Before understanding the term social entrepreneurship, we need to firstly understand what traditional business entrepreneur itself is. An entrepreneur is an individual who owns a firm, business, or venture, and is responsible for its development. In order to do so, he or she will manage the resources he had. The aim of a traditional business entrepreneur or commercial entrepreneur is to generate profits from the risks and opportunities he or she is willing to take. A business enterprise therefore would be an entity that is owned by the business entrepreneur to achieve business goals that have been set by the entrepreneur. Social entrepreneur is someone who recognizes a social problem and uses entrepreneurial principles to organize, create, and manage a venture to make social change.  The definition of social entrepreneurship varies from a narrow definition to a wide one. Under the narrow definition, social entrepreneurship is basically the action of Continue reading
Modern Management Concepts
Disruptive Technologies and Sustainable Technologies
Overview of  Disruptive Technologies  Disruptive technology was first introduced by Clayton Christensen in his article “Disruptive Technologies: Catching the Wave” (1995) which was co-wrote with Joseph Bower. In view of business and technology fields, disruptive technology is a technology initially in a form of simple application, then improves and dominates dramatically in the markets, where the markets do not expect. Disruptive technology typically improves in a way that by being lower priced and designed for various disciplines of consumers. Instead of allowing consumers with lots of money or lots of skills to use it, disruptive technology is designed in which allow “whole new population of consumers” to use it, access its services. For leaders of the existing markets, disruptive technology makes potential threats on them. It is because it competes with the existing leaders of the market in such an unexpected trend. Leaders of the existing markets sometimes fail Continue reading
The Role of Strategist in a Business Organization
Strategists are individuals or groups who are primarily involved in the formulation, implementation and evaluation of strategy.  A strategist is like a root of an organization. In order to overcome the deadly traps in any organization a strategist must first think outside of the “box” and they must focus on both “forest and the trees.” They must need to concentrate on three aspects of human intelligence like Intellectual Intelligence (IQ), Emotional Intelligence (EQ), and Spiritual Intelligence (SQ). The mind of strategist must try to decide when to do strategy and when not to do strategy, clear target markets, competitive advantage, 80/20 focus and alignment. They need to do research, analyse the given situation with the available information’s and comes out with the best solutions. The heart of strategist must have the concepts, rules, power and politics play an important role in the development of any strategy. The end result Continue reading
Innovative Organizations – Meaning, Elements and Leadership Behavior
Many organizations are resistant to changes and continue operating the way they had been operating in the past. To remain competitive, they work harder, improve efficiency, reduce cost and implement best practices. But, this is not enough. Instead of getting stuck in their standard mode of operations, organizations need to adopt innovative ways to change the strategies. The best way to create a competitive edge and be in the head of the competition is to innovate by drawing advantage from the creative power of your people. Turn your greatest assets into opportunistic entrepreneurs who discover new ways and improve the way they do business. Management innovation involves total transformation of existing culture to enhance organizational performance in an integrated manner involving technological innovation, product and service innovation, and strategy and structural innovation. Every organization needs to have a vision, a culture and a process of innovation to build a truly Continue reading
Significance of Blue Ocean Strategy in Current Business Scenario
Blue ocean strategy makes companies to come out of ocean of bloody competition by creating market space which is uncontested and that makes the completion irrelevant. Since, dividing up existing demand and benchmarking the competitors, Blue Ocean strategy is regarding grow demand and break away from the competition. The business universe can be thought as a composition of two kinds of oceans the first is the red ocean and second one is the blue ocean. Red ocean includes all the industries which exist today and it is about the known market space. But on the other side Blue Ocean can be considered as industries which are not in existing today and it is called unknown market space. The industries boundaries are defined and well accepted in the red oceans. In the red oceans the rules of competitive games are well defined. The companies try to take away the greater share Continue reading
Four Generations in the Workplace
For the first time in history, the workforce has become a melting pot of four diverse generations. While diversity is increasingly common in the workforce, usually it is only considered in differences of race, religion, sex, nationality, education, and skill level. While each of these traits can contribute to an employee’s perception of work and preferences in the workplace, generational differences will also have an effect. When organizations try to understand and cater to differences in generations, they will experience benefits both for the organization and the individual employees. By offering more of what employee’s want, an organization can begin to see the benefits of a multi-generational work force. Currently, there are four prominent generations in the workforce. A generation is defined by demographics and key life-events that shape, at least to some degree, distinctive generational characteristics. Since the 1920s, key historical events have shaped society. It is argued that Continue reading