, that’s it for this week! Until next time … have fun exploring your entrepreneurial options!
“What happens when people open their hearts? They get better.” ― Haruki Murakami
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Badal, S. (2013). Building corporate entrepreneurship is hard work. Retrieved February 13, 2013, from Gallup Business Journal: http://businessjournal.gallup.com/content/157604/building-corporate-entrepreneurship-hard-work.aspx
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.