All posts tagged McGraw-Hill

The Quality of Financial Information

Published December 19, 2013 by Mayrbear's Lair


The holidays are creeping up on us and I just realized, I neglected to post Wednesday’s blog. This post is significant to my research work in financial analysis because it helps us understand that in order to keep apprised of how well a company is doing, the quality of financial reporting is the key component that determines whether the statements paint an accurate portrait of the firm or not. For example, because of scandals that occurred from companies like ENRON, AEI, and WorldCom, a revolution occurred with respect to financial reporting. According to Bahnson and Miller (2002) old practices and habitual thought processes with respect to accounting principles were put aside and replaced with new strategies and systems. As a result, accountants and finance executives are expected to embark on a different path that embraces a new shift in the bookkeeping paradigm called quality financial reporting (QFR). For financial managers to consider investing in a company they are looking for accurate information about two significant components: (1) opportunities to receive future cash flows, and (2) information about those opportunities (Bahnson & Miller, 2002). QFR provides complete information to investors and creditors to give them confidence in a company’s performance abilities. Much of the information provided on financial statements can be intimidating to many managers and entrepreneurs. This is a typical response from those who lack the financial intelligence required that can help them make more effective decisions in running their firms. Berman and Knight (2008) explain that the figures on financial statements help strategists determine a variety of estimates and assumptions. Learning how to assess that information helps planners to identify the bias of the data provided, in one direction or another (Berman & Knight, 2008). In this context, where financial results are considered, bias merely suggests that the numbers may be skewed in a certain direction. In other words, bookkeepers and finance professionals are trained to use certain assumptions and estimates rather than others who view the reports for other purposes. QFR is essential because it provides sufficient information to identify not only the source of those gains, but whether there are any other events or circumstances that could have an effect out the outcome, like pending litigation.


Much of the information provided on financial statements can be intimidating to many managers and entrepreneurs. This is a typical response from those who lack the financial intelligence required that can help them make more effective decisions in running their firms. QFR is effective at painting an accurate view of the company’s financial condition. For example, revenue should not be recognized until there is evidence that a sale has transpired. In other words, the recipient has received delivery of the product or completion of the services rendered and revenue is collected. Many companies, however, violate this policy and report revenue prematurely without all criteria being met. Analysts can look for clues of false revenue reporting in the financial reports. For instance, the notes can reveal the company’s position with respect to collecting revenue policies to ascertain whether any changes occurred and determine the reason for the changes as well as the impact they can have.  Another clue is an analysis of the financial statements to determine the pattern of movement from sales, inventory, and accounts payable. For example, spikes in revenue during the final quarter may be a sign of revenue reported prematurely unless there is a specified reason for the spike to generate sales (like an end of the year close-out sale to liquidate inventory). Companies do not commonly experience spikes from sales in the fourth-quarter so this immediately raises flags. Other methods companies use to raise revenue levels include keeping the account records open longer at the end of the allotted accounting period. Some corporations on the other hand, use deceptive tactics like reporting gross sales rather than net to show higher revenue. For example, a company that is acting as an agent for another organization may collect their revenue in the form of a commission. According to regulations set forth by the GAAP (generally accepted accounting practices), agents are not considered the owner of merchandise being moved. Fraser and Ormiston (2010) explain that the GAAP requires the reporting of Gross Revenue for Principal Owners and Net Revenue for those who act as a representative in the in the sale of a product or service.  In other words, because agents are not considered the owners or originators of the product who assume the risk of the merchandise, the company acting as the agency can use the net method for recording revenue. Therefore knowing that a company collects revenue as an agency analysts can scrutinize the data closely to determine whether they reported gross or net revenue.


