Page - 191 - in Digital Entrepreneurship - Impact on Business and Society

suitable incentives and growth opportunities for their digital workforce. Corporate digital entrepreneurs should pay special attention to the following challenges for developing new products and services: • Attractingandretainingtalent:Corporatedigital entrepreneurs shoulddevelop proper recruitment and retention strategies for their employees. Companies also need to have transparent hiring policies because digitally savvy applicants receive information from different online channels, such as Glassdoor and Linkedin.com, and any negative comments might impact on selecting and retaining talent. Employee satisfaction is also associatedwith long-term returns, profitability, andvaluationof the companies in countrieswith high labormarket flexibility (Edmans et al. 2014). Creating and sensing opportunities are not uniformly distributed among employees or throughout the organization, and employees need to have the capability and knowledge to recognize and execute these opportunities (Teece 2007; Nonaka and Toyama 2007). Thus, a digitally savvy and knowledgeable workforce possesses the necessary capabilities for sensing and seizing opportunities andworkswith internal and external partners to execute those opportunities. • Creating a digitalworkforce: Due to the shortages of the digitally skilled and digitally equipped workforce, companies should develop strategies and capa- bilities to acquire digitally trained employees from within and outside their companies. Digital success is not all about technology.However, organizations with digitalmaturity are four timesmore likely to provide the necessary digital skills to their employees forDT (Kane et al. 2015).Organizations should assess their digital needs and develop proper training and development programs for their employees, including digital boot camps, in-house training and should encourage employees to participate in the educational courses outside the company. Companies should also prepare an inventory of existing employee skills and encourage hidden talent within the company to pursue corporate digital entrepreneurships (WEF 2018). • Bringing in a digital leadership team: Companies may not have digitally skilled and equippedmanagers andneed tohire digitalmanagers fromwithin or outside the organization so that they can initiate changes in the organization; these individuals should be placed in different functions in the organization to enable changes on a broader scale, not restricted to one business function. The top managers in a company must work as catalysts for digital corporate entrepreneurship. Topmanagers’ entrepreneurial and leadership skills can help an organization in its transformation journey (Teece 2010). • Moving away from a risk-averse culture tomore entrepreneurial approa- ches: Due to digital disruption, companies should experiment with newer and bolder ideas to bring changes.According toTeece (2009), risk-aversemanagers tend todiscountoutcomes that are improbableandgoafter certainoutcomes.For corporate digital entrepreneurship, entrepreneurial capability, such as risk-taking, isbecominganecessity asmoredigital companiesare taking risks to venture into new areas of business (Kane et al. 2015). The role of middle 196 S. Ghosh et al.