Corporate Entrepreneurship and Human Resources Management

Corporate entrepreneurship is the way to go to cope with the changing situations(Hayton, 2005). It involves organizational learning through Human Resource management, collaboration, creativity, and commitment.

As time goes by, things change, and the environment becomes more complex and dynamic; firms become more entrepreneurial in identifying the new opportunities for sustained superior performance.

Understanding Corporate Entrepreneurship

Corporate entrepreneurship comes in within an already existing business venture. The main agenda is to ensure that new ideas are integrated into the existing venture (Bouchard, V. and Fayolle, A., 2017). The generation of these new ideas ensures that the company achieves a competitive edge over its competitors.
Strategic management is an important aspect for any business in the competitive world of business. It concerns long-term decisions aimed at improving the competitive position of the company. There are limitations in achieving competitiveness from the current product mix and even the human resources (Bailey et al., 2018). The company must develop strategies to counteract the competition limitations.

Corporate entrepreneurship involves introducing new products to target another market that was not well represented initially. The second avenue is a strategic renewal that involves improving the business’s profitability by developing new resources combination (Karimi, J. and Walter, Z., 2016). For instance, refocusing will create new face of the business. Reconfiguration of the company resources into radically different innovations is another type of corporate entrepreneurship.

After refocusing the company in terms of the resources or products, there is still a need to refocus the relationship between the company and the stakeholders, employees, and the customers (Ensign, P.C., and Robinson, N.P., 2016). It is at this point that strategic human resource management will be of great importance.

A Corporate Entrepreneurship Case Study of Advoco Inc.

The company started over a decade ago.  The company’s vision has been to get the trusted advisor’s title, which has never been evident. However, the company is working towards it with a group of individuals who possess contagious enthusiasm towards the vision.
Advoco means “to call in an advisor” in Latin. The name came in due to being hopeful that they will become a trusted advisor one day (Ragmoun and Alwehabie, 2020).

The company, therefore, means expecting success that comes from a trusted advisor. This has been their main intention towards everyday engagement. Therefore, the company has developed a mission meant to deliver as a leading enterprise in asset management solutions to enable the clients to achieve more reliable operations. To achieve this mission, they have to have a team of flexible, creative, and professionals with high levels of experience (Ragmoun and Alwehabie, 2020).

Advoco deals in enterprise asset management (EAM). The company offers consultation services, professional services, and business management consultation. EAM is a combination of software, systems, and services that maintains and controls operational assets. The main idea behind EAM is to optimize the quality and utilization of these assets throughout their lifecycle to increase efficiency and productive uptime at the same reducing operational costs.


Successful Human Resource Management on Corporate Entrepreneurship

To understand a company’s success based on corporate entrepreneurship and strategic human resources management, the framework should be based on four pillars. These pillars are productivity, development, expansion, and redirection. These are based on two scales; corporate growth expectations and readiness.
Furthermore, development is equivalent to growth expectations and poor levels of readiness between strategy and human resources management. The company strategy should be capitalized on skills and resources that are currently available.

Expansion, in this case, is high growth expectations and the company’s readiness in terms of its strategy and skills (Zhang, X. and Warner, M.E., 2017). The firm needs to consider its allocation of resources to achieve growth and management of these growths.

The company’s corporate entrepreneurship will also be considered in terms of the growth in terms of the results being realized (Yu, W.,2018). Productivity is profitable when the level of wastage experienced is kept as low as possible. A company realizes productivity when it is doing well in terms of customer satisfaction, and the flow of input and output can be tracked in terms of a positive experience. They will consider redirection as a result of experiencing the low productivity.

Additional Files

order now with paypal
Powered by WordPress