QFR is also important because it can help strategists understand the various inventory valuation methods. For instance, there are times when companies produce lower or higher earnings due to the fluctuation of inflation. Analysts again must look to the financial notes to determine the details of the company’s accounting policies to disclose whether the changes in revenue occurred due to LIFO (last in first out) or FIFO (first in first out) inventory cost flow accounting assumptions. If the value of the products sold, for example, falls under its original cost, the product is written down to reflect the market value and is determined by the cost to replace or produce an equivalent. This means that write downs can also play a part in the company’s profit margins which affects the comparability and quality of financial reporting. Accounting practices that do not provide details and incorporate misleading information is considered an unacceptable practice and any CEO that signs off on documentation that provides a misrepresentation of the truth is putting their career at risk and may face dire consequences as a result. That should be incentive enough to engage in QFR. To surmise, QFR provides investors the ratios that reveal whether companies are able to buy inventory and pay their bills. Furthermore, they provide profitability ratios that help creditors understand how much capital the company is generating while efficiency ratios reveal how well the company is managing their assets. The more complete these reports are the more likely they are to reduce shareholder uncertainty. In the eyes of investors and creditors, certainty reduces risk and reduced risk, provides shareholders with the satisfaction of a lower rate of return. In the long run, a lower rate of return means a lower cost for capital, which ultimately produces a higher stock price for the company. In conclusion, providing quality financial information is an essential component to management that contributes to a company’s long term success.  Tomorrow’s blog will post on schedule and will take a look at how different conflicts of interest can effect quality reporting.


Bahnson, P., & Miller, P. (2002). Quality financial reporting. New York, NY: McGraw-Hill.

Berman, K., & Knight, J. (2008). Financial intelligence for entrepreneurs. Boston, MA: Harvard Business School Press.

Fraser, L., & Ormiston, A. (2010). Understanding financial statements. Pearson Education.

The Balance Sheet

Published November 22, 2013 by Mayrbear's Lair


What is a Balance Sheet?

Balance sheets are financial statements contained within a company’s annual report. The information provided on a balance sheet reveals what a company owns, how much it owes and what remains in the form of equity for its shareholders. Skonieczny (2012) explains that a company’s balance sheet discloses their financial position on a particular day like the end of the year or the first quarter and are based on the following important equation:

assets = liabilities + equity

The reason it is called a balance sheet is due to the fact that the accounting equation has to balance out at all times (Skonieczny, 2012). This means that the assets must always be an equal amount that reflects the companies liabilities and equity. In other words, all possessions (assets) are either owned free and clear (equity) and were purchased by acquiring debt (liabilities). For example, a down payment on a company building is an example of equity, while the monthly payments are an example of debt. The information provided on a balance sheet is comprised of the company’s: (a) assets, including current assets, long and short term investments, property, plant and equipment, plus any other tangible and intangible assets; (b) liabilities such as accounts payable, salaries, interest and taxes paid, bank notes, loans, mortgage obligations and other debts; and (c) stockholder’s equity including capital stock and retained earnings.


What is a common sized balance sheet?

Makoujy (2010) asserts that an expense occurs when value is lost and that balance sheets help strategists understand not only what a company possesses during a certain period of time, but how much it has grown or lost during that time (Makoujy, 2010). In the meantime, common-size balance sheets are helpful instruments that allow companies to assess their financial situation. Fraser and Ormiston (2010) explain that a common-size balance sheet specifically serves as a tool designed for vertical ratio analysis as a means of measuring and comparing various components that have a common denominator (Fraser & Ormiston, 2010). In other words, it is a kind of balance sheet that shows each dollar amount as a percentage of a common number. This allows analysts to compare account sizes over time as the balance sheet grows and the figures change. They are also effective for identifying and observing trends.


How to create a common sized balance sheet?

To create a common-sized balance sheet, analysts must convert each asset, liability, and shareholders’ account to a percentage amount so that the balance sheet reflects that the total assets are equal to the total liabilities and shareholders’ equity figures. To create a common-sized balance sheet the amount of total assets must be determined first, like $100,000 for instance. Next the amount of each asset is divided by the amount of total assets. Then each result amount is multiplied by 100 to establish the common-size percentage for each asset. If the company’s cash account, for example, is $30,000, you would divide $30,000 by $100,000 to obtain a figure of 0.3. You would then multiply that 0.3 figure by 100 to arrive at 30% as the common-size percentage for the cash account. In other words, the company’s cash account makes up 30% of the total assets. The same formula is applied to determine the percentage amounts of the company’s liabilities and shareholders’ equity which amount should total the $100,000 figure to balance out the total assets.

