Introduction
Entrepreneurship is a well-known concept in the modern business world. The question of whether it applies to already existing and developed companies is controversial, as it is usually associated with small start-ups, while corporations are viewed as rigid and bureaucratic. As a result, it is critical to investigate if companies can be innovative and whether the idea of corporate entrepreneurship is not an oxymoron.
Main body
The term “corporate entrepreneurship” in part, can be considered an oxymoron. This is because “entrepreneurship” refers to the process of creating and/or exploiting change for profit by innovating, accepting risk, and moving sources to areas of higher return (Burns, 2020). Since a corporation is an already existing and often profitable organization it may not make sense to create and change something. However, creating new ventures or implementing innovative ideas within a company can bring new opportunities, which is why corporate entrepreneurship is used. Corporations, contrary to popular assumption, may be incredibly inventive. For example, Apple is well-known for its revolutionary devices, such as the iPhone and iPad, which have transformed both the market and the company. Similarly, Google has disrupted the search engine sector with novel algorithms and services like Google Maps and Gmail.
Creating the GPT Chat by Open AI is an example of autonomous strategic behavior. This initiative was not a product that customers wanted but that the firm felt would revolutionize the market. It resulted in a shift in the firm’s strategy and structure (Fernandes, 2022). The launch of Netflix streaming is an example of induced strategic behavior since the firm’s strategy and structure facilitated service innovation (Long & Pisani, 2022). Netflix began as a DVD rental business but then modified to accommodate new demand. The firm invested in building a streaming service, which has since become the company’s primary business and helped it to become a leader in its area. Both autonomous and induced strategic behavior can be effective for commercial success. The most promising method is determined by many factors, including the company’s size and complexity, the sector, and the company’s objectives.
Conclusion
Corporate entrepreneurship, contrary to common assumption, is not an oxymoron, and large corporations may be inventive, employing various tactics and strategies to establish new enterprises, goods, or services from inside an organization. It enables them to achieve additional income growth through entrepreneurial activity. Corporate innovations through autonomous and induced strategic behavior can determine the commercial success of an existing and established company.
References
Burns, P. (2020). Corporate entrepreneurship and innovation. Bloomsbury Publishing.
Fernandes, A. A. (2022). Product and service design innovation. Springer Nature.
Long, J., Pisani, J. (2022). The value of voice in shared leadership and organizational behavior. Anthem Press.