Corporate entrepreneurship is regarded as core element of maintaining competitiveness in the current marketplace. The process of exploiting new opportunities and venturing into unknown business operations is known to bring benefits and risks alike. Without corporate entrepreneurship, organizations would remain relatively stagnant and result in delayed growth and development.
Such a condition implies that innovativeness, pro-activeness, and bravery are necessary requirements for growth of modern organizations. Corporate entrepreneurship also brings hazards such as loss of investment, collapse of business, and loss of market share. In such a way, it is important for managers to create a compromise that facilitates corporate entrepreneurship while controlling the foreseeable risks. The current discussion is anchored on the belief that this compromise can be achieved by basing corporate entrepreneurship on solid strategic management. Connection Between Corporate Entrepreneurship and Strategic Management.
For a company to maintain or improve its competitiveness in the marketplace, it must have a well-defined strategic management process. In particular, it is mostly concerned with the long-term planning that is aimed at the keeping an organization sustainable and capable of achieving its objectives. Firms relying on certain products or business models can only stay competitive for a limited amount of time. Beyond it, they are either forced to introduce new products or close the business as rivals would definitely design ways of staying competitive (Özdemirci 612). In other words, the possibility of a company to hold high positions is always challenged by the fact that nothing is obsolete; hence, innovations are here to come. Clearly, this condition calls for managers to develop innovative business opportunities and design new operation models for their organizations to remain sustainable and competitive. From this observation, it can be concluded that corporate entrepreneurship is a core element of strategic management and it must be included in all plans aimed at promoting sustainability in an organization.
