Independent action is a key factor for an entrepreneurial culture because it allows and encourages employees to create new ideas and then implement the changes that are needed to go forward with those ideas. These new ideas could and may lead to new products which in turn could lead to new revenues for the company. Independent action also triggers an internal need for people who need and want to be personally recognized for their hard work which pushes them to work harder.
Innovation is the opportunity to create something from nothing or to expand a current idea into a better idea. Innovation can only take place when a company and its workers allow for the opportunity to create new ideas or theories. This is important in the business world in order to keep up with the times.
Competition is where the strong will survive and where people will be the best that they can be. A competitive environment feeds into a person’s desire to always want to be the best against the best. This will allow for many new ideas and theories to be shared and created. Competition is what keeps a business alive and fresh because when a company because complacent they tend to become vulnerable and weak and then are easily surpassed or taken over by a competitor (Ryan May).
Lastly, risk taking, is the aspect that every entrepreneurial company will have to face in order
Cited: Business dictionary.com, Corporate entrepreneurial ship and its Importance in large companies. Ryan May http://www.businessdictionary.com/article/726/corporate-entrepreneurship-and-its-importance-in-large-companies/