Driving renewal: the entrepreneur‐manager

Abstract

Purpose

Strategic renewal requires both a top‐down and bottom‐up effort. Top management sets the broad vision for the firm and specifies the scope and pace of renewal. However, it is the firm's entrepreneur‐managers who shape its renewal strategies and take responsibility for their implementation. This paper aims to profile the skills, personal traits and experiences of successful entrepreneur‐managers.

Design/methodology/approach

The paper uses field research.

Findings

The paper finds that entrepreneur‐managers are in part corporate entrepreneurs. They are outward‐focused, cognizant of changes in their business environment and the new opportunities that these may bring. They are willing to experiment with new business models and to explore new capabilities. But they are also operating managers interested in scaling up an entrepreneurial idea and in delivering results. They have a few special personality traits. They are not risk averse and are action oriented. They are also supremely self‐confident. These traits allow entrepreneur‐managers to take risks, persist despite failures and learn from their mistakes. However, more than special traits, it is experience that grooms entrepreneur‐managers in a firm. Entrepreneur‐managers are typically not new comers to the organization. Their long tenure helps with networking inside the firm. They also have an established track record of performing well. That buys them the freedom to operate outside the usual confines of the organization and enjoy the trust that is needed to take risks on behalf of the firm.

Research limitations/implications

Like in any field‐based study, the sample size is a limitation. However, for the modest goal that this paper has set for itself, i.e. profiling the entrepreneur‐manager, this is not a severe limitation.

Practical implications

The paper provides a profile for identifying and nurturing entrepreneur‐managers. As it argues, they are the drivers of strategic renewal within the firm.

Originality/value

Prior empirical and theoretical research on intrapreneurship has focused more on creating distinct new corporate ventures. This article suggests that the real power of intrapreneurship is to help connect the future of the firm with its current core businesses. Intrapreneurship is about leverage and build, more so than transform, to use the three types of renewal strategies that are offered in this article.

Citation

Chakravarthy, B. and Lorange, P. (2008), "Driving renewal: the entrepreneur‐manager", Journal of Business Strategy, Vol. 29 No. 2, pp. 14-21. https://doi.org/10.1108/02756660810858116