Apply: Corporate Entrepreneurship Assessment

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Choose 1 of the following Fortune 500 companies to study throughout this course:

1. • CVS Health
   • Chevron
   • Kroger
   • Bank of America
   • Home Depot
   • Comcast
   • Target
   • United Parcel Service
   • Procter & Gamble
   • Caterpillar

Complete the Entrepreneurial Strengths and Actions to Increase Value Creation worksheet, describing the company’s approach to entrepreneurial value creation, assessing the company’s strengths in terms of entrepreneurial value creation, and recommending at least 1 action the company could take to increase entrepreneurial value creation.

Submit your assignment.

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ANSWER

Entrepreneurial Strengths and Actions to Increase Value Creation

Company: Chevron

Company URL: https://www.chevron.com/technology

Entrepreneurial Strengths of the Company

Strong Brand Portfolio– Over the years the Chevron has expanded its product categories with a range of high-quality refined products. The brand portfolios have increased the gains and value to consumers. They have a track record of successful production and innovation of new products.

Highly Skilled Workforce- Chevron is dedicated to a highly skilled and diverse workforce united by Chevron’s values, vision, and strategies and its commitment to delivering industry-leading results. The company has invested highly in learning and training programs to build a highly-skilled workforce.

Great Diversification- Chevron has focused on geothermal production with various products that have enabled the company to generate high income (Chevron, 2020).

Strong Financial Strengths- Chevron has a solid free cash flow that offers the company resources to introduce new projects. The company’s earnings and profitability level have continued to increase. Therefore, the healthy financial status of the company has enabled the company to successfully run its operations.

Major Elements of the Company’s Approach to Entrepreneurship and Value Creation

Workforce Development– Chevron has focused on workforce development to prepare the teams with essential skills for specific tasks (Chevron, 2020). Developing skills and supporting stability means unlocking full potential, thus boosting enabling operations.

Ideation– The entrepreneurial success of Chevron has been boosted the uniqueness and value of their business ideas. This entails generating new ideas, enabling the company to grow and stand out (Kathy, Lyn, Faith 2009). Ideation also enables the executives to determine the right solution to a problem, thus boosting its value.

Collaboration­– Chevron has focused on teamwork which has aligned ideas, opinions and skills. Teamwork is essential in getting things done by distributing work evenly and boosting diversity. Collaboration enables teams to learn from their failures, mistakes, successes and workflow, thus boosting value creation.

Implementation – Implementation entails using innovations and new ideas (Kathy, Lyn, Faith 2009). Implementation is essential in bringing about outcomes. For instance, after a creative idea is identified at Chevron, the next step entails transforming the idea from a concept into practical reality through implementation, thus generating value from the idea.

Innovation to Increase Entrepreneurial Value Creation

Controlling and planning for value creation demands the ability to measure and evaluate the current values that have been created in the company. Value creation leads to structural advantages for entrepreneurial success since companies with high values tend to grow faster and offer greater opportunities to employees. Chevron should focus on developing new technologies and innovations that will support the future of their business. New technologies and innovations that the competitors have developed have been a threat to the company, given the scale of operations and expansions in different geographies that the company plans to venture into. Therefore, Chevron needs to focus on investing in new technologies integrated into the process across the board. Technologies will play an important role in entrepreneurial success and value creation since they will allow the delivery of reliable and affordable energy, which fuels Chevron’s development. For instance, innovations will enable integrating information and data that can be managed around the company’s global assets.

References

Chevron. (2020). Chevron. The Human Energy Company. Available at: https://www.chevron.com/

Kathy Moore Cowan, Lyn E. Haralson, Faith Weekly. (2009). The Four Key Elements of Innovation: Collaboration, Ideation, Implementation and Value Creation.