From The Houston Chronicle
by Alfred Sarkissian, Demand Media
Strategic management concerns the long-term decisions aimed at improving the competitive position of a company. There is a limit to achieving competitiveness from the existing product mix, because products and business models become obsolete, and managers need to seek new business opportunities to maintain competitiveness. Corporate entrepreneurship is the process of creating new businesses from within an existing business through product and process innovations. In today’s competitive environment, corporate entrepreneurship is a vital strategic management concept for all businesses regardless of size and stage of development.