Entrepreneurial Management and Leadership Essay
In order to become the Innovation leader, MM allows Its staffs to spend 1 of their time to concentrate on their own ideas. In m’s entrepreneurial management culture, MM scientist Art Fry had implemented the “Post-lat note” corporate venture. He modified the use of “failed adhesive technology” which was developed before by another MM scientist Dry. Spence sliver (Mcleod & Windsor 2003). At the first beginning, the marketing department had doubts about the centralization as said no one would need small temporary bookmarks.
Then Fry produced and distributed free samples to staffs Including administrative assistants of top management with the support of production department. The intuition demand of these temporary bookmarks had convinced the top management to commercialism “Post-it note”. After reading the MM case and the article of “The heart of entrepreneurship” I have memorized that the success of the innovative companies are based on their entrepreneurship. In the dynamic business environment, MM can timely aware and pursue the opportunities.
I also found that MM stimulates the entrepreneurship by reducing psychological risks to behaving entrepreneurial, having appropriate commitment to the use of resources, breaking down the organizational hierarchy, ND tailoring the reward systems (Stevenson & Jumper 1985). First, MM reduces the
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Second, the commitment to support the employees with sufficient resources can foster Innovativeness. MM pursues the enabler model to provide Its employees with dedicating resources and processes in diffused ownership approach (Wolcott & Letup;TX 2007). Third, breaking down the organizational hierarchy encourages the sharing of Ideas within and throughout different departments. The success of the MM “Post-it” is the result of breakdown of hierarchy. Corporate venture.
For example, Fry was named as the “MM Corporate Scientist” after his “Post-it note” became the m’s “Company’s Outstanding New Product” (Mcleod & Windsor 2003). After I had learned the above four ways of stimulating entrepreneurship, I started to observe other successful companies on how they achieve corporate goals in the entrepreneurial management style. I found that there are many high technological companies such as Google, Dell, and Apple are using the entrepreneurial management approach.
This approach can stimulate innovativeness in order to enable these companies to keep pace with market changes. Conversely, some companies are difficult to use the entrepreneurial approach because of their business nature. For example, companies in banking industry usually operate in administrative management style since they need to follow many regulations and guidelines. I look forward to learning more on this in the coming MEL seminar.