How intrapreneurship can transform your company from the inside out
Entrepreneurship makes the headlines every day, but intrapreneurship is its lesser- known relative. More commonly known as business builders, these employees can be growing or building any type of organization – for profit, non-profit, educational and government. Here are 5 reasons how this model can improve the health of an organization, large or small:
1. Growth: The goal of intrapreneurship is to foster an entrepreneurial mindset needed to take growth to the next level. Intrapreneurship does just that, by encouraging employees to think beyond the present realities and challenge the status quo.
2. Innovation: Without innovation, organizations are stagnant and more likely to tread water and die. Organizations need to be actively innovating all the time. Look at the Facebooks of the world if you need an example. Innovation and intrapreneurship are integral to long-term success. Quite frankly, the No. 1 issue keeping CEOs up at night is the pace and rate of innovation in their organization. Your next big product could be just an idea away. Is your company’s climate conducive to innovation or is it stifling? Remember, innovators come up with ideas but the execution and almost everything else belongs to entrepreneurs — entrepreneurs and business builders who can manage and calculate risk and seize opportunities when others just see problems.
3. Leadership: The traits we associate with C-level execs are not necessarily what companies need to innovate. Intrapreneurial leaders have different philosophies, motivations and preferences that lend themselves to leading growth in product and market initiatives. Intrapreneurship has the potential to engage your best and brightest.
4. Change: Many leaders are afraid of change and its consequences. On the other hand, intrapreneurial leaders welcome and seek out change because they know it’s a necessary aspect of growth. Intrapreneurial types aren’t afraid to ask the tough questions, experiment with different approaches to solve a pain/problem in the marketplace, and pivot to a second or third ‘right’ solution.
5. Engagement: Are your employees emotionally checked out or plugged in? Lost productivity can mean slow or no growth. Intrapreneurship, on the other hand, can be a boon to organizations because employees find the projects challenging and meaningful, which leads to higher engagement. Their passion and determination is contagious. As they grow professionally, so does the organization and its opportunities.
So where does your organization fall on the spectrum? What can you do to become more intrapreneurial?