Monday’s post will focus on understanding how investors use the information on a balance sheet to determine whether a company would make a good investment. Until then … have a great weekend everyone!



Fraser, L., & Ormiston, A. (2010). Understanding financial statements. Pearson Education.

Makoujy, R. (2010). How to read a balance sheet: The bottom line. New York, NY: McGraw-Hill.

Skonieczny, M. (2012). The basics of understanding financial statements. Schaumburg, IL: Investment Publishing.


Salary Inequities

Published June 12, 2013 by Mayrbear's Lair


Leaders in organizations constantly find themselves facing salary inequity issues. For example, in one case study, an employer was trying to figure out what to do about a salary problem he had in his plant when he took over as president of a major manufacturing firm. His predecessor, the founder, had been president for 35 years. The company was family owned and located in a small town. A short time after joining, he started to notice that there was considerable inequity in the pay structure for salaried employees. He quickly discovered that many women in top level management positions were being compensated considerably lower than their male counterparts. This put him in a difficult situation. If he does nothing, he risks employees making the salary inequities discovery on their own. In a worst case scenario, that could lead to litigation. If he immediately or gradually increases the female supervisors’ salaries, it may lead to their questioning the reason for the increase and through further investigation discover the discrepancies which again in a worst case scenario, can lead to litigation.


Most employers believe that honesty and transparency is the best policy when it comes to resolving issues. As one possible solution for instance, the executive could meet with the three supervisors (independently) and explain the discovery he made upon taking over the new position. In addition, he could conduct a candid discussion and advise his valued staff members that former leaders did not have the tools to make the best decisions at the time. However, now that this issue had been revealed, company policy revisions and updates were being implemented in the compensation system to reflect current EEOC laws and regulations. He can also discuss a variety of benefits, including tenure, promotions, compensation plans, and bonuses directly with each supervisor (as their needs may be different) to make up for the discretion of the past and include a pay raise to reflect the same salaries as their male counterparts (or equivalent with benefit packages). This displays that employers are taking accountability for their actions and sends the message they are regretful for this oversight. This action also exhibits that employers value their employees and establishes that the organization participates and is in alignment with a culture that engages in ethical practices.


One way organizations can prevent this scenario from happening in their organization is by: (a) having an effective HR Unit in place, (b) keeping better track in measuring employee compensation plans, and (c) being up to date on EEOC rules and regulations. McCoy (2012) suggests because employers are dependent on employees to fulfill organizational goals, they should focus their energy on garnering outstanding performance levels in employee attitude, ability, and productivity. Employers want to attract and maintain motivated and passionate personnel so they look for formulas to tap into their staff’s highest human potential (McCoy, 2012). As a result of the salary inequities issue, the employer must now implement methods to encourage and maintain continual loyalty and involvement from his supervisors to keep them from leaving and to avoid possible litigation.

Business Employee Climbs Up Evaluation Improvement Form

The most successful employers work to create effective talent management strategies. Berger (2008) suggests leaders fabricate talent management strategies to help identify performance levels from managerial and support staff. These systems should be created to measure actual results and support the most effective methods for helping employees tap into their highest human potential. Berger developed a formula that helps classify employee talent so leaders can devise more efficient compensation plans (Berger, 2008). By discussing the situation with each supervisor independently, the new executive creates the opportunity to connect one on one with each staff member as well as engage their active listening skills to develop a genuine relationship. This is one effective method to implement a winning strategy that shows support to personnel. The executive may find these tactics useful for garnering a positive outcome to balance the problem past employers inadvertently created with their lack of knowledge regarding EEOC regulations and fair employee compensation packages.


Berger, L. (2008). The compensation handbook. New York, NY, USA: McGraw-Hill.

McCoy, T. (2012). Compensation and motivation. CreateSpace Independent Publishing.

