Intrapreneurs usually are employees within a company who are assigned to work on a special idea or project and they are instructed to develop the project as an entrepreneur would. Also, Intrapreneurs usually have the resources and capabilities of the firm at their disposal. So, why is intrapreneurship important?
An Intrapreneur is a person who behaves like an entrepreneur whilst being employed. Also, Intrapreneurship usually encourages people to develop their ideas into a workable product by the company they work for. In other words, Intrapreneurs are motivated, creative and can think out of the box.
Intrapreneur emerges from within the confines of an existing enterprise. According to Gifford Pinchot (1985) who coined this term intrapreneurship: An intrapreneur is an entrepreneur within an already established organization.
Intrapreneurs are the people who are clear about the vision and mission of the organization and work in achieving those missions. Also, these people have enormous freedom and creativity to think something extraordinary, to innovate ideas, to be creative in whatever they do.
5 Reasons why Intrapreneurship is essential in companies
Intrapreneurship aims to create an entrepreneurship mindset and infrastructure that needed support and growth. It takes a system view of growth. It transforms the business. Intrapreneurship helps organizations to generate new business growth.
Innovation is the key. Intrapreneurs are creative and innovative in their approach. They have flexibility in their work. But, one doesn’t only require innovation, you need the right people and the right environment.
Leadership is the predictor of innovation success. Intrapreneurship requires a new set of competencies and behaviors.
Intrapreneurial leaders tend to think and act differently, they have different motivations and aspirations, and they prefer working in different work environments. It is this differentiation that makes them the perfect candidate to lead new growth initiatives.
Moreover, Intrapreneurship is the best way to attract and retain entrepreneurs.
Intrapreneurial leaders are change agents. They demand change and freedom. They become the change they wish to see. Intrapreneurship enables an organization to manage the change.
Intrapreneurship provides a platform to engage employees in work that is challenging as well as meaningful at the same time. Intrapreneurs have high engagement in their work. Their passion and determination inspire others to get involved and try new things. As they grow, the organization grows.
Intrapreneurship helps employees grow while keeping them engaged.
Growth of Intrapreneurship
Intrapreneurship has become important and imperative for organizations and a survival strategy for others. Moreover, Organizations that have embraced intrapreneurship have tasted the fruits of higher financial gain, increased productivity, more employee engagement.
More companies are embracing this and moving towards this trend due to its added advantage that the organization benefits in the long run. Hence, intrapreneurship has borne sweeter fruits always and the organizations have always benefited from this.
It leads to not only financial returns and increased productivity but it also leads to more creativity, innovation, and freedom to the employees. Due to this there is more employee engagement and they work with their heart and soul for the company and it is also beneficial for their personal growth as well. Entrepreneurship is booming today and eventually these intrapreneurs can also think about starting their own venture. After all, there are many benefits of working in a startup and the opportunities are as good as in intrapreneurship!
I am working for an organization, which is an education portal. I write on various education-related topics for millions of readers. For instance, this is an example of intrapreneurship where I as an employee work on a particular area with a set of rules and regulations and enormous freedom and creativity.
I have the choice to think and execute my ideas in an innovative way. This does not confine me to the four walls but allows me to explore more and gives me the chance to improve my work and to think out of the box every time I write.
So intrapreneurship is a good start. Every company must accept this change and move from entrepreneurship to intrapreneurship. Because in this dynamic and complex business world, change is inevitable and change for good needs to be accepted with open arms.
Therefore, organizations that wish to grow and succeed as well as satisfy their employees and engage them, retain them and attract them to the organization must accept and implement Intrapreneurship in their organizations and companies.
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