ࡱ> 5@ bjbj22 ;XXm...8.|/dTSh/0(*0*0*0^1^1^1#R%R%R%R%R%R%R$TRWIRYA^1^1YAYAIR*0*04R6DDDYA*0*0#RDYA#RD,DDrMTN*0/ `.BNQ\STTS!NzWCWNWN,^1B6~D9<^1^1^1IRIRdMDXCORPORATE ENTREPRENEURSHIP A WAY HOW BIG COMPANIES CAN DEAL WITH CHALLENGES OF GLOBAL ECONOMIC CRISIS Slavica Singer J.J.Strossmayer University of Osijek / Faculty of Economics in Osijek / UNESCO Chair in Entrepreneurship Croatia, HR-31000 Osijek, Gajev trg 7 Phone: ++ 385 31 22 44 44; Fax: ++ 385 31 22 44 38 E-mail: singer@efos.hr Mirela Alpeza J.J.Strossmayer University of Osijek / Faculty of Economics in Osijek Croatia, HR-31000 Osijek, Gajev trg 7 Phone: ++ 385 31 22 44 26; Fax: ++ 385 31 22 44 38 E-mail:  HYPERLINK "mailto:mirela.alpeza@efos.hr" mirela.alpeza@efos.hr Sun ica Oberman Peterka J.J.Strossmayer University of Osijek / Faculty of Economics in Osijek Croatia, HR-31000 Osijek, Gajev trg 7 Phone: ++ 385 31 22 44 26; Fax: ++ 385 31 22 44 38 E-mail: suncica@efos.hr Key words: Corporate Entrepreneuship, Employee Motivation, Entrepreneurial Intensity, Learning Organization, System Theory 1. INTRODUCTION The end of the 20th and the start of the 21st century is characterized by changes of great intensity at the global level, which are increasing organizational pressures for finding new sources of sustainable competitive advantage. Global pressures, like opening of the Chinese economy, emergence of strong regional groups devoted to free trade, development of telecommunications, end of the Cold War, have increased the level of insecurity and complexity in the environment, which, according to Gibb, provokes the application of entrepreneurial behavior at individual and organizational level, and the level of society as a whole (Gibb, 2000). The need for entrepreneurial behavior at all levels of society dramatically increased at the end of 2008, when, as the consequence of freeing of the capital market at the international level there was a global increase in power of corporate finances, a general increase of international capital investments, i.e., the presumption that financial shocks from one country are transferred faster to other countries. In such conditions of globalization of the financial market, Croatia is also getting caught in the trends of financial crisis and recession, which had an influence on lowering of the general level of spending in the country as result of increasing unemployment, loss of savings and the omnipresent fear of uncertain future. In conditions of decreased volume of business, companies are faced with the challenge of early discovery and reaction to opportunities in the environment, and maximization of utilization of human potential in finding new solutions to problems imposed by the globalized market. Smaller businesses usually react faster on changes, but bigger businesses are usually more bureaucratic, what makes them slow in reacting on changes in its environment (Kanter, 2008). The concept of corporate entrepreneurship (Morris, Kuratko et Covin, 2008) is identified as a major organizational innovation which contributes to building capacity of large business systems for taking advantages of fast changes instead of being victims of them. Large business systems are characterized by bureaucratic organization, which discourages entrepreneurial behavior both at individual and organizational level, and without creative and innovative potential, large companies are becoming calcified, which disenables moving the organization from stalemate. The consequences manifest in choking of entrepreneurial initiatives of self-motivated employees and ultimately in loss of enthusiasm by enterprising individuals, who represent a true endemic species in such systems (Singer et al., 2009). This paper will present the case of Allianz Zagreb d.d. who trained itself in good, normal times, for challenges in ever increasing complexities and changes in the business, technological and societal environment. Working on building its internal entrepreneurial capacity, determined by the innovativeness, pro-activeness and risk-taking, Allianz Zagreb d.d. started with the implementation of different activities and programs for establishing such working environment in which employees will be motivated for taking initiatives, to see connections between own performance and companys results, and to become accountable for the companys business sustainability. The case described confirms how important is to activate and build entrepreneurial capacity on all organizational levels, as the response on pressures and challenges coming from environment, especially in the times of globally disturbed economic environment. 2. KNOWLEDGE AS A SOURCE OF COMPETITIVE ADVANTAGE The key to company success lies in establishing and maintaining the competitive advantage in the market. Unlike the neoclassical economy of 19th and 20th century whose authors emphasize the importance of natural resources and possibility of access to capital as crucial for establishment of competitive advantage, a whole range of factors has caused the reign of completely different rules of competing in contemporary business conditions. Many authors (Handy, 1994; Grant, 1996., Porter, 1998.) agree that the most important strategic aspect of a company today is its knowledge, i.e. capability for its collecting, developing, sharing and its implementation and that this knowledge is exactly what enables companies to provide superior value for their customers and develop sustainable competitive advantage, by combining of traditional resources of production that are disposable to all, in a new and unique way (Teece et al., 1997.). One of the main causes of dominance of knowledge as a strategic resource in todays market conditions is the development of information technology and telecommunications and its influence on internetization of society and increasing of market transparency. Exploitation of information-intensive resources, porosity of a company as a system at all its levels and building of an active relationship with the environment have become an imperative and an essential part of doing business of all the companies, and not just an exclusive right of those that come from advanced technology industries. Companies that develop efficient methods of environmental scanning at all levels and become scanning organizations and establish channels of internal processing and distribution of relevant information are thus building a system for identification of early signals form the environment which expands their maneuvering space for action and achieving advantage in relation to other players in the market (Aguilar, 1967). The most important component of the concept of scanning organization are employees at all levels who, each in the domain of their business activities, have the potential for gathering information and generating new ideas relevant for enhancing performance of the company they work at. This trend of activating innovative potential of employees at all levels, in the organizational context, is known as corporate entrepreneurship. 