Ultimate Guide To Learning Intrapreneurship
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 boss’s most valuable resource.
About This Intrapreneurship Guide
This guide offers the most insightful articles, educational videos, expert insights, specialist tips and best free tutorials about intrapreneurship from around the internet. The learning guide is split into four levels: introduction, basics, advanced and expert. You can learn at your own pace. Each item shows an estimated reading or watching time, allowing you to easily plan when you want to read or watch each item. Below you’ll find a table of contents that enables you to easily find a specific topic you might be interested in.
What is Intrapreneurship?
Intrapreneurship involves people within a business creating or discovering new business opportunities, which leads to the creation of new parts of the business or even new businesses. An intrapreneur is someone within a business that takes risks in an effort to solve a given problem.
How You Can Become an Intrapreneur in Your Organization
Like their namesake entrepreneurs, intrapreneurs are innovative thinkers who use the combined power of creative problem solving and risk tolerance when they approach business challenges. But unlike entrepreneurs who launch startups to meet customer and market needs, intrapreneurs are employees in existing companies who develop projects and explore new ideas using an entrepreneurial mindset.
Advantages to Being an 'Intrapreneur'
With all the time on the road, I found time to write a book on money, and my paycheck helped me to finance my other interests. Instead of being a classic “entrepreneur,” I was an “intrapreneur,” someone who builds within an established organization, or uses his or her paycheck to finance other interests. Here are three advantages to being an intrapreneur.
The Organizational Benefits of Intrapreneurship
Here are three of the benefits:
— Increasing market share and profits: the “bottom line” at its finest.
— Recruiting and retaining the best employees: the “human element” in the bottom line results.
— Developing new products and services: increasing sales is a great way to improve the bottom line.
How to Convert Employees into Intrapreneurs
The employees who are given resources, tools, and recognition – as well as the freedom of being innovative – are much more satisfied and motivated to do their jobs. This results in better products and services, and a highly engaged workforce. Both the intrapreneur and the company reap the benefits of a company culture that encourages intrapreneurship.
These are some of the ways to build the right climate and turn your employees into highly engaged intrapreneurs.
Intrapreneurship vs. Entrepreneurship
An entrepreneur runs their own company. They have complete freedom and responsibility — for better or for worse. An intrapreneur is responsible for innovating within an existing organization (usually a big one). While intrapreneurship is less risky, it also comes with less autonomy. The pay-off from a successful product or idea is also usually smaller.
Why Big Businesses Value the Entrepreneurial Mindset
Provided they are given the right environment in which to flourish, intrapreneurs can be extremely valuable to a company, regardless of its size or the industry in which it operates. Stagnation is one of the biggest threats to any ambitious firm. It is a risk that can be addressed by creating a culture that encourages workers to be bold, taking inventive approaches to problems and constantly questioning the status quo.
Intrapreneurs Could Leverage Coaching and Mentorship
Intrapreneurs could be the next best thing for the world of entrepreneurship. Industry experts with practical business expertise. Creative people who get empowered and supported by an organization. Future co-founders or C-level folks at growing startups.
Are You an Intrapreneur or Entrepreneur?
In most cases, it’s easier to become an intrapreneur than an entrepreneur. Have an idea about how your company can run better or about an opportunity you believe it should take? Try to make it happen! Put together some data and take it to your boss or the rest of your team and advocate for trying your ideas out.
Driving Innovation: The Value of Intrapreneurship
Most have the capacity for intrapreneurship if they are given the chance and opportunity. Many don’t know where to start, and there are even fewer learnings from those who have been through the journey of being an intrapreneur. In the spirit of encouraging intrapreneurship, I share my learnings and insights for becoming an intrapreneur in your organisation.
Intrapreneurs Improving Internal Innovation
It’s hard to argue against having an entrepreneurial approach but the reality of developing it is complicated. Most companies want to embrace intrapreneurs but few actually do it. Conflicting priorities and false perceptions about innovation may be holding some companies back from investing in intrapreneurs.
Steps for Turning Your Employees Into Intrapreneurs
In creating a culture of innovation within an organization, you want to make sure you have the ability to not only highlight people and bring their ideas to the surface, but also have a process in place so you can escalate those ideas up the chain to get action taken. Creating systems for intrapreneurship is a key success factor in many of today’s successful companies.
How to Identify Intrapreneurs Within Your Company
How can leaders go about identifying intrapreneurs and putting their skills to work? It’s not as easy as an informal survey, but it’s not rocket science either. Most importantly, the work you put into identifying intrapreneurs will be almost certainly worthwhile once they are given the opportunity to flourish.
Think Like an Entrepreneur, Even as an Intrapreneur
As an influencer, you have the opportunity to model collaborative behavior. Be the entrepreneurial-styled intrapreneur that fosters innovation and facilitates knowledge sharing to keep your company at the forefront of the competition.
Intrapreneurship: From Out-of-the-Box Thinking To Strategic Opportunity
The lone wolf. The maverick. The rebel. All of these labels have been used to describe employees who engage in thinking and problem-solving that push beyond the norms of business processes and culture. But in just the last five years, CEOs have started to realize that these once-regarded nonconformists may own the strengths necessary to strategically accelerate innovation and growth.
