Conclusion

Continuing innovation is necessary for increased employment, technological advance, business rejuvenation, and global competitiveness . Innovation is typically manifested in the introduction of new products, new services or a new business model that changes the way an industry does business.

Entrepreneurial management is necessary for the successful commercialisation of new technologies and the implementation of new business models. Entrepreneurial management is a behavioural pattern that exhibits innovation, risk taking, and effective change management. Such management is based on underlying entrepreneurial attitudes that include a preference for decision-making autonomy and the willingness to take risks. It is also based on the manager s possession of entrepreneurial abilities , a set of skills that include opportunity recognition, viability screening, creative problem solving, and leadership. Entrepreneurial management is best undertaken on a solid foundation of business education and experience, since many entrepreneurs fail because of the lack of this. Finally, entrepreneurship is facilitated and encouraged by the existence within the business firm of an entrepreneurial culture ”the collective understanding that the business will and must change in response to market opportunities.

Accordingly, organisations need to encourage and reward entrepreneurial management behaviours by encouraging entrepreneurial attitudes, enhancing entrepreneurial abilities, and by developing and sustaining an entrepreneurial culture within their organisation.

Adopting a series of management behaviours (within the framework suggested by Gary Hamel s ˜ten rules ) will serve to encourage an entrepreneurial culture within the business or organisation and contribute to its ongoing survival and success.

Tips for entrepreneurial business success

1. Managers must be entrepreneurial

   Entrepreneurial attitudes, abilities and behaviours are critically important characteristics of the modern manager ”they add value to the organisation for which he or she works.

2. Entrepreneurs are made, not simply born

   Managers can augment their entrepreneurial attitudes, abilities and behaviour by appropriate education, such as an MBA that includes the study of entrepreneurship, and by accumulating business experience.

3. All business models become obsolete eventually

   The advance of technology and changing customer circumstances means that new products, new services, and ways of doing business are inevitable ”thus business models experience a life cycle and are ultimately made obsolete by the next generation of business models.

4. Be the pioneer, rather than a follower

   First-mover advantages put a high premium on being first with the new business model ”thus it is important for your organisation to discover and implement successful new business models before others do so.

5. Harness your employees ideas

   Ideas for new products, services and business models can be discovered by anyone who is familiar with your industry ”your employees are a rich source of such ideas.

6. An entrepreneurial culture is imperative

   To be able reliably to germinate and nurture creative new ideas from within your organisation requires the prior existence of an entrepreneurial culture that encourages and rewards the creation of new ideas that can be successfully commercialised.

7. Speed to market is critical

   Speed to market with new products, services and business models is critical, so the organisation s culture must also facilitate processes that rapidly screen for viability and support the implementation of the new technology.

8. Adopt the Silicon Valley model

   Organisations can learn from the ˜Silicon Valley model and adopt internal markets for ideas, funding and human resources that facilitate the implementation of new ideas.

9. Manage the risks of innovation

   The risk associated with new ventures can be minimised by staging investment in new ideas and adopting a portfolio of new projects without expecting each one to necessarily be successful.

10. Be an entrepreneurial leader

    Leadership is critical to the creation and maintenance of an entrepreneurial business culture ”managers must develop entrepreneurial leadership skills and create a workplace where employees put their ˜heart into their work.