Why You Need Intrapreneurship to Grow Your Business
We’re in a competitive age. It’s more important now than ever for companies to make use of every tool in their arsenal to maintain market share and get ahead of their competitors. Intrapreneurship can help with that!
The answer lies in innovation. The constant improvement of services, products and processes.
It is essential that businesses continually stay on top of their game by remaining flexible, dynamic and quick enough to beat competitors to the punch.
In order to do this, businesses need to consider offering in-house intrapreneurship programs.
What is an Intrapreneurship Program?
Where an entrepreneur is the leader of his or her own company, an intrapreneur works for an organization.
However, intrapreneurs are driven, self-motivated people with the mind of an entrepreneur who is given the freedom to pursue innovative ideas using the company’s resources.
Unlike an entrepreneur there’s no personal risk of failure as the organization absorbs any losses.
By offering an intrapreneurship program, businesses are giving employees an opportunity to be creative and proactive in order to help the company remain innovative and increase their bottom line.
Proof Intrapreneurships Yield Results
Once again Google provides a perfect example of intrapreneurship success. By allowing employees 20 percent of their time to work on personal projects, some amazing enterprises resulted. One of those was Gmail, and later Google AdSense.
When he was a junior employee at Sony, Ken Kutaragi, spent countless hours working on his daughter’s Nintendo in an effort to boost its power, efficiency, and user-friendliness. The result is what we now know as the Sony PlayStation.
At 3M, Post-It Notes were an accidental development created by employee, Spencer Silver in 1968.
**How Do Intrapreneurs Help Businesses? **
Not only do intrapreneurs take the initiative to identify and implement exciting new business possibilities, but they can take innovation to new places within a business.
- Improve employee morale and productivity
Employees are engaged in work that is meaningful and challenging.
- Simplify the employee recruitment and retention process
Companies that offer intrapreneurships appear more attractive to job seekers. Employees who feel valued in their position are less likely to seek employment elsewhere.
- A boost in the bottom line
The ideas produced for new products and services is essential to a company’s survival. These future revenue streams assist with its growth.
What Happens When Businesses Ignore Intrapreneurs?
If businesses fail to undertake intrapreneurships, they may find:
- A failure to initiate new services or products may result in lost profits
- A reduction in sales may result in forced downsizing
- Intrepreneurships can be the difference between a business’ failure or success
- Worst case scenario - a company may go out of business
For those companies who embrace intrapreneurships, it will result in a greater increase in growth and profit compared to those who do not.
It starts with discovering and fostering the intrapreneurship qualities within your employees in order to grow your business, increase that bottom line and become more successful.
Take Kodak, Blockbuster and Lehman Brothers. They were once at the top of their industries, but they no longer exist.
Remain ahead of the game and invest in intrapreneurships for your business.