FEATURE
PAPER
Corporate Entrepreneurship Outcomes:A Study
in Failing to Learn from Failure
The
following paper was presented at the 2007 Allied Academies
Conference - Jacksonville. It was written by Elizabeth McCrea
of Seton Hall University and
Stephen C. Betts of William Paterson University.
Abstract
Firms that are able
to react and respond to today’s dynamic environment
with appropriate
creative solutions are better able to gain and sustain a competitive
advantage. The general term
used to describe such activities that create new business through
process and product innovation
is corporate entrepreneurship. Such internal entrepreneurial
activities, however, should be
accompanied with a willingness to adjust the firm’s strategy.
In this paper we examine 93 new
product development teams and assess whether they are aligned
with the corporate strategy and
whether they are ultimately successful. When aligned projects
are successful they are perceived as
confirming the strategy, however projects that fail frequently
do not result in modifications to the
strategy. The failure to modify strategy when projects fail
indicates that firms are not learning as
much as they can from their mistakes.
Executive Summary
In today’s
dynamic environment, static firms are not likely to endure. They must adapt
to
their environments’ varying conditions, react to their competitors’ actions
and respond to their
customers’ changing requirements. Based on their particular situations,
some firms favor sustained
regeneration, which “support and encourage a continuous stream of new
product introductions in
current markets as well as entries with existing products into new markets” (Dess,
Ireland, Zahra,
Floyd, Janney and Lane, 2003: 354), while others engage in strategic renewal,
in which “the firm
is seeking to change how it competes” (Dess, et al. 2003: 355).
In the academic
literature, these activities are generally aggregated under the terms
intrapreneurship or, more recently, corporate entrepreneurship. The underlying
premise of
deliberate entrepreneurship is that organization members - typically top
managers - can accurately
deduce what changes to strategy are required by external events such as
the entrant of a new
competitor or the creation of a new technology. Importantly, it also presumes
they can accurately
assess the ramifications of the outcomes of internal actions like successful
implementation of a new
process or the failed launch of a new product. Thus strategy seems to form
the framework that
managers use to interpret corporate entrepreneurial outcomes.
Read
the Entire Paper...
.
TIP
OF THE WEEK
Emotional
Intelligence
Dr. Thomas J. Stanley, author of the Millionaire
Mind, devotes a chapter in his book the success factors related
to becoming a millionaire. He identifies seven common areas
related tot hat success:
1. Social Skills
2. Orientation toward critics
3. Integrity and moral values
4. Creative intelligence
5. Investing in the stock market or one's own business
6. Luck vs. discipline
7. Intellectual orientation
Of these seven, four are related to emotional intelligence, or EQ. They
are social skills, orientation toward critics, integrity and moral values,
and luck vs. discipline. It's important to note that intellectual orientation
is ranked the lowest - the least significant - of all factors, while social
skills are ranked the highest.
Emotional intelligence is a learned ability to understand, use, and express
human emotions in a healthy and skilled manner - all important to the
entrepreneur. Emotional experience and express are unique to each person.
no tow people behave, think, express feelings, and act in the exact same
way.
Strengthening emotional intelligence supports success:
1. Strengthening emotional intelligence supports success:
2. Emotional intelligence is the most important factor in achieving excellence.
3. High levels of achievement, success, and happiness are self-defined
and self-directed.
4. The effects of negative and unchecked emotional stress, ineffective
and poor relationships, and
5. personal stagnation are financially costly.
6. A personal and emotional accountability system is essential for positive
human development.
7. Honest self-assessment is a requisite to positive and intentional
personal change.
8. People can develop and change themselves.
9. Learners learn best and teachers teach best in environments that physically
and emotionally safe.
10. Personal meaning is more relevant and powerful than external meaning.
11. Education and learning require the perspective of balance between
academic achievement and becoming emotionally intelligent.
12. Healthy and effective
relationships, personal leadership, self-management,
intrapersonal growth and development, and recognition of potential problems
are essential elements for creating a positive and healthy
learning climate.
Bill
Wagner. The Entrepreneur Next Door - Discover the
Secrets to Financial Independence.
2006. Entrepreneur Press. pg 27-28.
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ANNOUNCEMENTS
Request for
Papers & Reviewer Volunteers
The
Small Business Institue is now requesting papers and paper
review volunteers for the Small Business Institute Journal.
