Web Link To The Source: https://www.entrepreneur.com/article/350254
Needless to say, businesses are adversely hit across the world due to the outbreak of deadly virus. This is irrespective of the size of the business. All size of businesses are facing difficulties due to the spread of coronavirus (COVID-19) pandemic. Organisations from almost every industry are forced to change their working conditions due to movement restrictions to prevent the spread of virus. It is necessary during this critical condition to look for an innovative strategy for the smooth functioning of the businesses and this is what entrepreneurship is all about. The fundamental purpose of entrepreneur is to solve problems and find opportunities. It has been noticed that some of the most innovative and creative ideas come from the startups and small and medium sized enterprises (SME). These SMEs not just need the monetary support, rather they can outstandingly perform if they are offered support in other ways like mentoring or collaborating with them.
Since, the big companies are also affected by the pandemic but they can be benefitted by collaborating with the startups. It is considered that the startups have a great capacity to grow and prosper. With corporate venture capital (CVC), the bigger companies can help the SMEs by providing them insights into the market and wider network. However, there is mutual growth of both the big companies who gets access to innovative entrepreneurial talent and the startups if they collaborate. It is like an investment in the future for the big companies and there will be no risk of disruption if they invest in the future. There is a high probability that the corporate eill not have to re-pivot an entire business, if they are working with a startup. If they invest in startups, it’ll be like an R&D for them which would provide them new insights. A change of attitude should be brought where they should think if they’ll share, then both will win.
The topic instigates to bring innovative changes in the corporate environment. It gives an insight to the relationship of big companies and the startups and SMEs. It provides a way to deal with this pandemic and investing in innovating for the future.
Web Link To The Source: hbr.org/2019/11/why-constraints-are-good-for-innovation
This article embraces the importance of constraints in bringing creativity and innovation. In many of the surveys, managers consider that lack of resources and compliance restrictions are the basic hindrance to innovation. They believed that removing all the rules and regulations, creativity and innovation will develop. However, this article reviewed a lot of empirical studies on the consequences of the constraints on creativity and innovation. The main finding was that all the individuals, teams or firms, just the same, benefit from a good amount of constraints. It is only when there are very high number of constraints that restrain creativity and innovation. The article provides an example of GE Healthcare's MAC 400 Electrocardiograph (ECG). Thus product revolutionized rural access to medical care. However, there were many constraints in the development of this product. But the GE engineers were successful in the invention of this product. This was only due to the good amount of constraints in the way of engineers to produce. The GE engineers were successful due to the presence of these constraints. Thus, constraints help to focus efforts and fosters innovation.
When there is no amount of constraints, people gets satisfied and they follow the path of least resistance. Rather than investing in the development of better ideas, they go for the most intuitive ideas. Thus, constraints provide a creative challenge which motivates people to find for new ideas for new products and services. Different constraints can be embraced by the managers in their respective arsenals which basically can be of three forms. Firstly, the inputs can be limited such as human capital, time, funds and other available resources. For instance, the resources can be capped intentionally by the managers in companies in view to motivate the employees to make them resourceful. Secondly, specific processes can be enforced. Lastly, requirements of the output can be specified such as setting of service or product specification. But too much constraining task can hamper the employees’ motivation. Therefore, the manager should be mindful about the same and organisation should ensure that a balance is struck between different constraints in view to foster creativity and innovation.
This article builds curiosity that how constraints can pave a way to creativity and innovation. The article motivates the producers to frame the constraints as creative challenges rather than blaming them.
Web Link To The Source: hbr.org/2020/02/when-entrepreneurial-passion-backfires
Passion is the motivation which an entrepreneur requires to achieve his goals. The success of an entrepreneur is directly proportional to the passion he possesses. However, study shows that diversity of passion amongst entrepreneurial team members results in poor team performance. This basically is due to different identities and their conflicting emotions in the team. This has a serious negative impact in venture development. There are basically three types of entrepreneurial passion: 1.Passion for inventing: Some entrepreneurs focus to identify opportunities or to create new products or services. They are basically product oriented entrepreneurs. 2.Passion for finding: Some entrepreneurs focus to set up and nurture the initial business. 3.Passion for developing: Some entrepreneurs focus to build a venture by gaining energy from expanding the business, attract new customers, hire new employees and build an organisational culture.
Passion is considered very important for the entrepreneurship but at the same time it has negative outcome in a team. Therefore, passion diversity should be considered by the founders when they bring new members on the board. It can be a great challenge during the last stages of venture development. As during the early stages of venture development, short term goals are basically focused such as getting brand exposure or searching the customers. The differences among the individuals are very less exposed at that time. But as the time passes, diversity in the identities becomes a great problem and has a great impact over the entrepreneurial decisions taken. In view to curb this problem, few questions about the passion of the individuals can be asked at the time of interview, thus providing intuitive knowledge about the survival of the corporate over the long run. Thorough study like personal growth sessions about the team composition and entrepreneurial passion diversity can play a great role. There should be careful assessing of team passion to enhance the rates of success of future hires along with the team as a whole.
This article increases the curiosity about the role of passion of entrepreneurs on the success rates of the business. It highlights that individual passion is different from the passion of entrepreneurial team as a whole.
Web Link To The Source: https://doi.org/10.1186/s13731-019-0108-9
Entrepreneurial culture is defined as the values, attitudes, skills and power of an individual or group who work in an organisation characterized by risk for generating income. Innovation is an important element for the growth and success of an entrepreneurial culture of an organisation. Communication and information technology based firms are basically prone to changes as creativity and innovation is observed in the firms. Creativity is used as a mediator to check whether it mediates the relationship. The factors like openness to change, self efficacy have an impact on the entrepreneurial culture. Self efficacy is a belief of an individual to become successful by completing a task in specific circumstances. Openness to change is an overall change of an organisation with the aspect that the managers and employees are ready for supporting the change and has a positive attitude for the results brought by the change. Creativity is one’s ability to produce new and applicable ways and ideas based in any context. Openness to change is directly proportional to entrepreneurial culture.
Higher is the self efficacy, higher is the entrepreneurial activity, but it may or may not affect the performance positively always. There are many other determinants and factors that influence the entrepreneurial culture, other than self efficacy and openness to change. Entrepreneurs are protectors and founders of the organisational culture. The focus of the employees should be to practice and learn new skills in view to increase the self efficacy so that the tasks are performed more effectively and efficiently. Training sessions and programs should be conducted for the employees. They should be given chance to take decisions in the organisation in view to achieve the goals. Reports of the employees and their feedbacks regarding their incorrect and bad decisions should be well inspected so that they can learn and make further changes. Employees should be given chance to think out if the box and thus enhance their creativity. Regular update of the knowledge of the employees should be the key focus so that they are well familiar with new skills and research in their respective areas.
This article focuses on the elements that affect the entrepreneurial culture. It highlights the importance of self efficacy and openness to change in order to achieve success with the mediating role of creativity.
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