=> Corporate entrepreneurshipCorporate entrepreneurship, corporate venturing or intrapreneurship, coined by legendary management thinker and consultant Peter Drucker, is the act of initiating new ventures or creating value with an already established organisation or social entity.

The most common form of corporate entrepreneurship or corporate venturing exists within the research and development (R&D) department within an organisation to supportand create value for the other functional departments in the corporation as well as provide outstanding value for consumers which need to be communicated through the marketing and other functional departments as the entire corporate process is essential to creating superior value for customers or end-users.

=> The corporate entrepreneurThe corporate entrepreneur is an individual who exists within an organization to generate product and process ideas that will create value for the organization, its stakeholders and its consumers that buy his products.------------------------------------------------------------------------------------------------------------------------------------------------------------------------

=> Benefits of Corporate entrepreneurship1. A solution to grow and continuously develop large companies

2. corporate entrepreneurship helps in sustainable business development IT is the art of the societal marketing philosophy which aims to create value for consumers in the long term by providing superior value to consumers and its stakeholders. The entrepreneurship role in sustainable business development to create a product or process that under the guidelines of SBD creates a sustainable business strategy that makes the company unique within its market.The allocation of resources in the corporate environment is also important in the growth of SBD.

3. Corporate entrepreneurship helps in rural development

4. Corporate enterpreneurship provides education ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

=> Issues In Corporate entrepreneurshipCorporate Entrepreneurship activities can be internally or externally oriented (MacMilan et al., Veciana).

1. Internal activities are typified as the development within a large organisation of internal markets and relatively small and independent units designed to create internal test markets or expand improved or innovative staff services, technologies, or production methods within the organisation. These activities may cover product, process and administrative innovations at various levels of the firm. Schollhammer has proposed that internal entrepreneurship expresses itself in a variety of modes on strategies - administrative (management of research and development), opportunistic (search and exploitation), imitative (internalisation of an external development, technic

al or organisational), acquisitive (acquisitions and mergers, divestments) and incubative (formation of semi-autonomous units within existing organisation).

2. External entrepreneurship can be defined as the first phenomenon that consists of the process of combining resources dispersed in the environment by individual entrepreneurs with his or her own unique resources to create a new resource combination independent of all others (Gautam & Verma). External efforts entail mergers, joint ventures, corporate venture, venture nurturing, venture spin-off and others whether internal or external in focus.-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

=> Professionalism Professionalism is actually the process by which given occupation beocmes professions in the sence of attaining professional status.

=> Elements of Professionalism1. Altruistic Showing unslefsih concern for the value of others

2. Acoountability Responsibilty and Reability

3. Excellence Knowlegde, Skill, Competency to retrive and handle the information, Appropiate decision making skill, Competancy in skills of communication.

4. Honesty The quality of being honest, moral soundness

5. Dutiful Appreciation of the role, Aptitude for personel development

=> Family Enterpreneur A Family Enterpreneur is defined in terms of :1. Ownership control by members of family2. Concern for family relations3. Stragic influence of the family in the mangement of the firm4. The dream of continuity across the generations

=> Professionalism vs Family Entrepreneurs

1. Degree of open mindness Professionals are open minded, recepitive to new ideas, ready to experiment. While Family Eenterprenuer genrally lack this

2. New Practices: Include Quality Certification, Participative Mgmt Change in working style, Financing Pattern

Professionals are always leadears in adopting them, experimenting with them While there is lack of attitude in Family Eenterprenuer

3. Impartial HRM Professionals do not show any partiality towards any particular gender. Family Eenterprenuer generally prefer their relatives, friends or people belo

nging to same social caste in responsible position.

4. Organisation Orinted financial mangement Professionals tend to make financial decision in the way which is best for organisation Family Eenterprenuer gives 1st priority to their family concern & interest

5. Decision making style The Decision making process in Professional run organisation tend to be qualitative better & vision to be broader. It is moatly participative. While in Family business it is more autocratic in nature. Here mostly owner enterprenuer himself or herself who makes the decision sometimes with the help of family members and friends.------------------------------------------------------------------------------------------------------------------------------------------------------------------------

=> International entrepreneurship International entrepreneurship is the process of an entrepreneur conducting business activities across national boundaries. International entrepreneurship comprises all commercial transactions (private and governmental, sales, investments, logistics, and transportation) that take place between two or more regions, countries and nations beyond their political boundaries.

=> International vs. Domestic Entrepreneurship: Economic Development Creating a business strategy for a multi-country area means dealing with differences with the following areas: Levels of economic development Currency valuations Govt. regulations Banking, economic, marketing and distribution systems

=> Impotance1. Optimum Utilisation Of its resources 2. Achieve its targets3. To spread business risk4. To improve organisation efficiency5. To get benefits from goverments6. Expand and diversify-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

=> Heuristic Heuristic refers to experience-based techniques for problem solving, learning, and discovery that gives a solution which is not guaranteed to be optimal. Where the exhaustive search is impractical, heuristic methods are used to speed up the process of finding a satisfactory solution via mental shortcuts to ease the cognitive load of making a decision. Examples of this method include using a rule of thumb, an educated guess, an intuitive judgment, stereotyping, or common sense.

=> Brainstorming Brainstorming is a group or individual creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas

spontaneously contributed by its member(s)

=> Synectics It is a way to approach creativity and problem-solving in a rational way. "Traditionally, the creative process has been considered after the fact... The Synectics study has attempted to research creative process in vivo, while it is going on."-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

=> Value Analysis It is defined in 2 diff categories

1. Manufacturing: Systematic analysis that identifies and selects the best value alternatives for designs, materials, processes, and systems. It proceeds by repeatedly asking "can the cost of this item or step be reduced or eliminated, without diminishing the effectiveness, required quality, or customer satisfaction?" Also called value engineering, its objectives are (1) to distinguish between the incurred costs (actual use of resources) and the costs inherent (locked in) in a particular design (and which determine the incurring costs), and (2) to minimize the locked-in costs.

2. Purchasing: Examination of each procurement item to ascertain its total cost of acquisition, maintenance, and usage over its useful life and, wherever feasible, to replace it with a more cost effective substitute. Also called value-in-use analysis.-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

=> Innovation Innovation is the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.An innovation is something original, new, and important�in whatever field�that breaks in to a market or society".-----------------------------------------------------------------------------------------------------------------------------------------------------------------------