Best Buy Corporate Entrepreneurship

Meeting the challenge of the Corporate entrepreneurship provides crucial information on the challenges and issues likely to develop in developing a new business venture. The crucial information provided in the chapter is how balance can be achieved by balancing the experience with innovativeness. The integration of skills through experience need to be integrated with those form innovations and trying to do things in a different approach.  The business ventures need to acquire the new methods and capabilities of doing business while focusing on the traditional methods that have helped the business to succeed. The balancing further provides a platform through which decision-making process is through integrating the old and the new methods in the business. An integrated mix is therefore crucial ensuring that the business seeks to foster for the new demands of the customers. Additionally, balancing is crucial in helping the business maintain trial and error phase with the discipline and dedication required.

The least useful information provided is integrating two types of culture in a business.  In most of the situation, culture is established within a venture based on the overall appropriateness and involvement in the growth and profitability of the company.

Managing the internal corporate venturing cycle’s crucial concept is viewing the ICV as sources of insight in making the decisions for a firm.  The ICV activities can provide a guideline to the company on the critical decisions to be made about the industry, and this operates in an ideal way. The least useful information provided is ending the cycles for the ICV in businesses. Though the ending process is crucial, it is not the most desired outcome for a company.

For Best Buy, focus has enabled the company to thrive and therefore enhance growth. Reinvigorating and rejuvenating the customer experience is a strategy crucial in fostering growth as the customers are the main determinants of how the growth process shall take place. It is, therefore, crucial to focus on the customers as, through the customer experience, one shall be able to determine the main strategies to incorporate as well as the remedies, that provides the right platform for growth. Indeed, through the transformation of customers, identification of the right policies and strategies are therefore adopted, and this brings out the best from a given situation.