An entrepreneurial culture is developed and can be learned, but for a company to be dynamic and innovative, the company must have the right ingredients. Lewis Platt former CEO of Hewlett Packard and current non-executive Chairman of The Boeing Company, in a 2004 address to attendees of a global conference on entrepreneurship in Dubai, gave his thoughts on the matter.
To summarize his points, you need the right people with the right level of intelligence capable of being entrepreneurial and innovative, you need to fund their ideas and be willing to take a loss or not show appreciable results for some time, be accepting of failure and ready to celebrate success, and most importantly you have to have support from the top. If an existing large company can follow these instructions with commitment and conviction then they will be more likely to succeed in this globally competitive environment. (Platt, 2004)
Sense of integrity In today's business environment, it serves companies well to determine if integrity is a fundamental core management value, and if so, how to reinforce that through its workforce (Helps, 2005). Because integrity is a steadfast adherence to an ethical code within an organization, it becomes a shared responsibility for companies to operate under a code of ethics, whether formal or informal. Managers, however, serve as the string by modeling, communicating and reinforcing ethical behavior to employees within the organization.
It is also the responsibility of managers to set positive examples, otherwise, if employees perceive that a manager lacks integrity, it may lead to confusion, ambivalence, mistrust, or cynicism. Thus, this might cause them to flinch their own responsibilities, misleads customers, or even worse, steal from the organization. It is imperative that everyone understands the importance of integrity within the workplace. Integrity is a foundation for positive relationships in the workplace, and thus, is a foundation for success in the business environment.
Integrity is reinforced in the organization when people are held accountable through a system of reward and consequences developed by management. Developing such, a system will help eliminate barriers to responsible behavior, such as coercion, fear of retaliation and discrimination within the workplace. Adopting a code of conduct for the organization is generally the starting point for developing a sense of integrity for the organization. Codes of conduct are becoming increasingly prevalent globally. A document articulates the company's business values, principles, and standards.
Increasing management awareness of irregularities within the organization and increasing management sensitivity regarding the extent to which the organizational structure and culture stimulates unethical conduct, are two of the major requirements that help improve the sense of integrity of a company. It is therefore crucial that management creates an organizational culture of openness and transparency in which unethical conduct will become visible and in which employees and managers can call each other to account.
Hands-on top management Of the six sections that we are discussing here, half of them (business focus, organizational cohesion, and a sense of integrity) are geared toward stability and management. The other half, (adaptability, entrepreneurial culture, and hands-on management), are synonymous with rapid and sometimes precipitous change. In most corporations, you find many layers of management. CEOs seldom have the time or opportunity to get involved in the details of technology management. However, this is not always the case.
In many successful high-technology companies, top management will often make the effort to have hands-on involvement in the innovation process. This does not mean that these managers need to be technologists. It is more important that be open-minded and to be able to ask many questions. Top management needs to be patient and to be able to understand in depth certain core questions, such as: 1. How the technology works 2. Its limits, as well as its potential (together with the limits and potential of competitors' technologies)
3. What technical and economic resources these various technologies require 4. The direction and speed of change 5. The available technological options, their cost, probability of failure, and potential benefits if they prove successful No systematic information exists on changing types of management and leadership, which might enhance managerial accountability (Walker, 2001). However, it seams clear that having upper management deeply involved in the innovation process is beneficial to the company. Conclusion
To conclude these six themes will provide a proposed corporate model that a company should adhere to succeed. Each of these six themes need to work together to provide innovation, remove stagnation, and provide success for the corporation.
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