New Employees and Reinventing the Wheel

Published June 3, 2013 by Mayrbear's Lair

Business Meeting

Embracing a new employee into an organization’s fold is not an easy process.  Employers seek ways to make a new hire’s orientation process a smooth experience to help transition the employee into the organization as quickly as possible. Sims (2011) postulates that successful training programs with high-end strategies that include activities, checklists, and implement the latest tools and technology can help make the orientation process a positive experience. In addition, designing creative methods of on-boarding is effective in gathering significant data with measurable results (Sims, 2011). Employers should also engage in formal training programs for their employees, otherwise supervisors must verbally and repeatedly advise employees how to perform their jobs. This method is less effective and leaders risk: (a) employees developing a lack respect for the line supervisors, (b) staffers beginning to lack confidence in performing their tasks from the inconsistent methods they are taught, and (c) it garners lower performance and motivational levels in personnel.


It is important that an employee become familiar with their job so that they may perform it as efficiently as possible to help them achieve organizational goals.  It is the responsibility of the employer, however, to provide a detailed description of the skills, knowledge, attitude, attendance expectations and other pertinent information that is expected of the employee regarding the position being filled and the consequences for not operating within those parameters.  Equally important is that employers convey the organizational culture so that employees comprehend the organization’s vision and acceptable conditions with which to operate. Lawson (2002) pointed out that although employees are the most valuable resource of any organization, most companies do not support this premise because of the manner in which they welcome a new hire. Primarily because the orientation process (if any) consists of boring programs, are lecture driven with little opportunity for interaction, and are full of procedures, data, and a bombardment of new faces inundating new recruits at lightning speed (Lawson, 2002). More emphasis in fact, is put on employees who leave an organization lavishing them with extravagant lunches, parties and other events celebrating their departure. When an employee is provided with a clear description of their job responsibilities, what is expected of them, consequences for violating those parameters, as well as the organization’s responsibilities to support the employee, they tend to perform their roles with more confidence and security.


An effective leader must find ways to motivate employees to perform at higher levels. If their training methods (if any) are inefficient and inconsistent it will be indicated by employee low performance levels and their lack of respect for line-managers.  In addition, they must establish consequences for below par performances. Furthermore, employees that define their own operational methods that is satisfactory to their own needs means a better system must be devised so personnel operate consistently. An employer’s priority is to create and implement effective training programs designed to motivate employees to perform at higher levels. When employees are not properly oriented they tend to develop ineffective work habits. For the most effective results, employers must design programs to train employees and develop on-boarding programs consistently in the orientation process. Lawson (2002) suggested leaders implement training and on-boarding techniques that include a variety of educational processes because each adult learns differently. Training programs should offer a variety learning methods which may include: (a) visual learning using video, slides, photos, and other forms of media, (b) print learning using text, writing exercises that enable the absorption of written information, (c) aural learning from lectures and audiotapes, (d) interactive participation from group discussions and question and answer sessions with opportunities to talk and exchange ideas, opinions and responses, (e) tactile learning with hands on activities, and (f) kinesthetic learning that includes role playing and physical activities which involve the use of psycho-motor skills (Lawson, 2002). In conclusion, organizational managers need to design an effective training program that identifies employee expectations and define occupational parameters that meet the organization’s specifications. In short, leaders must develop systems to inspire high performance levels that include clearly defined consequences for not achieving those goals. These are a few strategies that can  help leaders improve ineffective employee performance conditions.


Lawson, K. (2002). New employee orientation training. Danvers, MA: ASTD Press.
Sims, D. (2011). Creative onboarding programs: Tools for energizing your orientation programs. New York, NY: McGraw-Hill.

Global Expansion

Published April 3, 2013 by Mayrbear's Lair


Now that entrepreneurs have engaged in partnerships with other countries, there are many important elements to consider in doing business on an international level. Problem solving strategies should include an aptitude with skills and knowledge in the economic and financial markets of operating a multinational enterprise (Shenkar & Luo, 2008). Entrepreneurial organizations that underestimate cultural influences including legal and environmental ramifications can cause serious problems and in extreme cases, can eventually lead to shutting the organization down. For example, an entrepreneur that considers working or setting up a business in a foreign country will need to know the zoning restrictions in the region and other policies or regulations required to conduct business to prevent from breaking any international laws. US Entertainers that work as a performing artists in Europe for example, must seek permission and obtain work visas from the government in each region to earn an income there. If they do not abide by certain regulations they may face extradition.


