Ultimate Guide To Learning Intrapreneurship6 mins - Introduction
We’ve all heard of entrepreneurship, but intrapreneurship is one of those terms that brings about a lot of ambiguity. The basic definition of intrapreneurship is acting like an entrepreneur within a large company or organization. However, to understand intrapreneurship we need to explore the topic in depth.
The Fundamentals of Intrapreneurship
Business owners struggle to compete with other companies and often have to think of new and inventive ideas to stand out. Intrapreneurship encourages employees to think like business owners and develop ideas for their company. These ideas can result in a new product, service or even a sub-business of the existing company.
There are many benefits of intrapreneurship, and companies can use intelligent employees to maximize their profitability. However, it’s important to remember that there have to be incentives for intrapreneurship to work.
The Disadvantages For Employees
Entrepreneurs come up with ideas, develop them and reap the rewards for themselves. Bill Gates, Richard Branson and Steve Jobs are examples of successful entrepreneurs, and their collective fortunes show why people develop their entrepreneurial skills. However, if you’re an employee, then any ideas you have belong to your employer.
It’s not all bad though, because many companies reward their employees for hard work and great ideas. The company takes all the risks, which means you don’t have to worry about financial implications. Intrapreneurship programs give employees the opportunity to develop and grow, even if they don’t have the start-up funds.
Examples of Intrapreneurship Programmes
Google is one of the most forward-thinking companies in the world, so it’s no surprise they value intrapreneurship. Every employee has 20% of their working hours allocated for creative thought and ideas. In fact, Gmail was born through the intrapreneurship scheme, which shows that when employees have the opportunity to create, they take it!
PlayStation is one of the biggest gaming brands in the world, but it began with the mind of one Sony employee. After spending ages analyzing how his daughters Nintendo could be better, Ken Kutaragi took his ideas to the company bosses, and the rest is history!
These are just two examples of successful intrapreneurship schemes, and there’s a mass of evidence that proves companies can benefit from encouraging their employees. So why do so many refuse to implement a program?
Company owners can sometimes forget about their employees. Life at the top is a lot of fun, so why bother about the little people? This complacency can ruin a company because employees don’t work if they aren’t valued.
Enabling employees to innovate and create is seen by some bosses as a potential loss of control. However, this thinking means organizations have less chance of adapting to changing trends and technologies.
If a company places profit above everything else, they’ll lose out in the long-term. Many bosses don’t implement intrapreneurial programs because they don’t want to offer incentives. This is counterproductive, and employers should learn that their company can only grow if they have dedicated employees to make it happen.
How to Be an Intrapreneur
If you work for a company that encourages intrapreneurship then it’s time to take that opportunity and make things happen. The best part of being an intrapreneur is you don’t have to be creative. A common misconception is that intrapreneurship requires entrepreneurial thinking, but you can adapt your existing skills to fit the role.
Everything you do requires commitment, but if you want to be a successful intrapreneur, it will take a lot of dedication. Don’t forget that even if your company has an intrapreneurship program, it doesn’t mean you can forget about the requirements of your role.
Dreaming of coming up with an innovative idea is great, but you still have duties to perform. It’s essential you find a balance, especially if your company doesn’t allocate time for intrapreneurship.
It’s the little things that make the biggest difference, which is vital for being a successful intrapreneur. Instead of spending hours thinking of a new product or service, look at problems the company is facing and think of ways to solve them.
Top-level management teams are always searching for ways to increase productivity, improve customer experience and reach a wider audience. If you can offer workable solutions, you’ll contribute to the company and become a valued intrapreneur.
Have No Fear
We all worry about how others perceive us, especially our boss. However, fear will only hold you back and part of becoming a successful intrapreneur is accepting that your bosses might reject your idea. Taking a chance could change your life, so don’t be afraid to put your ideas forward. Nobody gets it right all the time, but intrapreneurship programs are there to provide opportunities for both senior management teams and employees.
The biggest part of intrapreneurial success is believing in yourself! If you don’t think you can achieve, then nobody else will have confidence in your abilities and ideas. Using company time, resources and funds to develop your ideas is daunting, especially when you think about all the things that could go wrong. Focus instead on the bigger picture and don’t let those inner voices of doubt stop you from making things happen.
Ready to Take The Next Step?
There are so many benefits intrapreneurial programs offer to both companies and employees, so if your organization has one, it’s time to take initiative. Take some time to think about whether you possess all the skills of an intrapreneur and commit your time to self-improvement.
Confidence is key, and there are some fantastic ways you can build yours. With some forward-thinking and a lot of self-belief, you could become your bosses most valuable resource.