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Which one of these is you?
“Internal Entrepreneurship” or “Intrapreneurship” refers to innovation within a company. The American Heritage Dictionary defines it as:
“…a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation.”
There’s potential for intrapreneurship to flourish in any company; it’s just a matter of identifying these people, developing strategy, promoting it and committing to it.
It’s impossible to create a cookie-cutter list, but some traits to notice when seeking internal entrepreneurs include:
Intrapreneurs recognize and learn from mistakes, and can manipulate the system. They adapt, but are more interested in finding a solution to meet or breach the needs of companies and customers.
They must possess ingenuity. They bring creativity to the workplace and apply it to everyday situations.
Goes Against the Grain.
Innovation’s the name of the game, and it exceeds creativity. Intrapreneurs have a rebellious spirit (even if mildly,) allowing their minds swim upstream. This makes them strong, and contributes to the quality and originality of work.
Internally & Externally Focused.
Intrapreneurs understand the needs of company and customers. Their mastery of networking and communication helps them realize this. Perspective is essential, and they’re able to see the world through many different lenses.
Internal entrepreneurs trust their judgment and ability, like any leader. Confidence and independence enables them to convey ideas, even controversial ones.
A good idea is one thing, but quantifying costs and benefits, understanding short- and long-term implications, and successfully pitching the idea really allows them to succeed.
Besides the first five letters, a few things distinguish entrepreneurs from intrapreneurs.
The first is environment. An entrepreneur is generally responsible for creating a new organization. An intrapreneur works within an existing firm, recognizes errors and creates solutions to better the company.
Given the first difference, it follows that level of risk is affected. In many cases, entrepreneurs invest their time and money into creating an enterprise. This could mean working without pay, and nothing’s guaranteed. Intrapreneurs experience risk by questioning the status quo or authority, but they aren’t responsible for the fate of the company in the way that an entrepreneur would be in his or her early days.
The most obvious answer is through recruiting. Knowing their characteristics and asking questions related to innovation will help identify them. Recruiters should be trained and instructed to pay attention for the warning signs. However, maintaining a balance of personalities is important.
Corporate culture must be aligned to meet their needs. Internal innovation must be sought and promoted actively and consistently. And since innovation often requires risk, a focus on reward rather than ramification will foster openness between employees and management. This will be discussed in the next post.
Finally, employee education and training may help bring out the inner innovator. It’s likely that many of them have had a great idea, but were nervous, forgetful or unaware that ideas were sought or appreciated.
“Nurturing Europe’s Spirit of Enterprise: How Entrepreneurial Executives Mobilize Organizations to Innovate,” conducted by Forbes Insights, concludes that companies of all sizes contain a similar proportion of employee innovators, with:
The same study found that one in six European executives were internal entrepreneurs. Although this was conducted overseas, the song remains the same in the US.
Internal entrepreneurs will inevitably end up in your company, so you may as well involve them! When engaged properly, they can take any business to the next level, without necessarily hiring a separate creative team. And in a market that’s so saturated and competitive, anything helps.
Intrapreneurs are employees first and foremost, so they understand the company, but bring a unique perspective that may not be considered by anyone else outside the organization.
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