Strategic Entrepreneurship ZAA 108

You can view the powerpoint slides that accompany the podcast here.

Aim

The aim of this module is for students to formulate an awareness of strategic areas in SRL, by reviewing theory and practice of entrepreneurial strategy.

This module represents a beginning for developing a deep understanding of opportunity, innovation and enterprise in SRL organisations.

The module works students towards things like insights into problems & issues associated with establishing and managing the development of innovative enterprise for the sake of business and social progress.

Objectives

Definitions

Organisational culture refers to the complex set of ideologies, symbols and core values shared throughout the firm and that influence how the firm conducts business:

- Culture is the social energy that drives – or fails to drive – the organisation.

Strategic entrepreneurship refers to entrepreneurial actions through a strategic perspective:

- Entrepreneurship dimension identifies opportunities to exploit through innovations

- Strategic dimension involves determining the best way to manage the firm’s innovation efforts.

Entrepreneurs refers to individuals, acting independently or as part of an organisation, who see an entrepreneurial opportunity and then take risks to develop an innovation to exploit it.

The entrepreneurial mind-set values uncertainty in the marketplace and seeks to continuously identify opportunities with the potential to lead to important innovations.

What does an entrepreneur look like?

Entrepreneurial Characteristics:

  • Highly motivated
  • Willing to take responsibility for their projects
  • Passionate
  • Optimistic
  • Emotional about the value and importance of their innovation-based ideas
  • Entrepreneurial mind-set
  • Able to emotionally deal with uncertainty
  • More alert to opportunities than others
  • Good social skills and
  • Plans well.

THE IMPORTANCE of ENTREPRENEURSHIP IN SRL ORGANISATIONS

An entrepreneurial approach is relevant and has the capacity for greater impact employment impact through SRL. According the Australian Bureau of Statistics Data (2011) SRL organisations can be regarded as representative entrepreneurial industries employing approximately 3% of Australians an increase from 1.88% in 2006. In the next publication of ABS data 2017 a further increase is expected.

Interestingly, in comparative terms 10% of the UK workforce are employed in SRL (Ball, 2015). See:

In his article titled ‘The Importance of Entrepreneurship to Hospitality, Leisure, Sport and Tourism’ Ball (2015) suggests that small businesses are the fabric of local society and that entrepreneurship (whether it be business or social entrepreneurship) is the battle cry of government seeking economic social and other objectives. Australian SRL organisations are part of that “battle cry”.

ENTREPRENEURSHIP AND ENTREPRENEURIAL OPPORTUNITIES

Entrepreneurship is concerned with:

  • the discovery of profitable opportunities
  • the exploitation of profitable opportunities.

Entrepreneurship is the process by which individuals or groups identify and pursue entrepreneurial opportunities without the immediate constraint of the resources they currently control.

The purpose of entrepreneurship is to create wealth. SRL organisations that foster entrepreneurship are:

  • risk takers
  • committed to innovation
  • proactive in creating opportunities; they do not wait to respond to opportunities created by others.

Entrepreneurial opportunities:

  • are opportunities others do not see or for which they do not recognise the commercial potential
  • are conditions in which new products or services can satisfy a need in the market
  • exist as a result of competitive market imperfections and unevenly distributed information
  • are studied at the level of the individual organisation
  • may be the economic engine driving an SRL’s “economy” in the competitive landscape it operates in.

INTERNAL INNOVATION

SRL’s make deliberate efforts to develop inventions and innovations within the organisation, selecting from several types of innovation and the specific processes through which each type is produced.

Most innovation is due to R&D. The outcomes of investments are uncertain and often not achieved in the short term. SRL’s innovate internally in two ways:

  • autonomous strategic behaviour
  • induced strategic behaviour

IMPLEMENTING INTERNAL INNOVATIONS

An entrepreneurial mind-set is:

  • required for internal ventures
  • a viewpoint that values uncertainty in the marketplace and seeks to continuously identify opportunities with the potential to lead to important innovations.

Value creation through internal innovation processes

  • Cross-functional product development teams
  • Facilitating integration and innovation
  • Creating value from internal innovation

So how can I begin the process of being undeniably good?

How To Navigate In Turbulent Times

Summary

Being undeniably good for your SRL organisation requires thinking differently, sometimes falling down, then get up and push on… No… Matter... What…

Entrepreneurship in Action - Sports in Action | 3:03 mins

Readings

Harper, C 2011, Stop F*cking Around! 30 principles for a better life, Booktopia.

Ratten, V 2010 Sport-based entrepreneurship: towards a new theory of entrepreneurship and sport management, International Entrepreneurship Management Journal, (2011) 7:57–69

There are a number of Ted Talks to view on the topic of entrepreneurship

Credits:

Created with images by paulhome - "dark-power" • kerttu - "dock lake finland" • PRMF - "Scenic Bicycle" • bones64 - "lake sunset reflection" • jarmoluk - "document agreement documents" • Pexels - "landscape mountain nature" • Pexels - "hike lake landscape" • Hermann - "books education school"

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