Identify and Briefly Describe the 4 Major Parts of Corporate

question 3

Essay

Identify and briefly describe the 4 major parts of corporate entrepreneurship.
1.New business venturing: These entrepreneurial activities consist of creating something new of value either by redefining the company's current products or services,developing new markets,or forming more formally autonomous or semiautonomous units or firms.
2.Organizational innovativeness refers to product and service innovation.It includes new product development,product improvements,and new production methods and procedures.
3.Self-renewal is the transformation of an organization through the renewal of the key ideas on which it is built.Includes a redefinition of the business concept,reorganization,and the introduction of system wide changes to increase innovation.
4.Proactiveness includes initiative and risk taking,as well as competitive aggressiveness and boldness,which are particularly reflected in the orientations and activities of top management.A proactive organization tends to take risks by conducting experiments;it also takes initiative and is bold and aggressive in pursuing opportunities.Organizations with this proactive spirit attempt to lead rather than follow competitors in such key business areas as the introduction of new products or services,operating technologies,and administrative techniques.

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Definitions:

Promisor

A party in a contract who has agreed to perform a duty or obligation to another, known as the promisee.

Intended Third-party Beneficiary

A person who is not directly involved in a contract but is intended by the contracting parties to benefit from the contract.

Delegation

The process of allocating or assigning authority and responsibilities from one individual or group to another within an organization.

Duties

Responsibilities or obligations imposed by law or by the terms of a contract.