What Is The Concept Of Reengineering Corporate Thinking With Reference To Entrepreneurship?


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Reengineering Corporate Thinking:
To establish corporate entrepreneur, companies need to provide the freedom and encouragement entrepreneurs require developing their ideas. This is often a problem in enterprises because many top managers do not believe entrepreneurial ideas can be nurtured and developed in their environment. But managers need to develop policies that will help innovative people reach their full potential.

Four important steps for establishing this new thinking follow:
1. Set explicit goals.
These need to be mutually agreed on by worker and management so that specific steps are achieved.
2. Create a system of feedback and positive reinforcement
This is necessary for potential inventors, creators, or entrepreneurs to realize that acceptance and reward exist.
3. Emphasize individual responsibility.
Confidence, trust, and accountability are key features in the success of any innovative program.
4. Give rewards based on results.
Reward systems should enhance and encourage others to risk and to achieve.
Many enterprises have obsolete ideas about corporative cultures, management techniques, and the value of managers and employees.

Unfortunately, doing old tasks more efficiently is not the answer to new challenges; a new culture with new values has to be developed. Bureaucrats and controllers must learn to coexist with or give way to the designer and entrepreneur. Unfortunately, this is easier said than done.

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