Corporate entrepreneurship is a primary element of strategic management in any organization. All firms must have plans of incorporating entrepreneurship in their strategic management to foster growth, survival, sustainability, and competitiveness (Burns 39). Corporate entrepreneurship may take different forms depending on the nature of the organization and choices of their leaders. For example, it may involve development of a business venture within an existing organization. Additionally, it may take the form of enhancing the already existing products and business models through innovation.
It may also involve proactivity. In the present case, proactivity means aggressiveness in initiating business activities before competitors can venture into them. Competition and commercial rivalry are some of the concepts that make corporate entrepreneurship necessary. An organization that relies only on existing products in the age of tremendous competition is likely to lose its market share as business rivals will definitely imitate them. As some organizations imitate products and business models of their competitors, other companies might be engaging in production of highly innovative products that might render the existing ones obsolete.