Corporate Entrepreneurship
Corporate Entrepreneurship Corporate entrepreneurship is also commonly known as corporate venturing or Intrapreneurship. It is coined by legendary management thinker and management guru Peter.F.Drucker. It is the act of initiating new ventures or creating value with an already established organization or social entity. It is basically a process of creating new business within established firms to improve organizational profitability and enhance a firm’s competitive position or the strategic renewal of existing business. “ Innovation “is at the very core of corporate entrepreneurship. So corporate entrepreneurship is done to enhance an organization`s competitive edge through innovative ideas which creates a unique place for itself in the industry or creates a new industry by itself. It can also be called a process by which organizations try to change its existing image. Corporate entrepreneurship activities can be internal or external. Internal activities are the process or activities which are developed within a organization. These type of activities are done in order to test a market, technology, production methods or effectiveness of employees. These activities may cover at various levels of the firm. Internal entrepreneurship can be applied on the following stages like: administrative, opportunistic, imitative, technical or organizational. External entrepreneurship is the process of combining resources which are located at different areas in the environment by individual entrepreneurs with his own unique resources to create a new combination of resources, which is independent of all others. External activities are in the form of mergers, joint ventures, corporate venture, venture nurturing, venture spin-off and others. Corporate entrepreneurship can be applies to any business size at any point of a organization`s life cycle. Today there is a growing desire by business houses to apply corporate entrepreneurship in order to enhance the innovative abilities