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Businesses flourish in an unpredictable and competitive environment. Today, the rapid growth of digitalization and technologies like Machine Learning and AI are evolving our world faster than ever.
To survive in this cut-throat competition, companies must learn to adapt and evolve by embracing new technologies, but the trickiest part is to develop a culture that appreciates and welcomes change and lets the innovation flow in every aspect of the organisation.
As per Monster.com,less than one-third of workers feel they have the flexibility, resources, and freedom to be an intrapreneur.
Now, it has become indispensable for organizations to encourage and support employees who constantly bring new ideas to boost growth. We call these employees intrapreneurs. They are the dreamers, thinkers, and doers who bring new innovations to a company and make a significant impact.
Read the blog to find out how Intrapreneurship can help your business grow faster than ever.
What Is Intrapreneurship?
Intrapreneurship is a term used to describe an employee who takes on the mindset of an entrepreneur within a company. This type of employee sees opportunities for improvement and innovation and develops new products or processes without waiting for any permission.
An intrapreneur is often described as a “risk-taker” and “change-maker” who is not afraid to challenge the status quo and push boundaries to make progress. This type of thinking and behaviour can be beneficial for both the individual and the company, leading to improved efficiency and creativity.
There has been an increased focus on intrapreneurship in recent years as more companies seek to promote innovation from within. They do this through programs and initiatives that encourage employees to think like entrepreneurs and give them the resources and support to turn their ideas into reality.
While intrapreneurship can be a great way to spur innovation, it’s important to note that not all employees are well-suited to this type of thinking and behaviour. It’s crucial to contemplate whether an employee has the right mindset and skill set before encouraging him to take on an intrapreneurial role within the company.
Intrapreneur vs. Entrepreneur- Understanding the Differences
There are many essential differences between Intrapreneurs and Entrepreneurs. Here are five of the most crucial:
An entrepreneur is someone who starts his own business with the sole purpose of making money. On the other hand, an intrapreneur uses creativity and innovation to drive change within a company.
2. Risk tolerance
Entrepreneurs are often willing to take on more risk than intrapreneurs because they believe in the potential of their own business. But, intrapreneurs are more risk-averse because they have stability within a company.
3. Time commitment
Entrepreneurs typically devote all of their time and energy to their business. On the other hand, intrapreneurs often have other commitments outside of work and may not be able to dedicate as much time to their projects.
Entrepreneurs typically have to build their business from scratch with little to no support. On the other hand, intrapreneurs often have access to resources and support from their company.
Intrapreneurship can be a great way to impact a company positively. If you think your creativity can bring a positive change to your current organisation, Intrapreneurship may be the right path for you.
The ‘Post-Pandemic World’ Demands It
As we enter the post-pandemic world, it’s more important than ever for companies to cultivate intrapreneurship. In times of uncertainty and change, they are vital to maintaining a sense of forwarding momentum and keeping businesses competitive.
There are several reasons intrapreneurship is crucial in the post-pandemic world. First, traditional business models are being disrupted at an unprecedented rate by technological advancements and shifting customer preferences. To survive and thrive in this new environment, companies need to adapt and innovate rapidly.
As per the future of jobs report 2020 released by World Economic Forum, innovation and analytical thinking were identified as the most popular skills in 2025. Businesses that recognise intrapreneurial spirits in their hierarchy today and bolster their ideas will undoubtedly be one step ahead in the competition.
6 Ways Intrapreneurship Can Help Your Business Flourish In The New Normal
Everyone knows that the COVID-19 pandemic has reshaped the business landscape in profound ways. In response, many businesses are turning to intrapreneurship as a way not just to survive but thrive in the new normal.
Intrapreneurship is all about coming up with innovative initiatives and taking calculated risks within an existing organisation. This can help businesses of all sizes stay agile and adjust to rapidly changing markets and conditions.
Here are six ways Intrapreneurship can help your business flourish in the new normal:
1. Encourage Out-Of-The-Box Thinking
Encouraging out-of-the-box thinking is one of the best things you can do to foster a culture of intrapreneurship in your business. By encouraging your team members to think outside the box, you’re giving them the opportunity to develop innovative solutions that can help your business flourish in the new normal.
