Intrapreneurship: Most of us are familiar with the concept of being an entrepreneur. This can be a challenging path, and understandably, not everyone wants to take on that responsibility. But what if we could encourage that entrepreneurial spirit in our employees? The position is potentially win-win – for the employee and for the company.
Intrapreneurship is the system in which the principles of entrepreneurship are practiced within the boundaries of a firm. An intrapreneur is a person who takes responsibility for innovating new ideas, products and processes or any new invention within the organization.
Here are three reasons why intrapreneurship is important for long-term business success.
1. Employee Engagement
In Gallup’s 2016 meta-analysis report, the results showed that employee engagement consistently affects key performance outcomes such as company profits, regardless of the company’s industry.
Jim Hart, PhD, Gallup’s chief scientist for employee engagement and wellbeing, says, “Employee engagement remains an important predictor of company performance even in a difficult economy. When you talk to people about their intentions during a recession When asked, it is clear that disgruntled workers are simply waiting to see what happens. However, engaged employees are trying to make a difference in what they bought and what the organization is doing. That’s why they usually The most productive workers are. ”
And how do we create engagement?
Intrapreneurship can be an effective strategy to keep millennials at work.
If an intranpreneur sees that their idea is valued by their organization, it realizes that they can positively impact the future of the company, ultimately enhancing motivation. If you, too, implement a system that rewards innovation, you have incentive staff.
Continuous thought flow to stay competitive
If only a few people within an organization, such as senior leaders and the C-suite, are able to come up with ideas and implement them, it severely limits the ability of innovation for a company. In many cases, senior leadership is cut off from the end user and their wants and needs.
Intrapreneurship constantly draws on a large pool of ideas. Innovation should be a way of life to actually reap the rewards, rather than a process that occurs one to two times per year.
Take Google for example. Its intrapreneurial successes include: Gmail, Google News, Adsense, Driverless Cars and Google Glass.
To make it work, one needs to focus on innovation. There needs to be a system for assessing ideas, and the budget and time allocated to the employees developing them and proving “proof of concept”.
Important for long term stability
According to Deloitte, 88% of Fortune 500 companies in 1955 no longer exist in 2015. To understand that as a company in five to 10 years you need to make sure that you can take inspiration from highly innovative companies and observe. what are they doing.
Do you remember the search engine, ask creatures? I do, just about. You can’t find it anymore. Google may not be the first search engine, but it has certainly stood the test of time.
Companies often learn the hard way about its importance. Complacency or staying in your comfort zone is not something that any business can afford these days. If we don’t foresee trends, then Behemoth, Blockbuster, is a good example of this. This is even more important nowadays because technology accelerates the pace of change.
It is time for companies to really ask themselves questions about what they are doing to encourage intrapreneurship. And more importantly, what is the lost opportunity to not encourage it?