An entrepreneur is a person who begins a business venture with a new conception. An intrapreneur is a company employee who oversees the development of new products and services.
Although the entrepreneur takes a more intuitive approach to the event, the intrapreneur takes a more remedial method. The entrepreneur achieves success by developing and testing a concept. They examine the risks of the upcoming business and compute the data in the internal corporate enterprise.
Intrapreneur suggests that a company should take risks when creating new products or services, acting innovatively in this regard. Intrapreneurship is a term used to describe an activity within a company. Read more about the differences in our post “Entrepreneur vs Intrapreneur – What’s the Difference?”
A few simple steps will help you progress in the entrepreneur and intrapreneur world.
Creating an Intrapreneurial Process
Many businesses have started to develop their entrepreneur and intrapreneurship programs. By defining your goal, ensuring internal coordination and formulating a plan for your training, you will get one step closer to maximum results.
Define Your Entrepreneur and Intrapreneur Goals
Firstly, what output do you want to achieve from an institution’s entrepreneurship and intrapreneurship process? This framework will help you clarify issues such as how you will design a program, what will you reward the participants with, and how long the program will take.
Is your goal to produce internal projects that can improve your company? Then, you need to design a process to manage internal projects as an output of your entrepreneurship and intrapreneurship program. Things get bigger if your goal is to spin off the selected teams by incorporating them.
Ensure Internal Coordination
A single department does not handle the intrapreneurship process. Almost all departments, from the law, to accounting, finance, communication, innovation, investment, and human resources, will contribute to this process. One department will be in charge of the work, but working together makes things easier. You need to figure out each department’s function in the process. Then decide who will be in contact with the program participants.
Formulate a Plan for Your Training
You probably do not have a team that can conduct intrapreneurship training (which is very typical). Working with organisations that operate this work allows you to be professional. Then, according to your institution, determine how long it will take for those to finish this program. Do not rely on these tutorials; instead, create your own. For example, strive to give entrepreneurs and intrapreneurs a vision by regularly bringing together people who receive training.
Another crucial thing to consider is who you will accept for training? How many people would you like to research? Are you going to team up? (do it if possible; investors don’t want single-founder firms.) How many individuals will be on each team?
Balance Between Existing Business and the Intrapreneurship Program
Employees are expected to continue running their existing enterprises while participating in entrepreneurship and intrapreneurship initiatives. This is understandable, but as people’s workloads suddenly quadruple, try to provide them with programmatic flexibility. In devoting time to ordinary work programs, you must persuade management, particularly mid-level managers. Prepare yourself for the challenges you may face at this point.
Set a Budget
All these operations will cost your institution money, but it will be nothing compared to how much you will benefit from them. Think of how much support you will provide for the teams to realise their projects. Especially during the training process, this might be a critical problem in your budget.
Teams will need access to resources or items to purchase, which may cost a lot. These are some other questions regarding your budget: Which department of the organisation would you coordinate this purchase? How much will you invest, and in how many teams?
Legal Considerations for Entrepreneurs and Intrapreneurs
If you start a business due to the training, you must go through a lengthy legal process. Here are some things to think about:
- Who will hold the intellectual property rights to the projects that result from the training?
- What will you do if your staff take all the project results and continue working outside the company? Would you allow that or not?
- Will you compensate previous employees who departed from your organisation and formed their own business?
- Will you accept your former employees back into their previous jobs if their company fails after a while?
There are also some things to consider when preparing the shareholders’ agreement.
- The process of creating this contract may take some time.
- The amount you will invest in the company and the share rate you will receive.
- The entrepreneurs’ share rates, the shareholders’ rights, and so on are all included in this contract.
- You should clarify all investment-related difficulties and reach an agreement with entrepreneurs.
- Determine how much you will get involved in the day-to-day operations of your businesses. For example, you and entrepreneurs should know the answers to topics like whether you will decide on their wages.
To develop internal projects, you must figure out how many internal resources you will need. Also, you should always keep in mind the chance that these initiatives will become spin-offs in the future.
After everything you have seen, it will be your company’s innovations that will propel you forward.
How Are Entrepreneurship and Intrapreneurship Related to Innovation?
The modern world continues to advance in lockstep with technological advancements. This transformation has intensified in the previous 20 years. In the past, it took 75 years for Alexander Graham Bell’s phone to reach 50 million users, whereas Facebook needed only 3.5 years to gain the same number of users. In 2021, games or apps reached 50 million users in as little as 30 days. What was formerly impossible is now attainable thanks to modern technology.
This transformation occurs in many aspects of life, consciously or unconsciously. It is undeniable that everyday habits, interests, and work procedures have changed dramatically in the last ten years. Additionally, people and businesses resisting change are now falling behind. These are some reasons that prove the significance of innovation in our lives.
Why Do Companies Need Innovation?
As we stated in this post, technology advances with time. So, we may confront the reality of changing. Rather than resisting change in our personal and professional lives, we should conduct appropriate analyses and incorporate them into our lives to the extent necessary.
Businesses must adapt to the changing environment. Customer happiness is nowadays the most crucial aspect of a company’s growth. Businesses that serve customers with high-quality products tend to develop strong brand loyalty and flourish over time. For this reason, companies should actively monitor change by creating an innovative culture and assessing opportunities. It is unavoidable that firms that do not embrace innovation suffer from lower consumer satisfaction and fall behind their competitors in the marketplace.
How to Create an Innovation Culture in Companies?
Success in the innovation culture is only possible with its application as a whole. Firms that wish to foster an innovative culture should include their employees and business processes. A failure can arise in innovation processes where all company aspects are not included.
First and foremost, company management should embrace innovation. Then company employees can be encouraged to do so. Following that, you can present suggestions on every aspect of the organisation. Then you can identify the opportunities. Innovation is built on the foundations of vision and communication. Employees of a company are the best people to spot opportunities in business processes.
What is Entrepreneurship & Intrapreneurship Innovation?
Intrapreneurship and entrepreneurship innovation refer to a company’s ability to react to rapid change. Everyone in the firm participates in the invention process in an innovation culture. The company personnel make suggestions regarding possible changes. Then, managers aim to make the best use of these opportunities by evaluating them.
Maintaining staff motivation is one of the essential aspects of successful entrepreneur and intrapreneur innovation deployment. When intrapreneurship is assigned to corporate employees as a chore, it is not well received by the employees. Corporate management can create a “win-win” situation by rewarding positive proposals.
Innovation with the Power of Suggestion
Every business begins with a concept. However, a single good picture is insufficient for success; a steady stream of good ideas is required. So, how do you come up with good ideas? Companies that are focused on success should foster an environment that encourages the development of new ideas. Then all corporate employees contribute their ideas to the innovation process. To read more about innovation, check out our post on “How Entrepreneurs Benefit From Innovation Management Tools?”
Succeeding in entrepreneurship and starting an intrapreneurship plan is possible through several steps. When you define each department’s goals, you’ll be able to plan your training more efficiently. In doing so, you must be careful that the extra work balances the existing business so no one gets overworked. Finally, you must consider innovation a key concept in bringing positive change to your business. Considering these simple steps helps you and your company become popular in the entrepreneur and intrapreneur world.