STUDENT ID

STUDENT NAME

Entrepreneurial focus and management of the same is different from typical traditional management in the organizations. Entrepreneurial management demands even more skills and swiftness in dealing with the tasks and expectations in the activities in the organization. Hence any leader or manager in an entrepreneurial oriented organization need to possess these skills while dealing with the customer, while dealing with the employees as well while working on the tasks related to the entrepreneurial planning, execution and so forth. Such an approach is possible only when the incumbent (leader or manager) possess these skills of ambidextrousness.

The most important aspect of the organizations with entrepreneurial focus is two-way development, the first is exploitation and the second is exploration. It is like working for innovation at one hand and the working for sustaining and excelling the existing strategies, tools, products and services. This the type of ambidexterity necessary for managers or leaders of an entrepreneurially focused organizations(Hughes et al.,2021).

Disruptive innovation is different from a sustaining innovation. It is typically contained in making products which will replace the more expensive products in the market. These affordable products with all the characteristics of the expensive products will pave way to access the broader market. Disruption leads to the collapse of the traditional products and organizations as they are now getting replaced by affordable and low-cost products.

Disruptive innovation process will change the way the business organization do function, it can impact the structure of the organization or the business model of the organization. Typically, the disruption process or the innovation will work for the impacting existing way the organization do its business. Disruptive innovation process starts with the innovation in the industry and subsequently impacts the way the organization conduct business(Peak and Lee,2018).

The threat from the disruptor can be faced by making the organizational readiness enabled. To be prepared to face disruptive innovation by a countering innovation is a solution. This need not be disruptive, any positive or sustaining innovation can make the organization prepared to face the disruptor and the challenge of the disruptive innovation.

Strategic entrepreneurship is all about the organizational functions that work for improving the entrepreneurial innovation by means of making up new products, new operational models, technology integration and so forth for the sake of creating a competitive edge and subsequent competitive advantage for the organization. This is also contained in managing the existing resources of the organization as well. So, it is all about integration of the innovation and the management of the resources/ efforts of innovation. This is the ideal strategic entpreneurship;

The forms of strategic entrepreneurship available for the organization include strategic renewal, sustained regeneration, domain redefinition, organizational rejuvenation, business model reconstruction.

Strategic renewal is all about creating new competitive strategies for enhancing the competitive advantages, sustained regeneration is about creating new products to improve the market growth of the organization, domain redefinition include exploring new market-product areas for improving the product marketability, organizational rejuvenation is about improving or modifying the internal processes to improve the overall performance, business model reconstructions are the strategies to improve the efficiencies to improve the overall functioning for better competitive edge and competitive advantage for the organization(Pirayesh et al.,2020).

To

The chairman & honorable members of the board,

Key systems Ltd.

Subject: Report on, ‘The reasons and insights into the failure of innovation attempt”.

Respected Members,

I would like to take this privilege to draw your attention into the reasons for our well anticipated innovation strategy and its failure in the recent times from achieving the intended objectives. The lack of Entrepreneurial orientation culture is the key reason for the current failure of the organization in achieving intensified entrepreneurial achievements.

The first is the fact that innovation will blossom only when there is encouragement from the top from all perspectives. The first is the fact that there are lack of incentives to the innovation in the organization. The board and the management have not really implemented a system to monitor and encourage the innovative spirit in the senior managers and other concerned employees of the organization. A reward and incentive system is very much necessary to promote inclination towards innovation. In lieu of that people will not be motivated to take up the additional risk or initiative in proposing something good for the organization.

Secondly, the organization has not established any such constructive system or mechanism to look into these perspectives. There is no such system to continuously monitor the progress in the organization and there is no such system established for making the concept of the entrepreneurship and the innovation, clear to the senior managers. They were not informed of the significance of the system. Further it is to be understood that the change will not happen overnight, even incremental innovations do make sense, and a system to appreciate the same and improve them continuously is all that is necessary here in the key systems Ltd.

So, I sincerely bring to your notice that the lack of entrepreneurial culture and lack of proper structure and systems in place is all that is affecting the organization at present and necessary steps are to be taken by the organization at present to renovate the current system to improve the entrepreneurial orientation. Effective management of the resources and the efforts for innovation are all that are necessary at present to achieve efficient strategic entrepreneurship in the organization. If this is achieved positively, innovation will follow yielding positive outcomes to the key systems Ltd.

Hope we can proceed on this further to bring in this envisioned change in the organization at the earliest.

Thanking you,

Yours sincerely

xxxxxxxxxxx

It is evident from the ongoing observations at hi-Tech organization, there is disruptive innovation seen in the some of the low margin products. New company is grabbing the market share of the high-tech organization. The other organizations in the market, low-tech corporation is continuing to give stringent competition to the organization. Inspite of all these challenges, the ex -CEO is more concerned with the existing business model and working for sustaining the efficiencies of the processes of the same. There is no any effort undertaken by the organization in this context for sustained regeneration as well a bit lagging is seen in the areas of domain redefinition, organizational rejuvenation and so forth. Specifically, there is need for strategic entrepreneurship in the domains where there is disruption happening in the low-cost products market(Pirayest et al.,2020).