There are some ways you can encourage out-of-the-box thinking in your team:
- Encourage open communication and collaboration: Creating an environment where team members feel comfortable sharing ideas is essential for fostering creativity and innovation. Encourage open communication by setting up regular check-ins and brainstorming sessions where team members can share ideas freely.
- Encourage risk-taking: Encouraging team members to take risks can be scary, but it’s essential for innovation. Help your team members feel comfortable taking risks by creating a safe space for experimentation and encouraging them to think outside the box.
- Encourage continuous learning: Encouraging team members to continuously learn new things will help them stay sharp and innovative. Create opportunities for the team to learn new skills by offering training and development programmes or setting up a company library.
By encouraging out-of-the-box thinking in your team, you’re setting the stage for a culture of intrapreneurship that can help your business thrive in the new normal.
2. Drive Growth
There are many benefits that businesses can reap from fostering intrapreneurship within their ranks. Perhaps most importantly, intrapreneurship can help companies stay ahead of the curve and drive growth in today’s rapidly changing marketplace. By encouraging employees to take controlled risks, businesses can tap into a powerful source of innovation that can help them improve their products, services, and operations.
In addition, intrapreneurship can also help businesses attract and retain top talent. In today’s highly competitive job market, many of the best and brightest employees are looking for companies that offer opportunities for innovation and growth. By promoting intrapreneurship within their organisation, businesses can send a strong message that they are committed to innovation and value employee creativity and initiative.
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3. Boost Morale
One of the biggest advantages of intrapreneurship is boosting the morale of your workforce. Intrapreneurship can help employees feel more connected to their work and celebrate their successes. Boosting morale can increase productivity and creativity, which can benefit the bottom line. Intrapreneurship can also help businesses attract and retain top talent.
Employees who feel supported in their creative endeavours are more likely to stick around than those who don’t feel as invested in their work. Ultimately, happy and engaged employees lead to a more productive and successful workplace.
4. Enhance Creativity
Intrapreneurship is all about harnessing employees’ creativity and entrepreneurial spirit within a company. By giving employees the freedom to innovate and experiment, businesses can tap into many new ideas and solutions.
There are many benefits of intrapreneurship for businesses. Perhaps the most important is that it enhances creativity. When employees feel empowered to come up with new ideas and solutions, they are more likely to be creative in their work. This can lead to breakthroughs in product development, process improvements, and more.
5. Foster Collaboration
Collaboration is vital to the development of any business, but it is often challenging to nurture amongst employees. Intrapreneurship encourages and incentivizes employees to work together towards collective goals, fostering a more collaborative environment. This can lead to a number of benefits, including improved communication, increased creativity and innovation, and better problem-solving skills.
Furthermore, intrapreneurship fosters collaboration and creativity within an organisation by promoting risk-taking and individual responsibility. It provides the opportunity to develop new products, services, and processes from within the company, leading to increased innovation and growth.
6. Increase Profitability
Intrapreneurship can help your business by increasing profit. When employees are given the opportunity to think creatively and develop new ideas, it can lead to new products or services that can generate additional revenue. Additionally, intrapreneurship can help improve employee morale and engagement, as employees feel more empowered and invested in their work. In turn, this can lead to improved productivity and quality of work. So not only can intrapreneurship help bring in new revenue, but it can boost a company’s bottom line in other ways as well.
Intrapreneurship can also lead to increased efficiency and effectiveness. Employees who are given a chance to take charge of their projects are often more motivated and engaged than simply told what to do. When employees have a sense of ownership, they are more likely to put in the extra effort necessary to ensure it is done correctly and on time.
Lastly, the importance of intrapreneurship is immense and can’t be ignored as it fosters a positive environment for success.
Intrapreneurship is a hot topic these days, and for a good reason. With the global pandemic now in our rearview mirror, businesses are looking for ways to create a more resilient future. That’s where intrapreneurship comes in; by empowering employees to be creative and innovative within the company structure, businesses can foster growth even in tough times.
It is time to unleash the power of your workforce and drive profitability through innovation with the help of workforce management software.
What do you think? Is intrapreneurship right for your business? Tell us in the comments below-
Thanks for reading!!