Establishing Corporate Entrepreneurship

1. The first step is to secure top management commitment.

2. Second, identify areas of interest and money available.
3. Third, use technology to make the company more flexible.
4. Fourth, interested managers will train employees.
5. Fifth, develop ways to get closer to customers.
6. Sixth, learn to be more productive with fewer resources.
7. Seventh, establish a strong support structure.
8. Eighth, tie rewards to performance of the entrepreneurial unit.
9. Finally, allow successful units to expand and unsuccessful ones to
be eliminated.

Problems and Successful Efforts

One study found new ventures started within a corporation performed
worse than those started independently. Reasons included the
corporation’s lack of long-term commitment, a lack of freedom to make
decisions, and a constrained environment. There are successfully
implemented corporate entrepreneurship.
• 3M allows employees to devote a percent of their time to
independent projects - the most successful being Post-It
notes.
Problems are not insurmountable and implementing corporate
entrepreneurship can lead to new products, growth, and a new corporate
environment and culture.