Both incremental and radical innovations are necessary for the organization to keep the competitive advantage. Hi tech need to leverage radical innovations in the low-cost product domain for challenging and sustaining the disruptive innovation in this domain.

Further both the radical and incremental innovation processes are necessary for the organization to maintain its competitive advantage in the other product domain where the rivalry is too high (from low tech corporation and others).

From process perspectives, it need to make clear to the stakeholders, conceptually what it is necessary for them, what is expected from them in the context of innovation, what procedures and processes they can follow through.

Keeping a division to sustain the innovation and entrepreneurial activities of the organization as well working for keeping mechanism to enforce and strengthen the same do matter. For instance, a renovated and customized reward and incentive system to be in place to improve the contribution of the stakeholders for innovation.

Organization business models to be restructured from the procedures following now (focus on existing operational models and efficiencies) to the models that facilitate renovation and efficiency improvement as well.

To,

The board of directors

Hi Tech World Ltd

Subject: Entrepreneurial, Innovation and Learning focus – Improvement concerns

Honorable Members of the board,

I would like to thank you for your consistent and efficient efforts dedicated for the organization for bringing it to the current level of successful position in the market. Nevertheless, considering the market dynamics and the disruptive forces emerging in the organization, I believe there is need for strategic entpreneurship development to happen in the organization with immediate effect. It is good that we have systems and procedures in place to keep up the efficiencies of the existing models, however still there is need to improve the current entrepreneurial and innovation focus of the organization. The attached report is meant for brining your attention to these aspects.

Looking forward for your contribution to bring in this change in Hi- Tech World Ltd.

Thanking you,

Yours sincerely,

Xxxxxxx

Report

Executive summary

The current report highlighted the key areas where the Hi-tech world Ltd need to immediately focus on to sustain its current position and to leverage for the future growth targets. The focus areas include innovations to challenge the disruptive innovation, sustainable regeneration to face the rivalry and domain redefinition for competitive advantage. Other domains of strategic entrepreneurship are reasonably discussed about as applicable to reinforce the competitive advantage of Hi-Tech World Ltd.

Overview of Hi-Tech

As part of the efforts of the ex-CEO, the organization has well established hierarchy and there are well defined layers of management to protect the integrity of the control and management of the operations in the organization. There are very much centralized and less prone to get deviated from the management. There are efforts taking place to improve the efficiency and there is system to enforce perfect compliance with the procedures and processes. All this is good for keeping up the sustenance of the current business model. But there is need for bringing in a change to face the challenges happening in the market. The low-cost product market is under disruption, the rivalry in the regular product domain is intensifying. Efforts are needed to focus on these aspects. There could be challenges in renovating the current systems and brining in the change into innovation and entrepreneurial orientation. The key concern is overcoming the resistance in bringing in the legacy change in the system for achieving the desired change in strategy and outlook of Hi-Tech world Ltd.

Business plan for Hi Tech World Ltd

Business plan for achieving these aspects could be as follows,

0. Developing a team or division to take up the initiative and subsequent monitoring the change.

1. Critical analysis of the deficiencies in the current model of operation in the present operational environment.

2. Determining the changes to happen.

3. Working out the models to realize these changes

4. Critical analysis of these models to bring in the integration with the existing models

5. Developing budgets, costing and time compliance and so forth.

6. Creating a clear route map and execution strategy

7. Refining the strategy to incorporate any missing elements and doing changes accordingly.

8. Initiating the change, and following the change implementation.

9. Systematic working for overcoming the resistance to the change and change implementation process as applicable.

10. Bringing in the envisioned change in the organization and following up of it to see whether it is in compliance with the expectations and doing modifications any if required.

11. Monitoring to be done for cost and schedule compliance as well.

Possible challenges in realizing the entrepreneurial focus in Hi-Tech

As a new CEO and with new procedural implementation, there could be following problems for me,

1. The existing operational model is well absorbed in the system and there is need for radical change in the perspective and priorities, this will draw immense resistance from the employees.

2. There could be challenges in convincing the key stakeholders on the importance of the change.

3. Lack of clarity on the expectations might create unproductive response from the key personnel.

4. Lack of budget and timing could be some of the key concerns that are of importance for the organization to bring in the required change in the organization.

5. Capabilities of innovation and sustaining entrepreneurial orientation need combined efforts and skills from all concerned.

6. What is needed for Hi Tech is ambidexterity, the practical execution of the same is all that is needed now for the organization to realize the change.

References

Hughes, M., Hughes, P., Morgan, R. E., Hodgkinson, I. R., & Lee, Y. (2021). Strategic entrepreneurship behaviour and the innovation ambidexterity of young technology-based firms in incubators. International Small Business Journal, 39(3), 202-227.

Paek, B., & Lee, H. (2018). Strategic entrepreneurship and competitive advantage of established firms: evidence from the digital TV industry. International Entrepreneurship and Management Journal, 14(4), 883-925.

Pirayesh, R., Amiri, V., Jafari, M., & Imani, B. M. (2020). The Effect of Organizational Entrepreneurship and Entrepreneurship Orientation on Organizational Performance with Regard to Strategic Entrepreneurship in Industrial Companies in Zanjan Province.