Question

What is the first step in establishing corporate entrepreneurship in an organization?

1) Creating a culture of innovation
2) Identifying entrepreneurial opportunities
3) Allocating resources for innovation
4) Developing an entrepreneurial mindset

Answer 1

The first step in establishing corporate entrepreneurship is developing an entrepreneurial mindset, which encourages creative thinking, openness to new ideas, and calculated risk-taking.

Step-by-step explanation:

The first step in establishing corporate entrepreneurship in an organization is to develop an entrepreneurial mindset. This mindset lays the foundation for a culture of innovation and is critical because it drives the organization to seek change, rather than simply manage what already exists. It involves thinking creatively, being open to new ideas, and willing to take calculated risks. By fostering an entrepreneurial mindset, individuals within the corporation are more likely to identify entrepreneurial opportunities and the organization can then allocate resources for innovation effectively.