We are quite familiar with the term “inner calling” – it has a streak and a pull of its own. Intrapreneurship is one element which is supposed to lead to path breaking organizational development from within an enterprise. This particular concept is picking up steam because people are realizing that it is a lot easier to develop a start-up, while already on the inside at an established company. And while entrepreneurs are in the spotlight right now, that will probably change once the public sees just how talented intrapreneurs can be. However, both initially and in the long run you should remember that this art in business is delicate and tends to attune itself with both conforming and conflicting interests.
While the idea of becoming an intrapreneur can seem like an easy route to pursue toward success, you still have to know how to approach it so that you avoid mistakes that others have faced along the way.
1. Don’t hype up your ideas too much.
The worst thing an intrapreneur can do is promote their ideas at an early stage so they reach the people highest up in the company. It’s important that you get across to people that everything you’re doing in this new venture is at a very early stage. You don’t want anyone who works with you to tell potential customers about your idea only to potentially let them down in the future. Not just to spark innovation, but a perfect business plan should be there to raise profits and should also be productive for customers and partners.
2. Create checkpoints to avoid risks.
Knowing the risks is a huge part of any intrapreneur’s venture. Once the risks are known, you have to create a road map that allows you to avoid all of those dangers to your business. Your ideas should be well researched, considering all factors necessary to evaluate your business proposition.
3. Don’t approach investors too early.
When you are confident that your idea is unique and works on the market, most importantly it means a good amount of return on investment, then move toward approaching investors for funding. Nonetheless, it can be said that intrapreneurs are likely to find ready resources from within the organization. This is one advantage that entrepreneurs are bereft of. At a later stage, intrapreneurs can approach investors according to need.
4. Always know why what you’re doing is important.
Some intrapreneurs think they have a good idea, but they don’t ask themselves whether their venture is worth the time and effort. But intrapreneurs need to continuously brainstorm and find ways to maximize relationships in the company’s supply chain; defend the business against innovators and competitors outside. For this the advantage intrapreneurs have over entrepreneurs is to directly take counsel of the upper management.
Studies have proved that intrapreneurship is a very flexible niche, where not only the goal of the organization gets priority but also the creativity of the employees comes to light. Hence, the more promising your venture is, the returns can be gauged more effectively, paving the way for you to become the innovative individual – the intrapreneur.
Ronald Alexander is a passionate writer and avid blogger currently associated with Forsyth.co.uk, which provides business services including flexible office space and virtual office services in Manchester.