An Entrepreneurial Management System for established companies

Abstract

Purpose The article introduces the Entrepreneurial Management System (EMS), which delineates a strategic process within an organizational context that is aimed at encouraging and supporting the pursuit of opportunities that have the potential to create value through innovative strategic actions. It is designed to stimulate entrepreneurial thinking and corporate venturing at all levels. Design/methodology/approach The authors offer an approach to organization-wide continuous innovation that incorporates proven concepts from existing research with lessons learned from the authors’ research analysis and consulting experience in helping large and medium companies across different industries and markets to establish effective entrepreneurial management. Findings Given the spectre of constant disruption from new technologies or business models, management teams will be judged on how they proactively respond to these challenges by turning them into value-creating opportunities. Practical implications Multidisciplinary teams allow employees to become familiar with other domains and see possible solutions, share their problems and ideas and vet their insights with the input of colleagues. Originality/value An Entrepreneurial Management System allows a firm to "internalize" the marketplace’s evolutionary processes so that a company can generate, develop and implement ideas that will have value for customers. It should be a clear decision for all of today’s business leaders and investors to have an implementation plan to ensure continuous innovation.