Organizations also need to consider the cultural differences of people before formalizing relationships with foreign partners. Solomon and Schell (2009) point to IBM as an example, when they sold the ThinkPad computer business to the Lenovo Group, Ltd, a Chinese manufacturer of personal computers that sold products exclusively in China. When Lenovo chose to adopt English as the official company language and hired Dell CEO there were immediate clashes. The Americans were frustrated by the Chinese’s need for harmony and their inability to embrace public visibility. This was interpreted as a lack of commitment and an inability to perceive value. Furthermore, because the Chinese were silent in meetings, the Americans interpreted this as their agreement, when in fact they were disagreeing and posited the loquacious Americans spoke so much they weren’t allowed room to express themselves. In addition, IBM made managerial cuts in the company’s global workforce and shifted their marketing forces to India. This was perceived by the Asian company as a threat to their cultural pride. IBM made further adjustments and replaced a highly respected Chinese executive with an American one and as a result, other key Chinese executives quit in protest. These problems hurt them in the marketplace with shares dropping at a time the rest of the market was growing (Solomon & Schell, 2009).

F McDonalds-France

McDonalds in Paris

Organizations that prepare for expansion into the global arena must take into consideration the differences in emerging markets and economies as well. A multinational enterprise may need to conduct business differently in a foreign market because of strict regulations. Also, the gross national product will vary in each territory. Entrepreneurs will need to take this into consideration and make adjustments to prices, products, and services, that reflect the local economy (Peng, 2011). McDonalds CEO, Denis Hennequin, for instance, has mastered the concept of creating a global presence. His “we were born in the USA, but are made in France, Italy and Spain” motto has given him the edge on the international market. His respect for cultures has helped him succeed in harnessing them to a competitive advantage. While maintaining a global brand, he found a way to adapt to each territory in a respectful manner that honors local tastes and values. For example, in France he made the golden arches more discreet to blend in with neighborhoods. In addition, he eliminated the Ronald McDonald mascot and built restaurants there so that they are more in alignment with the expectations of local French diners. Some in fact, have leather upholstery, while others have incorporated fireplaces and candles as part of the dining atmosphere. Because of these sensitivities to local cultures, McDonalds’ business is thriving in Europe, Asia and the Middle East. This translates to sales that have risen 8.2 percent globally and during the middle of a recession to boot! By making changes like adapting a menu to include le petit moutarde (a small burger on a ciabatta roll with a mustard like Grey Poupon) and developing relationships with local suppliers, Hennequin has taken McDonalds to a whole new level (Solomon & Schell, 2009). In conclusion, entrepreneurs that consider expanding on a worldwide level will have trouble succeeding in business today if they don’t appreciate or know how to play by the rules and actively manage global cultural diversity.



Peng, M. (2011). Global business (2nd ed.). Mason, OH: South-Western Cengage Learning.

Shenkar, O., & Luo, Y. (2008). International business. Thousand Oaks, CA: Sage Publications, Inc.

Solomon, C., & Schell, M. (2009). Managing across cultures. New York, NY: McGraw-Hill.

Technological Innovations

Published March 27, 2013 by Mayrbear's Lair


Burgelman, et. al, define technology as the theoretical and practical knowledge, skills, and artifacts that can be used to develop products and services as well as their production and delivery systems. It can be embodied in people, materials, cognitive and physical processes, plant, equipment and tools (Burgelman, Christensen, & Sheelwright, 2004). Advances in technology have presented opportunities for organizations to evolve in productive and innovative ways.  For example, when the mortgage crisis hit the nation in 2008, the mortgage and loan company I was employed at for nearly a decade, suffered bankruptcy and shut down. However, because of high speed internet and the ability to share documents, my former colleagues, with whom I have established trustful working relationships, have found a way to continue to work together in a virtual environment.