Key Strategies For Cultivating Intrapreneurs On Your Team
A growing trend in many corporate cultures is to foster their own internal entrepreneurial, or intrapreneur, programs with their current employees. An intrapreneur program is something you can adapt for your organization and it can be a great thing for both your employees and your business.
Here are five key strategies for cultivating intrapreneurs on your own team.
How Your Company Can Empower Intrapreneurs
When you think of Michelin, you probably think of tires. In particular, the tires you’re about to replace on your car. The 126-year-old French company evokes images of reliable, durable rubber tires for all kinds of vehicles. “Pushing the envelope” or “cutting-edge innovation” probably aren’t the first phrases that come to mind. Yet pushing the envelope is precisely what the company’s Michelin Incubators is designed to help a corporate entrepreneur, or intrapreneur, do.
What is it Like to be an Intrapreneur
You will hear examples of successful intrapreneurship programs, but also how your career is at the risk of being killed all the time. You will be inspired by the results these intrapreneurs created, but also be touched by the understanding how lonely the road to that success often is. The intrapreneurs will be sharing their real and raw stories of successes, failures and everything in between.
Personality Traits of the Corporate Intrapreneur
When it comes to identifying, recruiting and nurturing intrapreneurs (corporate innovators and entrepreneurs), there are a number of characteristics and traits you should look for.
While many employees may get temporarily excited by the prospect of working on a ‘corporate startup’ or taking part in a hackathon, the number of employees who embody the mindset and approach required to successfully innovate within a large organization is much lower.
Millennials & The Opportunity of Intrapreneurship
Millennials have the drive, skill and hunger to push themselves to succeed in truly massive ways that could drive our entire business economy in unexpected directions. The companies that succeed are the companies that embrace an intrapreneurship model that takes advantage of all the considerable assets millennials bring to the table.
Building an Intrapreneurial Organization
Companies that transform towards an agile and intrapreneurial culture are more likely to develop radical innovations in-house. Promoting employees from the position of project manager to intrapreneur (possibly with some sort of stake in the initiative) can spur their dedication and passion for the job. However, managers should remember to design an appropriate reward and incentive structure, as well as a mechanism to spin radical innovative projects back into the company from the “innovation lab.”
Intrapreneurship Success Stories
In the last 5 years, we were proud to feature on stage a wide range of great intrapreneurship case studies shared by a diverse group of 100+ corporate innovators. It’s hard to pick favorites, but if you’re wondering how intrapreneurship is done in other companies (and what you can learn from their successes and mistakes) and why companies like IBM, Allstate and ING Bank foster intrapreneurship, here’s a collection of five great stories from past events.
Intrapreneurship Case Studies
Maybe it’s time you took a step back and considered how you could encourage your staff to take ownership of their ideas and turn them through mere daydreams and blue sky thinking into potentially profitable business decisions.
If intrapreneurship hadn’t been encouraged in the following examples, we might just have missed out on some key cultural and technological events that have shaped millions of lives.
A Guide to Accelerating Innovation Within Corporations
This white paper guides corporations in understanding intrapreneurship and how to integrate it into the DNA of their organizations. Deloitte’s research includes a series of expert interviews with successful intrapreneurs and corporate innovation managers, analyzing the potential and challenges of intrapreneurship.
Further Reading: Best Intrapreneurship Books
Winning at Intrapreneurship: 12 Labors to Overcome Corporate Culture and Achieve Startup Success. Learn breakthrough concepts and access practical tools and methodologies that will ensure you turn your innovations into thriving new businesses or lines of business and that are instrumental in deploying any organic growth strategy and in creating a culture of innovation and corporate entrepreneurship.
Intrapreneurship: Managing Ideas Within Your Organization. This book provides an engaging guide for both managers and employees on how to direct the flow of ideas and foster a culture of entrepreneurship within their company’s existing structure.
The Lean Enterprise: How Corporations Can Innovate Like Startups. The first and most comprehensive book on bringing the startup mindset into large organizations. Forget vague notions of creating an “innovative culture.” This book reveals the methodologies, tools, and incentive structures guiding the world’s largest organizations to reclaim their innovation prowess.
Intrapreneuring: Why You Don’t Have to Leave the Corporation to Become an Entrepreneur. This book explains how innovative employees can obtain the resources–within the framework of their corporate jobs–to develop promising ideas to benefit both the company and the employee and details how to make the concept work, with examples of the experiences of major corporations.
Further Learning: Best Intrapreneurship Courses
Corporate Entrepreneurship: Innovating within Corporations. This course is designed for those interested in learning how to innovate and apply entrepreneurship principles in the corporate setting. Learners will develop knowledge on how to navigate the barriers to creating, developing, and sustaining innovative new businesses or initiatives within existing companies.
Intrapreneurship 101: Skills for Entrepreneurs on the Inside. In this course, you will learn how to drive change and innovation from within your organization to make a positive impact. This course focuses on building your confidence and developing the skills required for successful intrapreneurship.
How To Become An Entrepreneur On The Job. This course takes you step-by-step through the Corporate Entrepreneurship process, detailing the most common problems you will face and the strategies you can use to create new ideas that increase your value. From how to optimize your ideas and navigate the politics of your work place to developing a plan to present your employer to get your ideas up and running, this course covers it all with practical, easy to follow instruction.