Entrepreneurial Management

doi:10.1117/3.1001180.ch10

Book: Commercialization Basics for the Photonics Industry

Author(s): David A. Krohn

Published: 2013

https://doi.org/10.1117/3.1001180.ch10

Author Affiliations +

Abstract

Entrepreneurial management and standard management are not dissimilar. However, there are distinct differences. Entrepreneurial management implies a willingness to take higher risks. The potential to fail is high, but from the entrepreneur's standpoint, that is only a deterrent for others. Entrepreneurs are champions for the business opportunity. Typically, they have to wear many hats, and the layers of management are avoided. Decisions are made quickly with little or no bureaucratic entanglement. A wait-and-see attitude is not acceptable. Being indecisive is a direct path to failure. Entrepreneurial management is focused on change. The purpose is not the status quo or even small evolutionary change, but radical change or disruption. To quote Milton Chang, "an entrepreneurial business must create value." Heller defines a well-managed entrepreneurial enterprise as a 4S company. It is single minded, with a focus on its core business. It has a speedy response to input that can affect the company such as customer input, change in market dynamics, and competitive threats. The company is sociable[ and maintains positive relationships with customers, vendors, and strategic partners, and avoids conflicts when possible. And lastly, it is shallow, with minimal layers of management and barriers to decision making.