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Effective blending of Entrepreneurship and Professionalism.

Extracts from this document...

Introduction

Kirloskar Institute of Advanced Management Sciences - Paper Presentation EFFECTIVE BLENDING OF ENTREPRENEURSHIP AND PROFESSIONALISM Submitted by Charles Anand S Balasubramanian A Ezhil Nakkeeran Of Bharatidasan Institute of Management, Tiruchirappalli BLENDING ENTREPRENEURSHIP WITH PROFESSIONALISM Some of the recent headlines in business magazines - Reliance industries limited has commissioned the largest refinery in the world - Infosys becomes the first company to be listed in NASDAQ - Ranbaxy gets patent for 2 new molecules - Sundaram fasteners gets the 'supplier of the year award' from GM - USA for the third consecutive year - BPL leads the CTV market in spite of MNC onslaught What is common in these companies? They are leaders in their respective fields. They give good returns to their stakeholders. In short they are successful organizations. They all had 'vision'. They took each and every step in their growth path, systematically. They saw obstacles in their paths as opportunities. They knew that 'market' is a treadmill and not an elevator, where one has to run continuously even to sustain his position. They were proactive rather than reactive. They were able to maintain the profit levels in their current business and prepare themselves for the future. They are all professionally managed companies with an entrepreneurial drive. Professionalism is a systematic way of applying concepts in managing. Whereas entrepreneurship is the style of management, which aims at continuous innovation, encourages risk-taking and decentralizes decision-making. PROFESSIONALISM In this growing society, every major social task has been entrusted to large organizations from producing goods and services to healthcare, from social security and welfare to education, from the search of new knowledge to the protection of natural environment. If these organizations of our pluralistic society do not perform in responsible autonomy and total efficiency then we will not have individualism and a society in which there is a chance for people to fulfill themselves. Before 50 years, the society was diffused in countless molecules - small workshops, small schools, the individual professional whether doctor or lawyer - practicing by himself, the farmer, the craftsmen, the neighborhood retail store and so on. ...read more.

Middle

This is because of the unpromising, puny nature of any innovation in front of an existing successful business. The growing business must not only recognize that customer needs will be constantly changing, but must also make all of its business processes more effective by devising a strategy to enable the development of a continuous improvement culture. It must be geared to the elimination of waste in all its forms so that price pressure can be met from reducing operating cost rather than through reduced margins. The focus of management has to change from being directive - passing down rules and regulations to the work place to being supportive- customer focussed in a learning, no-blame environment, to create an empowered, highly skilled work force, who had been trained in all of the tools and techniques like Kaizen or continuous improvement. The acceptance of the need for a continuous improvement culture involves a radical change in the way we think about the structure of an organization. The Metal Box India Ltd., which was the leader in making metal tins, continued to fight against the market, when the market was going for plastic boxes, and finally got wiped of from the scene. The mistake on the part of metal box was that it did not change itself even when the market demanded, when others were doing proactive innovation. The company had thought that it was in the business of making metal tins, and not in the business of making containers. This kind of 'marketing myopia' will hinder Entrepreneurship in a company. How to avoid all these obstacles and make a company entrepreneurial forever? Obviously for an organization to be entrepreneurial, entrepreneurial spirit and creativity should be developed. Not just the creation of such motivation is enough for maintaining the same. In many organizations, which were found by entrepreneurs, the entrepreneurial enthusiasm dies as the company stabilizes itself in a business. ...read more.

Conclusion

To serve its purpose existence, the map must be used by a traveller. Similarly, professionalism and entrepreneurship should not be viewed as separate entities. Both of them complement each other. Success is not impossible for a person who chooses to exclusively follow one or the other. But a blend is always desirable, if not imperative as the case may be. From a psychological study conducted by Mr. K. Ravichandra3, it is patent that in order to be successful, the entrepreneur of today can ill-afford to be in the dark about the rules of the game. Crucial areas such as financial management, inventory control, market research, support organizations, etc., can make or break your business. It no longer suffices to have just the 'drive to succeed', one has to have the complete know-how of the nitty-gritties involved as wlell. Starting and running a successful organization is a massive, complex task. The entrepreneur has to be aware of professional management techniques because they will help him to break down the mammoth task ahead of him into smaller, easier-to-handle tasks. And once broken down, the tasks can be delegated thus allowing the entrepreneur to do what he does best - INNOVATE. From the professionally managed organization's point of view, it pays to encourage entrepreneurital styles of functioning, with a shift towards leaner, flatter systems. For any industry, the pace of change is so fast that unless a company constanly innovates, it cannot dream of holding on to its market share. Hence blending entrepreneurship and professionalism is not a choice but a necessity for the organizations to succeed. Reference: 1. 'Going for it', by Victor Kiam 2. 'Innovation and Entrepreneurship', by Peter Drucker 3. 'Entrepreneurial Success - A Psychological Study', by K. Ravichandra 4. 'Management - Tasks, Responsibilities and Practices', by Peter Drucker 5. 'Harward Business Review', issue 6. 'Manageing Strategic Innovation and Change', by Michael L Tushman, Philip Andersen. 7. 'Creating Markets across the globe',by Ashok Korwar 8. 'Going International', B. Bhattacharya 9. 'Corporate Culture, Customer Orientation, and Innovativeness in Japanese Firms: A Quadrad Analysis.' Journal of Marketing, vol. 57 (January 1993). ...read more.

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