3. CORPORATE ENTREPRENEURSHIP AS A PRECONDITION FOR MAXIMIZING THE INNOVATIVE POTENTIAL OF EMPLOYEES AT ALL LEVELS Corporate entrepreneurship, in the narrow sense, represents formal and informal activities whose aim is the creation of new ventures within existing organizations (Zahra, 1991), creation of new business entities in collaboration with the existing organization (Sharma and Chrisman, 1999), or transformation of the existing organization through strategic renewal (Guth and Ginsberg, 1990). Entrepreneurial organisational culture is the presumption for entrepreneurial activity of employees in corporations, characteristics of which stimulate and facilitate such behaviour. Morris et al. (2008) gave an overview of characteristics of entrepreneurial organisational culture by several authors (Cornwall and Perlman, 1990.; Peters, 1997.; Timmons, 1999), and continued by synthesizing and citing the following elements of organisational culture: focus on people and empowerment; creation of value through innovation and change, emphasis on essence; hands-on management; effectiveness; freedom to develop and make mistakes; commitment and personal responsibility; emphasis on the future and the feeling of urgency. The importance of change of organizational culture of large corporations for the purpose of catching up with changes and challenges brought by the globalized environment is also discussed by Gibb who clearly alludes on setting small companies with their entrepreneurial characteristics as a benchmark for large companies, at the same time contrasting their organizational cultures in his paper Corporate Restructuring and Entrepreneurship: What can large organisations learn from small? (Figure 1). Figure 1.: "I want you to be like me!" The Entrepreneurial Culture Contrasting Metaphors Government/corporate Small business / Entrepreneurial? Order Untidiness Formal Informal Accountability Trust Information Judgement Demarcation Overlap Planning Intuition Corporate strategy Strategic awareness Control Autonomy Standards Personal observation Transparency Ambiguity Funktionalism Holistic Systems Feel Position Ownership Performance appraisal Customer/network exposure Source: Gibb, A.A.: Entrepreneurial Society- Background Paper, Durham University Business School, 1998, p.11. 4. LEARNING ORGANIZATION - CONTINUOUS ABILITY TO LEARN AT ALL ORGANIZATIONAL LEVELS Development of entrepreneurial potential at all levels of corporation represents the path towards the creation of learning organization. Learning organization is a type of organizational culture in which attempts are made to maximize contribution of all employees and involve them with the aim of achieving organizational goals, through encouraging employees for individual development and learning. Revans's action learning concept and systematic thinking have had a special impact on development of the idea on learning organizations. According to Revans, the basis for undertaking actions with the aim of organizational development by the management is their individual development, which makes individual and organizational learning mutually connected and inseparable (Leitch et al., 1984). Concept of systematic thinking has been applied in practice in the 1950s. (e.g. Bertalanffy, 1952). Systematic approach perceives organizations as systems that are under direct influence of changes in the environment, and their survival ability is directly dependant on the ability to perceive and adapt to these changes. Besides the direct dependence of the system on its environment, this approach also notes and points out the connection of actions of the most distant parts within the system, and their mutual dependence. Concept of systematic thinking has had a significant influence on Peter Senge's thinking, who, identifies precisely systematic thinking as the integrating strength of remaining disciplines that enable creation of learning organizations, and these are: common vision, mental models, personal development and team learning. Senge believes that development of systematic thinking of every individual is the prerequisite for implementation of the concept of the learning organization, because systematic thinking allows individuals to understand the structures that operate in the background and influence people's behavior both between themselves and towards the organization in which they work. Systematic thinking also influences the transformation of ...perceiving people as helpless objects that only react according to whether that they are seen as active participants in shaping of their reality... (Senge, 2001). The most often quoted definitions among authors who analyze learning organizations are that of Senge and Pedler. Senge says that learning organizations are organizations where people continually expand their capacity to create the results they truly desire, where new expansive patterns of thinking are nurtured, where collective aspiration is set free, and where people are continually learning how to learn together (Senge, 2001). Pedler defines learning organization as one that facilitates the learning of all its members and continually transforms itself (Pedler, 1995). Below we will describe the case of creating entrepreneurial organisational culture in company Allianz Zagreb d.d. 5. SHOULD COMPANIES WORK OUT REGULARLY TO BE FIT FOR HARD TIMES? THE CASE