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The CE is a term used to explain the entrepreneurial efforts of an established and large organisation. Various authors use various terms to describe entrepreneurial behaviour inside existing firms. Among the terms used to describe entrepreneurial behaviour at the firm level is intrapreneuring, corporate entrepreneurship, corporate venturing, innovative (Miller & Friesen, 1983), firm-level entrepreneurial posture (Covin, 1991, Covin & Slevin, 1986), firm’s entrepreneurial orientation, and organisational entrepreneurship. However, corporate entrepreneurship and intrapreneuring are the terms that are often used to describe entrepreneurial behaviour of large firms.
In the same vein, literatures on CE have no standardised framework that conceptualises and operationalises the multidimensional constructs of CE. Prior researchers have used different dimensions of CE. The most popular dimension used to describe the firm-level entrepreneurship is the entrepreneurial orientation. According to Zahra, entrepreneurial orientation dimensions, which consist of firm’s innovativeness, propensity to take risk, and proactiveness, are the essence of CE. Thus, these dimensions become an essential ingredient for the firm to be entrepreneurial and widely utilised as a foundation for prior researches on entrepreneurial firm. A number of researches have also shown that entrepreneurial orientation is the key ingredient for a firm’s growth and profitability, and the strength of the relationship between entrepreneurial orientation and the firm’s growth and profitability will increase overtime.
Corporate venturing is also the most salient characteristic of CE because it creates new businesses within an existing organisation. Therefore, in this study, the dimensions of entrepreneurial orientation namely innovativeness, proactiveness, risk taking, and corporate venturing were used to represent the CE dimensions. Literatures on these dimensions and their relations to firm performance will be further explained in the next sections.
Entrepreneurship will not exist without acquiring innovation, as innovation is the core of the entrepreneurial firm. Innovativeness is the firm’s tendency to engage in and to support new ideas, novelty, experimentation, and creative processes. This action may transform into new products, services, technique, system or/and, technological processes. The capacity to introduce new product or services is not only restricted to start-up firms, but large firms are also able to do breakthrough inventions by using novelty, emerging, and pioneering technologies. Besides, large and established firms always adopt an innovation to seek growth by developing new products that lead to incremental changes in current product lines. By introducing newness in the market, which may eventually create totally new markets, it will help large and established firms to escape from the intense competition of today’s global economy. Firms that have the ability to offer various lines of product and excellent technological support will obtain greater financial rewards (Sorescu, Chandy, & Prabhu, 2003). Therefore, innovative strategic posture is considered as having a greatest impact on firm performance and offers a source of competitive advantage by capitalising on emerging market opportunities. ace payday loans