Sounds new and fancy, but it has been a demanding trait most of the employers are looking for from the employees these days.
Intrapreneurship refers to employees behaving like entrepreneurs while working within an organisation, hence the ‘intra’ in its name.
What’s the difference between them and entrepreneurs?
We all know that entrepreneurs run their own business, being fully responsible in managing various resources and risks to achieve their visions and reap special rewards.
Intrapreneurs work within the constraints of the company by utilising the company’s financial, talent and technological resources. They are also equipped with the right amount of time, freedom, expertise and tools to develop a product.
Take a look at the people/ teams around you. You may be able to identify employees who are responsible to work on special ideas, innovative products or new processes within your organisation.
Why is this important for you to understand?
It’s important to understand the traits of both entrepreneur and intrapreneur in order to identify the right talent to be groomed in your organization.
People love to be entrepreneurs these days, particularly those who are younger and tech-savvy. Managing their own eCommerce store, opening up F&B stores, even freelancing, most of them have distinct similarities – they love taking charge of their own time, resources and freedom.
Traditionally, only senior managers and the C-Suite create ideas and implement them. Imagine the waste of talents and the vast potential that comes with them. It’s time to tap into the hidden but brilliant minds and make intrapreneurship the new form of employment.
Think of it as empowering talented employees to take charge in certain areas and bring value to the company in their own creative ways. Intrapreneurship encourages consistent innovation. This will lead to new product inventions, diversified revenue streams, discovering new territories and markets, and ultimately benefiting the company.
By providing adequate freedom and a sense of ownership to the intrapreneurs, companies can maximise one’s potential and create the urgency to perform. Similar to the Employee Share Option Schemes, employees will be incentivised to grow their own projects and succeed in their own ways within the company.
Intrapreneurship can also cultivate employee engagement and retention. Taking intrapreneurs’ ideas seriously can lead to a feeling of being valued by the organisation and ultimately, talents are more likely to stay and grow with the company.