OF ALLIANZ ZAGREB D.D. Allianz, one of the world's leading insurance companies with headquarters in Munich, started its significant international expansion in the 1970s by expanding to United Kingdom, Netherlands, Spain, Brazil, and the USA. At the turn of the 21st century, Allianz changed its global vision and strategy, and through entering the banking sector and assets management field, it transformed from a global provider of insurance services to a global player in the financial services market. Today Allianz represents the largest provider of financial services in Europe and is among the 5 leading providers in the world. Allianz entered Croatian market in 1999, by founding Allianz Zagreb d.d., which, after several years of weak performance, in 2003 finally set a clear vision and strategy - to become the most successful insurance company in Croatia. The same year, a new management board was appointed, which devoted significant attention to creation of a quality team of people at the middle management level, which, within a period of three years, transformed Allianz in Croatia from a marginally profitable, inert and bureaucratic into a successful, flexible and profitable company. When defining development strategy in Croatia, Allianz uses similar experiences of branches from other countries, combining them with local knowledge and taking local particularities into account. Growth of volume of work of Allianz in Croatia increased the need for employment and development of lower levels of management and professional associates who would be capable to assume part of the responsibility for performing more complex tasks, proactive and independent action in development and application of new business solutions, which would free space for middle management's stronger involvement in defining and implementing company's strategic development guidelines. Entrepreneurial characteristics of potential Allianz's employees needed to be recognized as well as further developed and stimulated entrepreneurial behaviour of existing ones. Since 2006 company intensively works on systematic education of its employees through the Allianz Development Center, and one of its programmes is Allianz Academy which represents a six-month education program for employees with the greatest development potential, who are going to assume positions that bring greater responsibility in the near future. Academy's goal is the exchange of knowledge between the members of management who actively participate as lecturer s in the programme, and a no less important side-effect of such organization of education are internal networking and more efficient communication within the company. A new view of the role and development of the Department for Human Potential Development in Allianz is also a result of Daria Puhar's appointment as the head of this department in February 2004. Daria Puhar's previous experience of working at various positions within a small company and acquiring knowledge on the importance and application of entrepreneurial way of thinking at the Graduate Program in Entrepreneurship at the Faculty of Economics in Osijek certainly contributed to the systematic approach in observing the impact and importance of employee development for company's final results. New system of education in Allianz required a systematic approach, as opposed to the sporadic approach that was present until then, emphasis on development of promising people in all segments of the company, not only employees that are part of the sales network, increase of the budget for internal education, employment of an expert person devoted exclusively to employee development, foundation of Allianz Academy and an active role of management in the employee education process. Defining Allianz's vision and basic values was identified as an important step in steering development and education of employees in the company. In 2005, Allianz Zagreb d.d. began redefining its basic business values, within the framework set by Allianz Group. All company's employees were involved in this process, through defining values that they consider the most important for Allianz and themselves personally, and by participating in the process of selection of best proposals. The selected values were: strength, excellence and partnership, and the results of this process were presented to employees in all branches of the company by Chairman of the Board of Allianz Zagreb d.d., Boris Gali in person. All employees were present at presentations and through direct communication they discussed the wider meaning of these values both for them personally and the work they perform. The greatest amount of "dust" in discussions about defined values was stirred up by the word partnership, particularly the partnership and communication between employees and individual departments as a prerequisite for successful business. At the end of 2006, Allianz Zagreb d.d. implemented an innovation in operational organization of the business. Instead of a functional organizational structure, a new structure was implemented, based on process way of thinking, which, besides the organizational restructuring also demanded a change in employees' way of thinking and attitudes. In the same year, Allianz in Croatia put greater emphasis on CRM, which demanded not only increased communication between the client and the department in charge of communication with clients, but steering the entire business towards the client. This kind of approach resulted in: sale of travel health insurance over the Internet, option to report damages by telephone to Allianz's call center, without the need to visit company's offices in person, sale of insurance through branches of a bank: Duo-Life (product created in cooperation with Zagreba ka Bank d.d.), and Allianz Best Invest (product that represents a combination of life insurance and investment of funds linked to the index of best European corporations). Allianz is attempting to stimulate its employees to generate innovative ideas through the i2s project, which has been started at the level of Allianz Group, and it represents a continuation of a similar project that Allianz in Croatia organized in 2005 under