Corporate Entrepreneurship: The Innovative Challenge for a New Global Economic Reality
The article “Corporate Entrepreneurship: The Innovative Challenge for a New Global Economic Reality” is written by Kuratko, Hornsby, and Hayton (2015). It describes the advantages of corporate entrepreneurship as a sphere that helps to derive substantial benefits in the process of development and introduction of new business technologies. The authors note the importance of studying this area since scientists have not advanced far in the course of its improvement in recent decades (Kuratko et al., 2015).
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Today, corporate entrepreneurship and its research have become quite widespread, and many theoretical justifications obtained as a result of such research can be introduced into specific projects. Nevertheless, theoretical knowledge about this phenomenon requires a deeper understanding. Article by Kuratko et al. (2015) considers some scientific articles, as well as studies potential directions for the research and development of corporate entrepreneurship.
Corporate entrepreneurship is an essential part of the contemporary business since this economic theory provides new possibilities and opens up perspectives for development. Thus, these results of the research, according to the authors, can significantly enhance the capabilities of certain organizations that work in this new and modern economic reality (Kuratko et al., 2015).
The research method used in the paper is based on the analysis of articles on corporate entrepreneurship and the results of research by other authors. Among the topics that Kuratko et al. (2015) consider, there are several important aspects.
First, they study the general concept of corporate entrepreneurship in the context of research of other scientists to draw a general conclusion about the essence of this phenomenon based on the received information. Secondly, they examine the given concept according to the specifics of management and the success of the application of this commercial space by people from the business sphere. Thirdly, Kuratko et al. (2015) consider the immediate process of implementing corporate entrepreneurship and the complexity faced by organizations in the course of introducing this technology. Another topic was the evaluation of the effectiveness of the studied concept, as well as its impact on job performance.
Finally, the last issue for studying is the strategic entrepreneurship, that is, particular methods that allow improving existing order and adapting it to a specific organization.
The scientific articles that were studied and presented by the authors give a full picture of the details of corporate entrepreneurship and the peculiarities of its implementation in particular business areas. It is possible to conclude that the study of this economic phenomenon is an auspicious direction since in case it is properly used, its effectiveness is evident. Numerous scientific studies have made a significant contribution to the research of corporate entrepreneurship and the definition of the most optimal theories of its implementation and use.
Besides, the phenomenon being studied is dynamic and developing successfully; therefore, a competent approach to its introduction is almost an integral condition for business and management. Finally, one more conclusion is that the observance of the presented methods, described by different authors, can become a useful contribution to the improvement of the management of the future.
Thus, the theoretical justification of the stated objective of the study, as well as the method used in the article by Kuratko et al. (2015), is entirely justified. The results of the research can be utilized both by managers of different companies and scientists developing business improvement concepts.
Corporate Entrepreneurship as Knowledge Creation and Conversion: The Role of Entrepreneurial Hubs
The article “Corporate Entrepreneurship as Knowledge Creation and Conversion: The Role of Entrepreneurial Hubs” is written by Zahra (2015). It describes the concept of corporate entrepreneurship as one of the ways to efficiently stimulate innovative solutions in the business. As the author notes, this economic phenomenon helps organizations to compete in the current market activity and contributes to increasing productivity (Zahra, 2015).
Besides, corporate entrepreneurship opens up quite good prospects for managers and enables them to develop their concepts according to the interests of the business sector. The article describes the major conclusions obtained as an outcome of studying the 25-year experience of various researchers in this field, as well as the following results that this area helps to achieve. Thus, corporate entrepreneurship is considered an innovative and successful method of developing the organizational and managing structure of a company. Competent leadership is impossible without the successful implementation of this economic theory.
The risk of bankruptcy is reduced. Also, Zahra (2015) explains the role of integration, the accumulation, and conversion of knowledge gained during this time and their significance in trying to make a profit. The influence of corporate entrepreneurship on the business market, as well as the particular application of this phenomenon in a competitive environment, is an important topic for study and research.
The principal method that Zahra (2015) uses in her paper is to analyze her previous works related to the subject of formal and informal entrepreneurship and study the impact of knowledge on this phenomenon in its detailed research. The author views this concept as a process of creating knowledge, as well as the process of conversion. Thus, one of the ideas put forward by Zahra (2015) is a non-financial benefit that the introduction of corporate entrepreneurship in a particular organization gives.
Getting new knowledge about the possibility of successful business and the ability to be a competitive enterprise is sometimes just as important as the process of making money. Also, the author introduces the concept of entrepreneurship hubs, that is, important nuances, which regulate the introduction of practical methods into a particular business environment (Zahra, 2015). The article has a unique scheme that shows the relationship between the implementation of corporate entrepreneurship and the specific knowledge that is necessary for successful work.
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Based on the results of the analysis carried out by Zahra (2015), it is possible to draw the following conclusions: formal and informal activities related to the introduction of corporate entrepreneurship are essential for achieving high performance, growth, and strategic renewal of a particular company. Also, modern enterprises should adapt to certain conditions and monitor social, demographic, and technological changes to be competitive.
It can be concluded that corporate entrepreneurship plays the role of the admission to the world of a modern and rapidly developing market, enabling managers and business owners to build strong and stable financial relationships. Entrepreneurs can control the work of their subordinates more efficiently since the described economic environment offers opportunities for competent leadership and finding target areas for development.
Finally, adherence to the above-described methods, as well as the introduction of the latest developments obtained in the course of research make it possible to exclude the risk of bankruptcy and loss of capital. A competently constructed scheme of doing business is an indispensable and important attribute of successful entrepreneurship today; therefore, the practical value of the article by Zahra (2017) is rather evident.
Kuratko, D. F., Hornsby, J. S., & Hayton, J. (2015). Corporate entrepreneurship: The innovative challenge for a new global economic reality. Small Business Economics, 45(2), 245-253.
Zahra, S. A. (2015). Corporate entrepreneurship as knowledge creation and conversion: The role of entrepreneurial hubs. Small Business Economics, 44(4), 727-735.