Before we foster an entrepreneurial culture, managers need to understand entrepreneurship as a process for direct application. They need to understand the socio-economic role played by business entrepreneurs; to identify and evaluate the alternative entry strategies into business ventures and entrepreneurship.
They also need to identify and evaluate financing alternatives available to entrepreneurs; to explore avenues for succession planning for entrepreneurs; to illustrate and evaluate the significance of ICT, risk taking, creativity and innovation on entrepreneurial opportunities and challenges.
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INTRODUCING A CREATIVE ENTREPRENEURIAL CULTURE
Ideally, entrepreneurs should possess abundant creativity. However, things are often not as straightforward especially in public establishments. Usually, one encounters inflexibility and bureaucracy. The following are issues that need to be addressed in the process of introducing a more creative entrepreneurial culture:
- Support idea development: real commitment of resources, time, funding
- Encourage flexibility: latitude to define own resource requirements
- Reward contributors (entrepreneurs): freedom, monetary
- Provide leadership: personal commitment to support innovation
- Pursue new opportunities that create value
- Constant orientation towards growth & renewal
- Continuous search for opportunity
- Performance orientation
- Creating a pervasive challenging pressure to create new products and commitment to new business development.
- Senior management to provide significant and visible personal commitment Sustaining the commitment for a long time
- Assigning resources to new business-need for nurturing to make them stand alone
- Assigning good people to new business
- Building confidence in subordinates to make them realize their potential in new business development
- Building momentum