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ENTREPRENEURIAL MANAGEMENT (Strategic Orientation (Entrepreneurial Managed…
ENTREPRENEURIAL MANAGEMENT
Strategic Orientation
Entrepreneurial Managed Firm
Less concerned about the resources that may be required to pursue such opportunities
Acquiring and marshalling the necessary resources represents a secondary of discovered opportunities
Resources do not constraint the strategic thinking of an entrepreneurially managed firm
Traditional Managed Firms
To use the resources of the firm efficiently
The type and resources that the firm has represent a key starting point for thinking strategically about the future of the firm
Only those opportunities can be pursued effectively using existing resources are considered the appropriate domain of further strategic thinking
Commitment to Opportunity
Traditional Firms
Tend to place considerable emphasis on information
If choose to pursue the given opportunity, it would be with a much larger initial investment and intention to remain in the line of business for a considerable time
Entrepreneurial Firms
Committed to taking action on potential opportunities
Able to withdraw their resources from a particular opportunity
Commitment to Resources
Traditional Managed Firms
If they commit resources on the opportunity they do so on a large scale
Use in depth information whether to go for it or not on the opportunity
Entrepreneurial Managed Firm
Focus on the opportunity. Focus on how to minimize the resources that would be required in the pursuit of a particular opportunity (Test the waters)
Provides flexibility to change direction rapidly as new information about the opportunity comes to light
Control of Resources
Traditional Managed Firms
Focus on the ownership of resources and the accumulation of further resources
Entrepreneurial Managed Firm
Less concerned about the ownership of resources and more concerned on how to access others’ resources
Management Structure
Traditional Managed Firms
Has a structure well suited for the internal efficiencies of allocating controlled resources
Entrepreneurial Managed Firm
Is organic. Has few layers of bureaucracy between top management and the customers and typically has multiple informal communication channel
Reward Philosophy
Traditional Managed Firms
Rewards management and employee based on their responsibilities determined by the amount of resources that each manager or employee controls
Entrepreneurial Managed Firm
Focused on pursuing opportunities for new entry that represent new value for the firm
Compensate employee based on their contribution toward the discovery / generation and exploitation of opportunity
Growth Orientation
Traditional Managed Firms
If they commit resources on the opportunity they do so on a large scale
Use in depth information whether to go for it or not on the opportunity
Entrepreneurial Managed Firm
Great desire to expand the size of the firm at a rapid pace
Entrepreneurial Culture
Traditional Managed Firms
Begins with assessment of the resources that it controls
Mostly interested in the ideas that revolve around currently controlled resources
Entrepreneurial Managed Firm
Encourages employees to generate ideas, experiment, and engage in oteher tasks that might produce creative outputs
Opportunities are the focus
Learning from Failures
Restoration Orientation
Loss Orientation