The paper "Corporate Entrepreneurship - Apple" is a good example of a business case study. In a world where market competition is increasingly intensifying, market players are always in search of innovative products, services and strategies that will help them achieve and sustain competitive advantage. Gary Hemel (2000) [Cited in Lukes, 2012], noted that insights into opportunities for discontinuous innovation, but not knowledge, produce wealth. He thus developed a business model comprising of four components: strategic resources; core strategy; value networks; and consumer interfaces. In the model, Hemel noted that innovation is a core part of the strategic resource, which in turn helps a business to achieve strategic success (Lukes 2012).
Entrepreneurship goes hand in hand with innovation with Drucker (2015) indicating that innovation is a pivotal tool of entrepreneurship. Entrepreneurship is concerned with identifying and exploiting opportunities while innovation is about creating solutions to problems. Entrepreneurs, therefore, use innovation to create value by coming up with and/or managing business ventures that create value by providing innovative products and services or does things in strategic ways. Innovation and entrepreneurship have been cited as the major strategic resources that an organisation can have which enables the organisation to achieve strategic success (Drucker 2015).
Indeed, a majority of the widely known and successful organisations worldwide have demonstrated the role of entrepreneurship and innovation in organisational growth and development. This paper seeks to show how entrepreneurship and innovation support further development of an organisation by applying resonant theories, concepts and tools of entrepreneurship. The paper uses Apple as a case study organisation. The Organisation: Apple Apple Inc. is an American-based multinational firm whose headquarters are located in Cupertino, California.
The company designs manufacture and sell a number of electronic products including computers, laptops, iTabs and Smartphones. The company also offers a number of services such as computer software and cloud services. Apple is widely known products and services include iCloud, Mac computers, iPhone, iPod and the iTunes Store (Apple 2015). Ronald Wyne, Steve Wozniak and Steve Jobs founded Apple in 1976 and later incorporated the company as Apple Computer Inc. in 1977, initially focusing on personal computers. Later, the company’ s management decided to deal with other electronic products, which saw the company renamed to Apple Inc.
in 2007 (Apple 2015). Since it was started, Apple has progressed through the ladder of success to become the second-largest in the field of information technology worldwide after Samsung Electronics, by revenue (Kim 2015). In the United States, Apple is the largest company by value (Kim 2015). The immense success of Apple is largely attributed to its business strategy which puts innovation in the forefront. Corporate Entrepreneurship Corporate entrepreneurship describes entrepreneurial activities within established organisations. The term corporate entrepreneurship embodies entrepreneurial efforts aimed at implementing innovative activities in the organisation’ s products, services or process or even business model.
Ireland, Covin and Kuratko (2009) define corporate entrepreneurship as a “ vision-directed, organisation-wide reliance on entrepreneurial behaviour that purposefully and continuously rejuvenates the organisation and shapes the scope of its operations through the recognition and exploitation of entrepreneurial opportunity” (21). In the contemporary world of business, business organisations are highly encouraged to develop corporate entrepreneurship strategy. According to Ireland, Covin and Kuratko (2009) corporate entrepreneurship strategy is comprised of three key components. The first component is the antecedents, which include the recognition of conditions supporting entrepreneurship within the organisation.
The second component comprises of the elements of corporate entrepreneurship, which include organisational culture and structure supporting entrepreneurship. According to Hashimoto and Nassif (2014), innovative businesses create an environment that motivates employees to develop an entrepreneurial attitude. Hisrich and Kearney (2012) have a similar opinion. The third component includes the outcomes of entrepreneurial activities within the organisation, which include new products, services, business model, strategy and processes (Ireland, Covin & Kuratko 2009).
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