Strategies for entrepreneurship and change management

The new owners, though, came in with little soccer knowledge but focused on building an innovative business and becoming a community staple. And in five short years, they've massively changed the organizational structure and are building a new model for sports franchise management. But we wanted to challenge the model. At the end of the day, the team on the field needs to be successful to succeed.

Strategies for entrepreneurship and change management

Enterprise Innovation Sustained innovation comes from developing a collective sense of purpose; from unleashing the creativity of people throughout your organization and from teaching them how to recognize unconventional opportunities. Here are seven strategies for sustaining innovation in your organization.

And while a breakthrough product or concept can catapult an organization ahead of its competitors, in these fast-paced times, that advantage is often short-lived.

Sustained innovation comes from developing a collective sense of purpose; from unleashing the creativity of people throughout your organization and from teaching them how to recognize unconventional opportunities.

Strategies for entrepreneurship and change management

It starts at the top Leaders create the psychological environment that fosters sustained innovation at all levels. The challenge is that as an organization grows, management structures and bureaucracies, designed to channel growth, tend to create barriers to small-scale enhancements.

While there are exceptions, in larger organizations employees tend to feel removed from the function of innovation and are less likely to take independent action or offer revolutionary ideas.

The commitment to establishing the right psychological conditions for innovation needs to start at the top. You need to appreciate the value of incremental as well as major innovations, understand the psychology of innovation and take the lead in promoting an innovative culture.

Establish A clear sense of direction Changing cultures involves changing minds, and that takes time. But as with any initiative, a clear sense of the target helps to speed the journey. What is the purpose of consistent innovation in your enterprise?

Is it to add customer value to existing products and services… to speed delivery… to increase on-time arrivals? Having a clearly articulated message allows everyone to focus on innovation where it can deliver the greatest value. Innovation, as Peter Drucker has defined it, means creating a new dimension of performance.

A sense of mission clarifies the direction of performance and helps determine which new ideas to focus on.

7 Strategies for Sustained Innovation

Open communication Open communication between management and employees sets the stage for an atmosphere of trust. Company leadership initiates the process of open communication by sharing information with employees on a regular basis.

This includes good news and bad. The company kept everyone informed as fuel prices soared. Through inventive thinking, the pilots found ways to rapidly drop fuel consumption without compromising safety or service.

Strategies for entrepreneurship and change management

Leaders of organizations that sustain innovation offer multiple opportunities for communication. While not every company can offer an open-door policy for its senior executives, or even a chance for regular face-to-face contact, every organization can institute programs that enable front-line workers to feel heard.

From CEO lunches with cross-sections of employees, to monthly division meetings between employees and the general manager, to open intranet forums for idea sharing and feedback, leaders can communicate their openness to hearing innovative ideas from those who are closest to the customer.

Bureaucracy slows down action and is a serious impediment to innovation. Smaller organizations can often move faster on implementing innovative ideas because they have less bureaucracy.

Think for a minute. If you had an idea for an innovation, and it required 6 weeks to clear channels and another 3 weeks to get funding, would you have lost any impetus for further contribution?

Stock ownership is a significant, if not essential, incentive for employees. To encourage greater involvement, make sure each employee knows how his or her work affects company performance.

Southwest gave pilots the freedom to design and implement a plan to reduce fuel consumption because they were in the best position to determine what would be effective.

Pilots pitched in enthusiastically because they understood the impact their actions had on the bottom-line and ultimately, on their own futures. Even team-based compensation can be counterproductive if teams are set up to compete with each other for rewards. These incentives discourage the cross functional collaboration so critical to maximum performance.

Companies that successfully foster an innovation culture design rewards that reinforce the culture they want to establish.The network metaphor suggests varying ingredients for entrepreneurial strategies, substituting networking competencies for traditional planning systems and financial resources.

Network Strategies: Management Technology for Entrepreneurship and Change Network Strategies: Management Technology for Entrepreneurship and Change.

Venkataraman has argued that the nature of entrepreneurship involves “understanding, how, in the absence of markets for future goods and services, these goods and services manage to come into existence.” (Venkataraman ) This has several implications for entrepreneurial strategy because it means that markets must get created where none.

Request PDF | Network Strategies: Management Technology for Entrepreneurship and Change | Dr. Bengt Johannisson is with the Small Business Centre at Vaxjo University, Sweden. Entrepreneurs in. While each of these initiatives needs change management to be successful, the right amount and approach for change management will be different.

Change management strategies define the approach needed to manage change given the unique situation of your project. Below are the three steps to creating a change management strategy.

1. Yet according to a Strategy&/Katzenbach Center survey of global senior executives on culture and change management, the success rate of major change initiatives is only 54 percent. This is far too low. National Open University of Nigeria University Village Plot 91, Cadastral Zone Nnamdi Azikiwe Expressway Jabi, Abuja Nigeria.

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Managing change and innovation