The entrepreneurial disciplines are not just desirable; they are conditions for survival today.
Every institution-and not only businesses-must build into is day-to-day management four entrepreneurial activities that run in parallel. One is organized abandonment of products, services, process, markets, distribution channels, and so on that are no longer an optimal allocation of resources.
Then any institution must organize for systematic, continuing improvement. Then it has to organize for systematic and continuous exploitation, especially of its success. And finally, it has to organize systematic innovation, that is, create the different tomorrow that makes obsolete and, to a large extent, replaces even the most successful products of today in an organization. I emphasize that these disciplines are not just desirable; they are conditions for survival today.
ACTION POINT: Abandon what is about to be obsolete, develop a system to exploit your successes, and develop a systematic approach to innovation.
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