What is Intrapreneurship ?
The word ‘intrapreneur’ has been in the dictionaries since the 1990’s ?
Wiktionary defines ‘intrapreneurship’ as: “the practice of applying entrepreneurial skills and approaches within an established company; being creative with ideas and procedures”.
I simply define the word ‘intrapreneur’ as: “an entrepreneurial employee; someone who thinks and acts like an entrepreneur, but prefers to work within an organisation instead of having their own enterprise”.
Intrapreneurship allows for innovative progress and development to occur in a speedier way within an organisation.
The key advantage of intrapreneurship is that the intrapreneur (or employee of an organisation) can leverage on the support and resources of the organisation itself, that would otherwise not be available if that person was an entrepreneur working on their own business venture.
The role of an intrapreneur is more than just thinking outside the box or having a good idea. Intrapreneurs should also engage in operational work which leads to successful implementation and exploitation of ideas. Delivery of a new product or service into the marketplace requires the successful individual or team to proceed with persistence and determination throughout the process, regardless of the obstacles that lay in their path.
Essentially, an intrapreneur would adopt the mindset, behaviour, and habits of a typical entrepreneur, taking into account the overall wellbeing of the company.
The future trend of Intrapreneurship:
It is becoming a known fact around the world that intrapreneurship is on the rise and accelerating. More and more companies globally, especially in America and in the UK, are embracing innovation and entrepreneurial habits within their organsiation, to fuel growth and increase the competitiveness of their business practice.
With the continued proliferation of new technology, social media, and fast changing consumer trends, we are witnessing a new generation of people entering the workforce, who possess the intrapreneurial spirit and desire to change the way they work.
Why is Intrapreneurship vital to an Employee ?
In today’s economic environment, businesses need more employees who regularly demonstrate ‘entrepreneurial’ characteristics and work habits to fuel growth.
The success of an employee lies in their ability to manage short-term priorities, but equally maintain a strategic ‘entrepreneurial’ approach to their work on a daily basis.
Essentially, an entrepreneurial employee, or ‘intrapreneur’, will add value to the organisation beyond what is expected within their role, to set themselves apart from other employees.
If you an HR manager, senior executive, leader, or business professional working within a large, competitive, fast-paced, and complex corporate environment, intrapreneurship is a vital ingredient to the success of the individual, as well as for the long term growth and survival of the organisation as a whole.
Find out more ?
For more information regarding intrapreneurship in the workplace, and future growing trends of intrapreneurship, please click the links below for articles, podcasts, or radio interviews by Federico Re:
- Intrapreneurship – the Silver Bullet for Success
- Intrapreneurial Leadership – a fine balancing act
- The Exponential Value of Entrepreneurial Employees
- Why SME’s should be hiring Entrepreneurial Employees
- The Myth of the Intrapreneur
- ‘Intrapreneurship’ versus ‘Entrepreneurship’
- The Little Known Truth about Intrapreneurs
- Dawn of the Intrapreneur
- How Entrepreneurs need to Manage Intrapreneurs