Inniovation and Enterpreneurship

User Generated

naanoerjfgre

Business Finance

Description

Incorporating Innovation and Entrepreneurship into Corporate Strategy

The president of your company has recently announced the

need for a greater effort to incorporate innovation and entrepreneurship

into organizational strategy, and has asked you to list the

requirements necessary for this to happen. You list the following

requirements:

  • Ongoing environmental monitoring
  • An entrepreneurial climate
  • Encouragement of entrepreneurial behavior
  • A strong customer/stakeholder focus

Explain why each of these is important along with your plan for achieving them.

Submit your answers in a 4- to 5-page Microsoft Word document.

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Explanation & Answer

Hello! The below attached is the answer to this question. Please have a
look at it and get back to me in case of anything. Thank you.

1
Running head: INNOVATION AND ENTREPRENEURSHIP

Innovation and Entrepreneurship
Name
Institution
Date

2
INNOVATION AND ENTREPRENEURSHIP
Ongoing Environmental Monitoring
Most strategic plans end up on the shelves collecting dust due to the lack of evaluation and
monitoring of the status and planning activities of the implementation of the plan which is just as
important as the identification of strategic goals and issues. One benefit of evaluation and
monitoring is the surety that the organization is in the direction of the strategic planning. The
advantage is obvious as adults learn best through the practice of the new materials and information
while reflecting on the experiences (Alegre & ve Chiva, 2008). Thus, continuous environmental
monitoring of an organization gives great insight on the implementation of strategic plans.
Therefore, the strategic plan should specify the person responsible for the implementation
of the overall plan and those responsible for objectives and goals achievement. Environmental
monitoring is the external information communication on the facts that influence the decisionmaking process of the organization. It is a process of analyzing relevant collected information and
using it in determining the premeditated actions and strategic actions for the business environment
(Christensen, 2005). It seeks to obtain subjective and realistic information on the environment of
the business where the company is considering entry (Antoncic & ve Hisrich, 2003).
Environmental risks impact greatly on organizations and influence the stakeholder
interactions, government regulations, and investment decisions. Thus, the result is a raised bar for
the stakeholder sustainability expectations. Organizations increase their credibility and reputation
by ensuring that the expectations of the stakeho...

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