According to Tidd and Bessant, innovation is driven by the ability to see connections, to spot opportunities and to take advantage of them offering new ways of serving established and mature markets (Tidd & Bessant, 2009).  In addition, because of advances in technology, more entrepreneurs are hosting webinars as a means to connect with potential clients. Advances in electronics and internet access have opened opportunities for people with electronic devices to attend informative and training classes online (some free of charge) for various reasons that include: career advancement, self-help and healing purposes; and educational training. The advantage to webinar hosts is an opportunity to reach out to consumers, build their clientele list, and open an opportunity to sell their products or encourage people to sign up for future classes and training courses.


Other innovations and advances in technology now allow entrepreneurs to produce their own products at a fraction of the price. For instance, with the rise in popularity of tablets and notebooks, EBooks have become a more popular format in book sales because it offers consumers their favorite literature at more affordable prices. Individuals who own desktop publishing software for example, can now write and produce their own EBook merely by opening a file, laying out the design, pouring in the text and formatting, then doing a “save as” in an electronic device format. It has never been easier to produce a book! Innovations in technology have given entrepreneurs more tools to help grow their businesses.



Burgelman , R., Christensen, C., & Sheelwright, S. (2004). Strategic management of technology and innovation. New York, NY: McGraw-Hill Irwin Publishing.

Tidd, J., & Bessant, J. (2009). Managing innovation: Integrating technological, market and organizational change. West Sussex, UK: John Wiley and Sons, Ltd.

Entrepreneurial Climate Analysis

Published March 8, 2013 by Mayrbear's Lair

Entrepreneurial Climate Analysis

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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, sparked new ideas for some individuals to seek innovative employment solutions. For one individual, the joblessness condition presented an opportunity to employ their media production experience to provide social media services specifically targeted at corporate executives and businesses. To create a constructive entrepreneurial environment, conducting a critical organizational assessment can help foster solutions that harness support including access to additional resources. In the meantime armed with a positive attitude, their organization continues to grow with an openness that incorporates new innovations and technologies to encourage creativity in addition to the support from cohesive plans and strategies.



An entrepreneurial climate must adhere to innovation and change. For example, the culture of virtual organizations is really taking off and has transformed the 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). An essential component to success in an evolving a young start-up organization is creating an entrepreneurial climate that implements a daily ritual that can include for instance, various exercises to strengthen the body, mind, and spirit. It is important to focus intention and attention on self-disciplinary actions to achieve and maintain an effective leadership role, especially in the early stages where a venture consists of very few individuals to motivate each other. This disciplinary component nurtures individuality, confidence, and provides stamina that drives the internal engines to achieve success.



Corporate entrepreneurs are mavericks, innovators, and the pioneers that spark new enterprises, products, and services by developing, growing and designing a culture that incorporates strategies, structure and policies that support their ventures (Hisrich & Kearney, 2012). When creating an entrepreneurial culture, leaders 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). In the early stages of an operation, nurturing a creative culture environment that utilizes state of the art technology in a cost effective manner is a good strategy to keep costs down for a new start-up. For example, one young organization decided to employ an innovative strategy to upgrade their Adobe Creative Suite software to remain a contender in the competitive marketplace. The organization saved thousands of dollars by joining the Adobe Cloud group that offers professionals the use of the latest versions of Adobe’s creative design programs from remote locations at a low monthly rate. This is a strategic, cost effective decision, that supports production creativity and levels the playing field against competitors with access to more resources.

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Without analysis and support in their venture, entrepreneurs can give up and quit. In addition, visionary leaders who recognize talented corporate entrepreneurs can help their company benefit further by facilitating a platform that nurtures creativity and new innovations that includes a comprehensive business plan to optimize chances of success and help manage internal politics (Hisrich & Kearney, 2012). In conclusion, an analysis of the culture, climate and environment of an entrepreneurial organization is essential for creating a successful business establishment.


Badal, S. (2013). Building corporate entrepreneurship is hard work. Retrieved February 13, 2013, from Gallup Business Journal:

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.