Although entrepreneurship stems from startups and small businesses, industry leaders are finding that adopting an entrepreneurial mindset is critical for organizational success. As competition grows stronger across the different sectors, the ability to innovate and renew a company's brand and offering is important for long-term success.
A leader like Steve Jobs demonstrated entrepreneurship in two ways: The first is "transformational enactment", which is developing an idea in an uncertain environment. Jobs recognized an opportunity in technology and followed his instinct. The second is "cast enactment", which is inspiring others to take part in a project to reduce that uncertainty. Jobs was a designer and a visionary leader, but he knew the importance of a good team, which is why he was very selective in finding partners. Transformational enactment requires three actions:
Transformational enactment requires three actions:
1. Absorb uncertainty
2. Frame the challenge
3. Underwriting and pathclearing
Cast enactment, on the other hand, requires the leader to:
1. Build commitment
2. "Define gravity"
With Steve Jobs, five lessons can be learned:
1. People cannot tell you what they need
2. Experts cannot tell you what to do
3. The action is on the next curve
4. Design counts
5. Value is not the same thing as price
To read the full article on entrepreneurship, click here.
KNOLSKAPE offers Build Your Business (BYB), which bridges entrepreneurship and management because, as an entrepreneur, it's important to be able to run a business.
Using the Build Your Business simulation, the participants learn to:
- Think and act like a general manager overseeing multiple business functions
- Appreciate the inter-connectedness of business decisions
- Learn the competitive dynamics of running a business
- Interpret financial statements and understand their impact on business decisions
- Perform break-even analysis and what-if scenarios for the business
KNOLSKAPE’s award-winning simulations uses experiential learning and gamification to attract, grow and retain talent. Global Fortune 500 companies and Top-10 B-schools use KNOLSKAPE’s products and solutions for on-boarding, training, assessments, and talent engagement strategies.
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Published by: Hardik Chitroda in Blog