How to foster entrepreneurship in a medium sized company

Qu: How do we foster entrepreneurship and continue to innovate?
Ans: By extending “Good to Great” thinking, viz:

1. Jim Collins argues that to go from “Good to Great” a company needs a “Hedgehog Concept” which defines just 3 core values that drive the company’s ‘Economic Engine’ (or – more broadly – its ability to be great at what it does).
2. In “The Advantage: Why Organisational Health Trumps All Else in Business” Patrick Lencioni argues that the journey from “Good to Great” is dependent not just on the directors agreeing on the “Hedgehog Concept” but on the unity of the entire organisation around its 3 core values.  Here is one illustration from the book.
3. A similar point is made in “Work Rules” by Lazlo Bock from Google who contends “if you think people ar good, you must be unafraid to share information with them”
4. Sean Covey’s “4 Disciplines of Execution: Getting Strategy Done” explains how to put the company’s “Hedgehog Concept” into practice.  A particularly striking illustration is in “Creating an Innovative Culture” on pages 96-99.

The advice of the above boils down to

replacing hierarchy and control with transparency and clarity.