Chap 12 defined new ventures, initial public offerings (IPO) and corporate renewal. When an idea is formed and an opportunity is seen then it sparks entrepreneurship (new-venture creation), meaning that a business is created from the ground up. Initial public offerings is the public sale of company stock. This generally occurs early in a firm's life cycle and is a pivotal shift from small company to established. The term corporate renewal is just that breathing life into a dismal corporation through a re-evaluation of the strategy.
With the terrorist attacks on September 11, 2001, the airline industry tailspinned out of control. Delta Airlines took its first financial loss in six (6) years. This unexpected traumatic event almost caused an organizational failure. The economic change in the environment caused management to discuss corporate renewal.
http://www.managementsite.com/494/Organizational-Resilience-in-Times-of-Crisis.aspx
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