Page 49 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT

Entrepreneurship and Small Business Management

Notes The scope of entrepreneurship is tremendous in a country like India which faces problems
of population, unemployment, underemployment and disguised unemployment.

The notion of intrapreneurship requires that managers inside the company should be
encouraged to be entrepreneurs within the firm rather than go outside. For an entrepreneur
to survive in an organization he/she needs to be sponsored and given adequate freedom
to implement his ideas.
Intrapreneuring means the entrepreneurial activities that acquire organizational sanctions
and commitments of resources for the sole objective of innovative results.
Several executives with rich experience and expertise in corporations leave their jobs to
own small business, because the top management in these corporations were not receptive
of their innovative ideas.
Intrapreneurs are hungry to see their ideas materialize into business enterprise. Venture
capitalists with their wide open eyes welcome them with open arms. And hence the
organization not only loses rich experience and expertise but also creates competitors for
itself.
Intrapreneurs ask questions such as: “Who would I need to help me with this? How much
would it cost? What things have to happen first?” and so forth. They may ask “Could we
release this technology- onto the marketplace in product form aimed at such-and-such a
customer need?

Change agents possess a commitment level that drives them to enhance core competence
and organizational capability. Change agents make all employs both below and above
their authority feel a sense of urgency to perform better.
Intrapreneurship is a strategy for stimulating innovation by making better use of
entrepreneurial talent. When effectively promoted and channeled, intrapreneurship not
only fosters innovation, it also helps employees with good ideas to better channel the
resources of a corporation to develop more successful products.

3.5 Keywords

Authority: The power or right to give orders, make decisions, and enforce obedience.
Change-agent: A person whose presence or thought processes cause a change from the traditional
way of handling or thinking about a particular activity.

Entrepreneurship: It is the pursuit of a discontinuous opportunity involving the creation of an
organization (or sub-organization) with the expectation of value creation to the participants.
Intrapreneuring: It means the entrepreneurial activities that acquire organisational sanctions
and commitments of resources for the sole objective of innovative results.
Intrapreneurship: It is the practice of entrepreneurial skills and approaches by or within a
company or at home.
Leader: The person who leads or commands a group, organization, or country.
Persuade: To make somebody do something by giving them good reasons for doing it.
Static: Lacking in movement, action, or change, especially in a way viewed as undesirable or
uninteresting.
Strategy: A plan of action or policy designed to achieve a major or overall aim.
Vision: Vision is being able to see where you’re going in both literal and figurative senses.

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