The Entrepreneurial Ecosystem Is More Important Than Ever

The entrepreneurial ecosystem is more important than ever. Large corporations spend billions each year investing in new ventures in order for their current company to grow or in the manner of branching out of the normal. New startups which understand what corporations are looking for in a successful investment and they will also understand that they stand to save money through loans, investments, licensing, procurement, and acquisition and much more (Simmons, 2013). Leadership and management need to be looked at in many different ways; however many feel they are the same. Leadership comes with knowing what and how to incorporate different strategies into a venture to make that venture work. Management is about having people who can take†¦show more content†¦Knowing who you’re working with and their history in business. Know the weakness and strengths they have to contribute in order to know where it works best for the planning. †¢ Second looking at Decision Making; which entails how the decision making is put into place and do the decisions come from the top of the organization or from the bottom leaders of an organization. Knowing this helps determine how ideas are put into place and who carries them out. †¢ Third item to consider is, Idea Generation. Idea generation comes from how the ideas are generated. Understanding how they are generated effects the quality as well as the amount of ideas generated. †¢ Fourth item is Process. Understanding how to handle the ideas within the organization is important. The process defines how all agreements and commitments are made and managed, it also defines how well the employees know what is happening. †¢ Fifth critical item is People. People are what truly build the aspects surrounding knowledge, talents, and perspectives to the strategic design. Basically what this is, is a way to keep from breaking the power, decision making, idea generation and the process which builds the strategic design. Merchant goes on to explain that for an organization to hold fast to all these elements, it is the best advantage to see an organization succeed (Merchant, 2008). Leadership and management are different in terms of responsibilities. Some believe that a leader should be able to