Intrapreneurship or entrepreneurialism becomes a new fixture for organizational management in their efforts to spark creativity, substantiate competitive positions in traditional companies.
In face of constant changes and fierce competitions, every organization, especially the large sized, well-established organizations need to reinvent themselves by rejuvenating creative energy, developing innovative next practices, and taking intrapreneurship activities to really add value and build long term business advantage.
Initiating organizational innovation & intrapreneurship practices means enterprises should go smarter and flexible, to convert a problem into an opportunity: Intrapreneurship is about discovering the alternative path for business transformation and balancing innovation with other organizational priorities. From the business management lens, it’s about rejuvenating the startup spirit in the large organization; leveraging effective information, emerging technologies, or optimized methodologies, and applying them wisely with interdisciplinary expertise, to drive radical change, harness intrapreneurship and do more with innovation.
Open-minded intrapreneurs are innovators, have bold visions, articulate the big “whys,” and the strategic rationale behind the venture, deploy fresh ideas, dynamic processes, and new adventures to renew business energy adventurously. In reality, practicing intrapreneurship in large enterprises needs to strike the right balance between stability and change; process and flexibility; standardization and personalization. It requires a lot more future vision, strategic mindset, the “can do” spirit, as well as innovative activities and practices.
Great investors advocate entrepreneurship/intrapreneurship activities, and put emphasis on investing in people-centric innovation: Intrapreneurship is a good practice to catalyze innovation and unlock business potential. Achieving visibility of intrapreneurship investment helps business investment management become more future-oriented. Insightful investors analyze business models that list all of the sources of value, resources, cost, and risk, to improve the success rate of business investment. Besides financial results, it’s also important to evaluate the multifaceted business value of a portfolio from investment perspectives, such as growth potential, quality, stakeholders satisfaction, cultural impact, or societal advancement, etc.
Increasing people-centricity is one of the noble goals for organizational transformation nowadays. Healthy intrapreneurship activities help to engage employees, motivate people to solve problems in alternative ways. Intrapreneurs are the owners or stewards of idea management of their organization. Insightful investors have sharp eyes to uncover patterns, spot innovators/intrapreneurs, scrutinize new business models, and calculate the projected return on investment. Good intrapreneur managers enhance a company’s success by advocating the culture of risk-taking and enforcing people-centric innovations cohesively.
Risk and reward are proportional from an intrapreneurship, innovation management perspective: In face of fierce competition and frequent disruptions, all companies across sectors need to leverage abundant information, emerging technologies or uprising trends, intend to stay at the growth trajectory etc. They take the “entrepreneurs’ spirit to turn the status quo upside down for dealing with uncertainty, break through organizational bureaucracy, idea bottlenecks, linear knowledge boxes, take calculated risk for exploring new business models and taking intrapreneurship activities to reinvent their business.
The risk management needs to lift up from risk control to risk intelligence which can identify the potential business growth opportunities. Good intrapreneur-leaders have willingness to take risks with the right dose of risk appetite; they are good at calculating risks systematically, deploying new ventures systematically; If failure is part of success, they have courage to experience it, taste failure as bitter experiences and show resilience to recover, fail fast, and fail forward.
Intrapreneurship or entrepreneurialism becomes a new fixture for organizational management in their efforts to spark creativity, substantiate competitive positions in traditional companies. It’s about discovering the new path for business growth and balancing innovation with other organizational priorities. Running an innovative business is about creating the future of the organization via continuous learning, experimenting, and discovering.