The president of your company has recently announced the need for a greater effort to incorporate innovation and entrepreneurship into organizational strategy. The president has asked you to research the requirements necessary for this to happen. Your initial list identifies the following requirements:
Ongoing environmental monitoring
An entrepreneurial climate
Encouragement of entrepreneurial behavior
A strong customer/stakeholder focus
Analyze why each of these is important along with your plan for achieving them.
Sample Solution
Incorporating innovation and entrepreneurship into corporate strategy is important because it enables companies to stay competitive in an ever-changing business environment. It helps them identify new opportunities, develop creative solutions to problems, and create unique products or services that will differentiate them from their competitors. By encouraging innovation and entrepreneurial thinking within the organisation, companies can also attract top talent who are eager to make a difference and be part of something bigger than themselves.