Globalization and Entrepreneurship Essay Example | Topics and Well Written Essays - 3750 words

Globalization and Entrepreneurship - Essay Example As a highly diverse company, 3M Optical's basic strength has been the core values that its has inherited from its mother company. These have served it in good times as well as bad. The sheer diversity of the company as it has traced its journey from mining to manufacturing of various products. The image of a company is a reputable one. It has a high degree of quality owing to its state of the art testing and development lab. Also, it has been known since its founding days, for bringing together the best technicians in the field under one roof. (Bartlett et al, 1999) Further, the company has at its disposable a huge resource base owing to the fact that it is an old company that has been acquiring these resources for the longest time. Other than that, it has a high capacity for production as well as the best brains working on it. The company also works along the principles of creativity - whether in its labs or outside of it. This has been one of the major reasons that have contributed to diversity in its product profile. (Bartlett et al, 1999) 3M is a company that is in strong need of a new image. The lack of the same has taken away from its core marketing values. The company has been so engrossed in founding and establishing new technologies that it has almost let marketing and branding take a backseat. Further, this has led to stagnation as far as growth and sales figures are concerned in the commercial sense. (Bartlett et al, 1999) The company's weaknesses lie in the fact that it needs to match it expansion with appropriate handling of the human capital within the company. This has led to a point where there is no freshness or motivation within the company and among its employees. (Bartlett et al, 1999) There needs to be more focus on the industrial relations practices that are followed within the organization. Owing to the type of products being produced, there is a certain monotonous tone to the activities within the organization. Further, managing corporate entrepreneurship has been an activity that has not been carried out very well in lieu of the expansion that the company is surging towards. This is due to the fact that there are no well structured lines of interaction and communication within the organization to match the growth in activities. (Achrol, 1997) Entrepreneurial Strategy There is a lot that can be done as far as this company is concerned. The CEO has already set the ball rolling with a new focus on shifting the focus towards gaining a competitive foothold in the global marketplace. This has been apparent in the new policies now followed by the company. In addition, a focus on creating a brand identity is a key measure that will