An organization with an entrepreneurial culture could be seen as a way of life, which allows its employees to take independent decisions in their limited spheres of activity so as to earn profits for the organization in the face of uncertainty. Uncertainty implies that the outcome of a course of action chosen for implementation could be anyone amongst a number of possible alternatives, which cannot be predicted with absolute surety. Ideally, an organization having a strong entrepreneurial culture strives to constantly increase the value of its products and services without adding to their costs, and, in the process builds up a convincing, loyal, ever expanding and committed customer base.
The Core needs:
It is structured so that workers are paid the information and tools necessary to allow each to pursue solutions and take advantage of opportunities at their level, based on the stated objectives of the organization.
In such entrepreneurial culture, an atmosphere exists that encourages individual initiative. Mistakes and failures that occur in the process of taking initiative are actually viewed as progress in the personal and organizational quest for excellence.
Need for Entrepreneurial organization:
If you don’t drive your business, you will be driven out of business – B.C.Forbes
A feeling that if you can sell whatever you make, why bother? This approach would partly be shaken by the ruthless realities of the market. We must aim to achieve excellence in each area be it quality, product or service so as to provide enduring value to the consumer. To maintain trends of increasing profits we have to move quickly into higher gear and engage full power to our organization to accelerate improvement. To maintain our lead over others, we have to run faster and make changes before they are required on us.
It is striking how many workers pursue lives outside work that are full of achievement and responsibility already at work these traits are lacking. We have to find a way to bring this enthusiasm to his work.
The need is more so for orientation necessary in fast changing environments. A well-oriented company is able to perfectly match the existing culture and business environment.
Organizations should be smart enough to respond to changing market environments. It would do well to emphasize that the survival of a corporation is feasible only when it is concentrated from inside. Every company has an internal behavioral context culture that shapes how people within the company feel and act. It is often found to be the man behind the machine who matters. A corporation expects its workers to take initiatives, learn continuously and bring the benefits of that learning to the company to support its success. Simultaneously it also is supposed to comply with the instructions of the top management as a contractual party. Control, compliance, contract & constraint governs the culture of such companies.
Successful companies on the other hand give the utmost importance towards creating a suitable organizational culture. Wherein each employee is entitled to make his best contribution to the company. The underlying philosophies, which guide these companies are – stretch, trust, discipline and support.
Dynamic crystal cube model and equilibrium model
As a part of study, we conducted a survey of four large organizations of manufacturing and service industry to get first hand pulse of an entrepreneurial mindset in the organizations. We also had one-on-one discussion with senior executives in our organization to gain insight into the corporation on the subject.
The outcome of the survey results and the inference drawn from organization studied lead us to our recommendation strategy “the Dynamic Crystal Cube”,” Equilibrium Model”.
To reiterate our recommendations the models are integrated, mutually interdependent designed to achieve entrepreneurial culture as a resultant vector.
The world is changing. Some of these changes are gradual and imperceptible. Further changes are rapid and startling in their intensity. These changes keep on throwing up a multitude of business challenges with unfailing regularity. The challenges are precipitated by globally open markets, shortages of basic raw materials, uncertainties of demand and supply, stringent pollution control norms and intense competition amongst generous enterprises for a share of the shrinking market pie for their products.
Small organizations, because of their smaller size and greater flexibility, can adapt to changes with alacrity. Larger organizations, on the other hand, being monolithic and having greater inertia, require larger response times to suitably adjust to the rapidly changing environment around them.
With increasing global competition large organizations have to be ready to combat survival and growth. The key is to unlock the magic of superior performance of their employees in this competitive environment. Hence these organizations need to nurture and encourage an innovative approach to a creative ambience.
Changes have to be anticipated even when things are going directly. The biggest enemy of future success is past success and complacency derived out of present and past success, but if we become complacent then even if we are placed on the right track, we will get run over if we just sit there.
In an entrepreneurial culture, the organization would want to maximize its economic potential while minimizing risk. Success would be dependent on the way in which well we find creative solutions to the challenges threatening us. That is why it was so important to focus on building a culture of innovation.
Development of an entrepreneurial culture in a large organization is a complicated and difficult task. These enterprises are permanently exposed to different influences with variant levels of turbulence, like: Stagnation and production decline, inflation, unclear economic systems and uncertain conditions of economic activities etc.
We can’t stand back and shake our heads at what’s happening around us. The Century of the Entrepreneur is gaining momentum. The question is, are we able to create entrepreneurial organizations? And if not, who will be able to compete with those who do?
Taking into consideration of all the above, this paper will elaborate on the importance of development management with the emphasis on: how to overcome the problems affecting enterprises with limited resources and inadequate management capacity currently available. The answer lies in unleashing the unlimited creativity dormant in the workers of the organization.
BIBLIOGRAPHY:
• Management Challenges for the 21st Century – Peter.F.Drucker • Changing Game – Eric G. Flamhottz Yvonne Randle • Made in Japan – Akio Morita & Sony • An Autobiography of Lee Iaococca • Winning in the down turn (AIMA) • Fish- A Remarkable Way to Boost Morale and Improve Results Stephen C. Lundin, Harry Paul, John Christensen • Fish Sticks: A Remarkable Way to Adapt to Changing Times and Keep Your Work Fresh Stephen C. Lundin, John • Business Maharajas-Gita Piramal • Fourth Eye (Excellence Through Creativity) -Pradip N. Khandwalla
• Growth journal of MIT Vol-32 • Tata search – 2003 • Tata search – 2004 • Spark – An in house journal of Bhilai Steel Plant Vol-4,5 • Ten Commandments for organizational renaissance – Dr.P.Singh, Dr. Asha Bhandarker