If you are interested in submitting a paper or becoming a
volunteer, please let us know. The first issue
is to be printed April 2008. For more information please click
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SBI 2008 Conference
The Small
Business Institute will be holding the 2008 SBI Annual Conference
from February
14-16, 2008 at the Handlery
Hotel in San Diego, CA. Deadlines for proposals and papers
is October 1, 2007. A notification of acceptance will be
delivered on November 20, 2007. For more information please
visit the SBI
website.
USASBE
Call for Executive and Functional Officers
Pursuant
to Article IV, Section 4 of the Association Constitution
and Article III,
Section 2 of the USASBE By Laws, the Nominating Committee chaired
by the Immediate
Past President (Howard Van Auken) and comprised of the President
(Geralyn Franklin),
President -Elect (Jeff Alves) and two members-at-large (Craig
Watters and Lynn Neeley),
shall nominate annually one or more persons for each office
to be filled. To ensure
that the Committee obtains the input of the membership in performing
this important
function, members are asked to submit recommendations for consideration
by the Committee
in development of the annual slate of candidates.
The
Nominating Committee would ask that in submitting recommendations, to
consider
those individuals that have been active in the Association
and would contribute further
to the success and advancement of the USASBE mission. Individuals
recommending and
those being recommended must be active members of the Association.
Indicated
below are Executive and Functional Offices that are to be
filled in this summer's election for which the Committee is seeking recommendations.
All recommendations
to the Committee must include a short one paragraph biography
that includes the person's
qualifications and the positions or other ways they have contributed
to USASBE.
Executive
Officers:
* President-Elect
* Senior Vice President-Operations
Functional Officers:
* Vice President-Elect/Programs
* Vice President-Finance
* Vice President-Marketing/Membership
*Vice
President-Publications
Recommendations
must be submitted to the USASBE Central Office by email (usasbe@fau.edu)
or fax (561-297-4009) no later that 5:00 PM EST Friday,
June 15, 2007. Submissions made or sent in any other manner
will not be considered
by the Committee.
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CONFERENCES
AACSB
|
| Who: |
AACSB
Communications
|
| What: |
World
Class Practices in Management Education
|
| Where: |
Beijng,
China |
| When: |
May
20-22, 2007 |
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MEI
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| Who: |
MEI
|
| What: |
The 3rd International Symposium
on Management, Engineering and Informatics
|
| Where: |
Orlando,
Florida, USA |
| When: |
JJuly
8-11, 2007 |
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ICSB
|
| Who: |
International
Council for Small Business
|
| What: |
World
Conference
|
| Where: |
Turku,
Finland |
| When: |
June
13-15, 2007 |
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FU
|
| Who: |
Fordham
University
|
| What: |
The Fordham University Pricing
Conference
|
| Where: |
Fordham University, New York, New
York, USA |
| When: |
September 28-29, 2007 |
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MELT
|
| Who: |
The
Association of Management
|
| What: |
24th
Annual Management Education Leadership Technology
|
| Where: |
San
Antonio, Taxas,
USA |
| When: |
October 3-6, 2007 |
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CALLS FOR PAPERS
ISBE
|
| Who: |
Institute
for Small Business and Entrepreneurship |
| What: |
30th
Annual ISBE Conference
|
| Where: |
Heriot-Watt University, Glasgow, Scotland |
| When: |
November
7-9, 2007 |
Submission
Deadline:
June 30, 2007
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SWAM
|
| Who: |
Southwest
Academy of Management
|
| What: |
2008 Annual Meeting and 50th Reunion
Southwest Acadmeny of Management
|
| Where: |
Hyatt Regency - Houston, TX |
| When: |
March 4-8, 2008 |
Submission
Deadline:
September 17, 2007
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USASBE
|
| Who: |
United
States Association for Small Business and Entrepreneurship
|
| What: |
USASBE
2008 Annual Conference
|
| Where: |
The
Westin La Cantera Resort - San Antonio, Texas |
| When: |
January
10-13, 2008 |
Submission
Deadline:
August 15, 2007
|
|
|
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SBI
|
| Who: |
Small
Business Institute
|
| What: |
2008 SBI Conference
|
| Where: |
Handlery
Hotel – San Diego, CA |
| When: |
Feb.
14-16, 2008 |
Submission
Deadline:
October 1, 2007
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