Abstract This study examines the relationship between corporate entrepreneurship, innovation and sustained competitive advantage in the Nigeria manufacturing firms. Corporate entrepreneurship and innovation has been of interest to scholars and practitioners due to its beneficial effect on competitiveness. A survey research design was used.
Theoretical Underpinnings Theoretical Underpinnings Entrepreneurship is a driving force of change and innovation by introducing new services, products, programs. Entrepreneurial attempts can address stagnation.
Overall, entrepreneurship creates positive externalities in benefits that accrue beyond the spatial. The term entrepreneurship is historically related to individual characteristics and efforts to improve economic activities. Attention to the concept of entrepreneurship dates back towhen Richard Cantillon described the entrepreneurial function as facilitating an exchange of goods.
He defined an entrepreneur as a rational decision maker. The Industrial Revolution of the s changed market economy conditions, which demanded new ways of thinking in order to maintain rapid industrial development.
He asserted that a successful entrepreneur is a skilled planner and problem solver using existing resource in new ways Carlock, Entrepreneurs should be prepared to risk their reputations and to devote time and energy to the realization of ideas based on future outcomes Fisher.
Later, John Stuart Mill elaborated on the functions of the entrepreneur in its direction, supervision, control, and risk taking in the mids Stone, Mill held that the distinguishing characteristic of entrepreneurs is that they are more than capitalists.
With the growth of small business, owners need to manage an increased division of labor and overall organizational development in the rnids.
Marshall incorporated this condition into his interpretation of the entrepreneurial function, which provides innovations for efficiency and progress. He argued that an entrepreneur should have the capabilities to manage with and through other people and should be constantly aware of opportunities in order to minimize costs and make progress.
Max Weber stimulated new thinking about the function of entrepreneurship by providing a transition between classic economic thought of the nineteenth century and the emerging twentieth century social science Carlock.
Weber considered entrepreneurs as innovators and independent individuals who exercise formal authority. Modem scholarly interest in entrepreneurship has been enriched by Joseph Schumpeter, who is considered the father of modern entrepreneurial thought Salazer, Schumpeter argued that entrepreneurship indicates the capability for carrying out innovations by means of leadership.
The Schumpeterian model identifies an entrepreneur as the major agent of economic development and an innovator for creating new products as well as new organizations.
Kirzner suggested that the role of entrepreneur is an arbitrageur who can create incremental-continuous innovations by identifying potential opportunities.
Drucker focused on innovation as the basis of entrepreneurship.
Researchers have continuously fine-tuned the entrepreneurship field, focusing on the concepts of entrepreneurial orientation and opportunity e. A theory of entrepreneurship has been researched from various disciplines such as psychology, sociology, economics, business, political science, public administration, and even ecology.
This multidisciplinary research has been diverse, ranging from the functions of entrepreneurship in economic development to the psychological, social.
Various theories have been postulated regarding all aspects of entrepreneurship. As a result, there is a less widely accepted categorization and legitimacy of entrepreneurship research Schildt.
Fragmentation prevents the full advance of knowledge, because it makes parts without wholes and disciplines without cores Johnston. When entrepreneurship research was emerging in the early 1 s, it centered on psychology.
Research from the late s deals with a wider array of conceptual perspectives, including organizational sociology, organization theory, ecology, and network configurations. The first stream is focused not on the entrepreneurs, but on the outcomes favoured by economists.
The third stream analyzes entrepreneurial management to clarify the ways an entrepreneur acts.
The broadly defined domains of entrepreneurship are enterprise entrepreneurship for independent enterprises, social entrepreneurship for not-for-profit organizations in search of alternative finding strategies to create social value, corporate entrepreneurship for private sector companies in encouraging corporate entrepreneurial activities to create profits, and intrapreneurship within existing organizations; and public entrepreneurship for government entities.
Social entrepreneurship develops and implements initiatives that influence social change.Guth and Ginsberg’s () model depicts some possible determinants and effects of the CE phenomena of corporate venturing and strategic renewal. Their model is very general in that it does not distinguish between the causes and effects of these two entrepreneurial phenomena that, they argue, constitute CE’s domain.
Importantly, in the. Vesper () discusses (a) new strategic directions, (b) initiatives from below, and (c) autonomous business creation. In a similar vein, Guth and Ginsberg () distinguish between new venture creation within existing organizations and the transformation of .
Corporate Entrepreneurship: A Review and Future Research Agenda Kamal Sakhdari from the common phenomenon of innovation or new product development in firms (Corbett et al., ). Guth and Ginsberg () were among the first scholars attempting to clarify the domain by introducing two cat-.
Corporate Entrepreneurship: a Strategic and Structural Perspective Dr. Joao Ferreira Kuratko et al., ; Guth & Ginsberg, ). Another is the more pervasive activity associated with the transformation or renewal of existing organisations (Stopford major conceptual framework for explaining organisational survival, growth, and.
All of these strategies and actions can be grouped under the concept corporate entrepreneurship (CE) (Guth and Ginsberg, ; Vesper, ). A wide body of literature has analyzed the construct and investigated its determinants at organizational and environmental level, whereas individual-level factors (e.g.
leadership style and attitudes) and. RESEARCH METHODOLOGY STRATEGIES IN STRATEGIC MANAGEMENT A. Data collection Research methodology is the system of collecting data for research projects, either theoretical or practical research. Data collection is treated as a design issue to enhance the construct and internal validity of the study, as well as the external.