When we think of entrepreneurship, we often think of small, start-up firms. Describe how a large corporation in an established industry can be “entrepreneurial” and discuss how Peng’s entrepreneurial strategies apply in this situation.
Entrepreneurship as a scholarly field seeks to understand how opportunities to bring into existence future goods and services are discovered created and exploited, by whom and with what consequence (Venkataraman,1997). Entrepreneurship is nothing but the identification of those resources which were previously unexplored. Entrepreneurial opportunities do not only take the form of new products and services, they can also take the form of new methods of production, new raw materials, new ways of organising and new markets. For large corporations in an established industry, entrepreneurship is a big challenge. The companies must innovate and develop new ideas in order to motivate their leaders for entrepreneurship. Two steps must be followed to achieve this goal. Firstly, companies must periodically evaluate its product performance and need to have complete information about the environment in which it is operating. Secondly, in order to achieve success, the companies must experiment with their existing products. They should have their one face focused on the old strategy and the other seeking out the new one. When an existing company starts new venture, it face lot of barriers because it is a risky proposition. They must consider industry’s condition carefully, before launching a new venture and only proceed if these conditions are ones that make it at least feasible for a new venture to enter the market and succeed (Baron,2007). They will enjoy an advantage over start ups companies only if they build their strengths for innovation (Garvin,2006). For a large established corporation to be an entrepreneurial the company must leverage,