University of Alberta: ORGA 201 - NewCo Management Analysis

This report analyzes the management challenges of NewCo, a company operating in the Edmonton market and struggling within the Alberta economy. The report emphasizes the importance of entrepreneurial management, adaptability, and innovation for NewCo's success. It outlines key strategies, including creating a written business plan, fostering open communication, utilizing data-driven decision-making, and leveraging digital platforms. Furthermore, the report highlights the significance of intrapreneurship and provides actionable methods for encouraging innovation, such as the 'fifteen percent time' policy and reward systems. The report also stresses the importance of organizational adaptability, suggesting that it can be achieved through creative thinking, embracing ambiguity, and shifting focus according to the changing priorities. The report draws on various academic sources to support its recommendations, aiming to provide NewCo with a comprehensive framework for sustainable growth and competitive advantage.

Running head: PRINCIPLES OF MANAGEMENT
PRINCIPLES OF MANAGEMENT
Name of the Student:
Name of the University:
Author Note:

1PRINCIPLES OF MANAGEMENT
Managing Entrepreneurially:
It is a difficult task to establish a new company in the market and manage it
entrepreneurially; however, the task is not impossible. The organization NewCo needs some
proper ways to be managed in the market of Edmonton. Keeping in mind that the
organization is already struggling in Alberta Economy, it is significant for the organization’s
entrepreneurs to mange the business as fact as they could, to make the company cope up with
the competition in the market as well as the economy. For Entrepreneurs of a small
organization like that of NewCo, change is the key; since the business fundamentals are
always the same, hence there are some static management traits that could help the
organization to be managed entrepreneurially (Amato et al., 2018). The entrepreneur of
NewCo would require tenacity, vision, commitment and basic business skills to take the
company and uphold its position in the market. There is also the constant requirement of
strategies as per the changing climate of the business.
NewCo needs to have a well framed written plan about its business; without a well
framed plan, the business might fail to succumb to Alberta economy and Edmonton market.
The plan does not have to be very elaborated so that it can be read as a book; the plan can be
a mere outline (Mynderse, Shelton & Gerhart, 2017). NewCo should outline their target
audience, plan a budget and also make their 100 employees aware of such plan in order to
make them understand their responsibilities and duties. The next step to managing the
organization entrepreneurially is that, the organization should be aware of the fact that the
written plan which they created is not static in nature; they should be able to adjust and
rework as the dynamic situation if a company demands. The most important thing that the
entrepreneur of NewCo should do is to listen to the other members of the organization; for a
fact that NewCo is a relatively new organization in the market and the struggle might be hard,
but the entrepreneur should keep on taking advices along with providing advices to the

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members of the organization. This way the other members would also feel appreciated and
motivated and would be more willing to cooperate in the success of the business. Moreover,
the more the ideas, more are the chances of innovation.
The most significant task of managing the company entrepreneurially is to keep track
of every incident, budget and everything and manage the business by the numbers which are
available. This is the way the employees of NewCo should also be trained, so that they are
able to learn and also retain consistency (Gerrard, 2017). The numbers should be reviewed
daily so that decisions can be made in accordance to the availability. Moreover, since it is the
age of internet and social media, the business should utilise any such platform available to
them to develop the business. Finally, the most significant factor of managing the
organization of NewCo entrepreneurially is to reinvent the business and that can only be
achieved through the ability to innovate and adapt.
Innovation and Adaptability:
Without innovation, it is hard for any company to strive at a market and if looked
closely, innovation is surrounded all around the arena of business market. Thus, NewCo
needs intrapreneurship along with entrepreneurship as mentioned above (Burns, 2016). This
term was coined late in the year of 1970s which explains intrapreneur to be someone who has
the capability to think like an entrepreneur but also has the ability to being their own ideas to
the organization which the company can adopt for enhancing their innovation (Dixon, Meyer
& Day, 2014). Intrapreneurship does not have to come from entrepreneurs only; NewCo can
encourage this source of innovation by listening to the ideas of all the members of the
organization and encouraging them more by appreciating their ideas even if they are not
being implemented. There is also another way to encourage innovation in the employees and
the members through a policy that is known as ‘fifteen percent time’; according to this policy,
every members would be given 15% of their paid work time where they would be allowed to

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daydream or doodle or experiment with any ideas which does not necessarily have to be
related with the company. Not only this would serve as a potential source of innovative ideas
for the company, but it would also improve employee relationship and the workplace
environment. Apart from this, the company can impose methods of rewards and recognition
for innovative ideas, which would encourage the other employees to be more creative and
provide such ideas to the business.
The changing systems at workplace and its procedures require the organization to be
resilient and flexibility and in order to be so, the organization should have the ability to adapt.
And adaptability of an organization is dependent on all its members and not just the higher
authorities (Drucker, 2014). Adaptability is of utmost importance for an organization so that
they can stay competitive in the business; hence keeping the fact that NewCo is struggling in
the Alberta economy, it would be advised that adaptability would help them to gain the
strength and cope up with the market. Adaptability helps any business to gain a competitive
advantage and this competitive advantage is something that NewCo requires at the present
scenario (Kitchell, 1995). Hence to encourage and bring in adaptability, the first and foremost
requirement is thinking creatively, or innovatively as discussed above. Innovation will help
the company to bring in the ability of adaptation. Secondly, the organization must ensure to
embrace ambiguity so that they are able to embrace any kind of change that is uncertain in its
prediction of outcomes (Mu, 2015). The next requirement for adaptability is to be able to
shift the focus according to the changing priorities of the organization, so that the company
would not find itself clueless when the time of adaptation comes. NewCo requires to
implement all these steps that would encourage and ensure improvement of innovation and
adaptability in its premises.

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References:
Amato, C., Barbieri, B., Zurru, M., Ricciardi, M. R., Benevene, P., & Garcia, D. (2018).
Think entrepreneurially: Entrepreneurs vs. non-entrepreneurs cognitive profiles.
Gerrard, J. (2017). Learning to Entrepreneurially Labour. In Precarious Enterprise on the
Margins (pp. 131-152). Palgrave Macmillan, New York.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Dixon, S., Meyer, K., & Day, M. (2014). Building dynamic capabilities of adaptation and
innovation: A study of micro-foundations in a transition economy. Long Range
Planning, 47(4), 186-205.
Mu, J. (2015). Marketing capability, organizational adaptation and new product development
performance. Industrial Marketing Management, 49, 151-166.
Kitchell, S. (1995). Corporate culture, environmental adaptation, and innovation adoption: a
qualitative/quantitative approach. Journal of the Academy of Marketing Science, 23(3),
195-205.
Mynderse, J. A., Shelton, J. N., & Gerhart, A. L. (2017, November). Entrepreneurially
minded learning in a semester-long senior/graduate mechatronic design project.
In ASME 2017 Dynamic Systems and Control Conference. American Society of
Mechanical Engineers Digital Collection.