title My Idea. Within this project, employees were asked to come up with proposals for various improvements in business operations, which were then reviewed by a specially formed team, and forwarded to appropriate directors, and then the author of the proposal would receive feedback on idea's application within a previously agreed upon period. Some of the ideas that resulted from this project are: online reporting of damage for clients and introduction of a special incentive for employees who give a recommendation for employment of a new sales representative. Employee motivation in Allianz in Croatia is based on two principal elements: defining and evaluating annual goals of each employee, which are arising from company's goals, and the result of annual evaluation is rewarded with an annual bonus; and defining and evaluating quarterly success indicators, which were based on quarterly plans jointly defined by manager and employee at quarterly meetings. Success indicators at the end of a specific quarter reflect on the salary in the next one, through defined fixed and variable part. This reward system was introduced in 2004, and each year it is modified and improved based on the feedback from participants. In accordance with this approach of more intensive communication between management and employees about goals, plans, and the achieved results at both individual and organizational levels, Allianz in Croatia has reformulated the role of regional directors, who concentrate on people development, while branch directors are taking over the operational part of activities. Beside the financial effect of the change in organizational culture in Allianz (double-digit growth of overall premium in 2007, move from the third to the second position in the rank of insurance companies in Croatia, increase in the number of employees), the key effects are those of immaterial nature changing and creation of positive atmosphere in the company. Through systematic and consistent implementation of activities described in this case at all levels of the company, Allianz has succeeded in creating entrepreneurial organizational culture in Croatia. Creating, i.e., changing organizational culture in a company is considered to be one of the most difficult management tasks, and the described measures show how demanding this process is in terms of time, but also in terms of level of leadership, enthusiasm, dedication and understanding of goals and benefits of this process, which must be present in the key group of people around the top management as the precondition for successful implementation of this process. 6. CONCLUSION In conditions of general financial crisis and recession, which intensively affects the globalized world market at the start of the 21st century companies in Croatia are faced with the challenge of finding new sources of sustainable competitive advantage. More than ever the pressure for maximum utilization of company's internal potential for the purpose of more efficient environmental scanning with the aim of timely identification of opportunities and threats in the environment is present. On the other hand, internal intellectual potential of the company in the sense of knowledge, creativity and entrepreneurial initiatives is becoming the main source of innovative solutions to problems and ideas for creation of new processes, products and services. Creation of entrepreneurial organizational culture which, by its characteristics, encourages employees to act entrepreneurially in the sense of innovativeness, proactivity and undertaking risks is the precondition for maximization of company's internal potential. Change of organizational culture into entrepreneurial one represents one of the greatest challenges for modern managers, because it presumes creation of mutual trust between employees and management, as well as sharing a common vision. The paper describes the case of creation of organizational culture in company Allianz Zagreb d.d., which was based on connecting management and employees at all levels of the company through projects: defining vision and key values of the company, developing innovative processes, products and services, internal education of promising employees, change of organizational processes, and developing a reward system. Through these activities, Allianz in Croatia managed to increase employee enthusiasm for accomplishment of organizational goals, efficiency of internal communication, and the level of financial performance. Allianz in Croatia demonstrates a process of organizational learning at all levels of the company, as well as a tendency towards creation of a learning organization, which in the times that follow has a developed and trained internal potential for solving whatever problems uncertain future may bring. As it was shown in the Allianz case, companies will be better off in times of uncertainty if they work on itself all the time, even in the more stable environment. Economic crisis of such magnitude and intensity, as it is this one which started to spread globally in 2008, will affect everyone, from individuals to governments, from business sector to education, health and culture. Lower demand caused by lost jobs, savings, wealth, and fear of the uncertain future will pressure business sector to be more productive and innovative. 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(1999), Toward a Reconciliation of the Defentional Issues in the Field of Corporate Entrepreneurship, Entrepreneurship Theory and Practise, 23, 3. Singer, A.; Alpeza, M.; Balki, M., (2009): Corporate Entrepreneurship: is Entrepreneurial Behaviour Possible in a Large Company in: 29th Conference on Entrepreneurship and Innovation Maribor, Proceedings, IRP Institute for Entrepreneurship Research, Maribor 25-26, 2009, pp. 217-228. Teece, D.J., Pisano, G., Shuen, A. (1997): Dynamic Capabilities and Strategic Management, Strategic Management Journal, 18/7. Timmons, J. (1999) New Venture Creation, Irwin McGraw Hill. Zahra, S.A. (1991) Predictors and Financial Outcomes of Corporate Entrepreneurship: An Exploratory Study, Journal of Business Venturing, 6, 4.     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