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What does it take to develop a truly entrepreneurial spirit? Antonia Koumproglou and Konstantinos Biginas (AK & KB), Lecturers in HR and Organisational Behaviour at Coventry University London, gave us an interview to provide their expert insights on the matter.
KB: What’s the key business challenge that organisations need to address, that your research tackles?
AK & KB: We think that the biggest challenge that businesses all over the world face today is the uncertainty about the future. All countries are epitomised by highly uncertain and unpredictable business environments. From the vagaries of the economy through to varying degrees of social unrest to the impact of the pandemic outbreak, businesses of all forms and sizes must cope with ongoing change, uncertainty and risk. The contemporary external operating environment is ingrained with uncertainty and unfolding change situations that are frequently unpredictable and unknowable in terms of timing and consequences and that thus demand some form of strategic awareness capability of organisations of all sizes. In short, an ability to identify and act upon externally imposing potential enabling and constraining forces and factors and integral development opportunities or threat to existing business activity.
KB: What advice would you give to executives, based on your findings?
AK & KB: It is important that executives react proactively in order to minimize the negative effect of the challenging business environment. Executives are therefore challenged to deploy a set of competencies to succeed in their entrepreneurial endeavours. To compete in this volatile and challenging environment, businesses must shift their focus from driving transactions to maximizing customer lifetime value and providing real solutions to customer needs. Such business practices require something extra by way of entrepreneurship skills to compliment them, a mindset for opportunity driven decision-making and innovativeness. An examples of such a mindset is disruptive innovation-taking calculated risks to disrupt the market with innovative ideas and concepts.
KB: How does your latest research approach this? What do the results indicate?
AK & KB: Our own creativity derives in part from utilisation of Personal Construct Theory [PCT - Kelly 1955] as guiding vehicle in making explicit the nature and form of the entrepreneurial orientation in business and the learning practices and activities that make up that orientation. We also utilise PCT in our actual nurturing of owner manager learning and development.
Crucially, our use of PCT enables robust analysis and explanation of the role of emotions and emotional competence within entrepreneurial learning processes –an explanation that informs a richer consideration of the role of emotions in owner manager unlearn-reflection-relearn activities. This process entails for business owners and managers an active willingness to let go of preconceptions and established beliefs to engage with the unknown and navigate unchartered waters. Integral to this, is focus upon the highly social and relational nature of the learning process - and how progressive owner managers vicariously learn from others. In this respect, we give specific attention to the crucial role of emotional competences in effective social process based learning.
KB: Any final thoughts?
AK & KB: There appears to be a general consensus that teamwork, entrepreneurial spirit and inspirational leadership are essential to overcome the current socio-economic challenges of the Covid-19 pandemic. As such, we cannot afford to underestimate the importance of any of these keu actors.
With thanks to Antonia Koumproglou and Konstantinos Biginas, Lecturers in HR and Organisational Behaviour at Coventry University London.