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?
- Highly motivated
- Willing to take responsibility for their projects
- 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”.
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