Entrepreneurial Management and Leadership
Reflective Summary on Entrepreneurship (3M)
To understand how entrepreneurship helps companies to achieve the corporate goals, the corporate venture of 3M’s “Post-it note” can be a good example for me. 3M is an adaption entrepreneurial organization which has a strategic focus on innovation by equipping its employees with required resources to stimulate entrepreneurship (Stevenson & Gumpert 1985). In order to become the innovation leader, 3M allows its staffs to spend 15% of their time to concentrate on their own ideas.
In 3M’s entrepreneurial management culture, 3M scientist Art Fry had implemented the “Post-it note” corporate venture. He modified the use of “failed adhesive technology” which was developed before by another 3M scientist Dr. Spence Sliver (Mcleod & Winsor 2003). At the first beginning, the marketing department had doubts about the commercialization as said no one would need small temporary bookmarks. Then Fry produced and distributed free samples to staffs including administrative assistants of top management with the support of production department. The continuing demand of these temporary bookmarks had convinced the top management to commercialize “Post-it note”.
After reading the 3M case and the article of “The heart of entrepreneurship” I have memorized that the success of the innovative companies are based on their entrepreneurship. In the dynamic business environment, 3M can timely aware and pursue the opportunities. I also found that 3M stimulates the entrepreneurship by reducing psychological risks to behaving entrepreneurially, having appropriate commitment to the use of resources, breaking down the organizational hierarchy, and tailoring the reward systems (Stevenson & Gumpert 1985).
First, 3M reduces the risks of being entrepreneurship of its employees by creating the innovation culture which allow mistakes making in the innovative processes. 3M also delegates authority and...
References: Mcleod, R., and Winsor, B. (2003) 3M Case Study: Entrepreneurship. Scottish Institute for Enterprise, [Online] available at < http://www.venturenavigator.co.uk/content/74>
[Accessed 15 Feb 2013]
Stevenson, H.H., and Gumpert, D.E. (1985) The heart of entrepreneurship. Harvard Business Review, 63(2): 85–94.
Wolcott, R.C., and Lippitz, M.J. (2007) The four models of corporate entrepreneurship, MIT Sloan Management Review, 49(1): 75-82.
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