All of us know a thing or two about entrepreneurship. We know that entrepreneurship can be a challenging path to take, but it has the potential to reap major rewards.
While many of us are apprehensive to start own own businesses, we can all tap into our inner entrepreneurial spirits while working for someone else … have you ever heard of intrapreneurship?
Intrapreneurship is the practice of entrepreneurship within the boundaries of a company, firm, or organization. An intrapreneur is someone who innovates new ideas or products while working under another’s discretion.
In many ways, the practice of intrapreneurship is a win-win for employees and companies. Employees have the opportunity to take on more responsibility and creativity, and companies can look inward for more ways to be innovative.
In 2016, a Gallup study reported that employee engagement affects overall company profitability—regardless of company industry. What does this tell us? Engaged employees—like those practicing intrapreneurship—will better support company revenue growth.
Employees want to see that their new ideas are valued by their employers. By creating a work environment that rewards innovation, employees will feel more motivated and incentivized to be creative.
Likewise, by instilling a culture that incentives intrapreneurship, companies will create an ever-moving flow of new, competitive ideas— while helping sustain and manifest company growth. In order to do this, companies must take a focused approach to innovation by forming a system that assesses ideas, weighs budgetary concerns, and vets proof of concept.
Now is the time to encourage intrapreneurship. Looking inward and awarding top talent for creative ideas is one of the best strategies companies can capitalize on.
Does your company practice intrapreneurship? Tweet @StarterNoise.
Derek Rundell, is a successful business leader, operator, and serial entrepreneur. Derek has founded, managed and sold businesses in the technology, media and finance industries. He sits on several boards and serves as an advisor/investor to numerous established businesses and startups. Startups are Derek’s real passion, and in addition to building his own portfolio of technology, media and financial ventures, he invests in and mentors startups and entrepreneurs. He is passionate about sharing his knowledge and helping other businesses succeed.