If you have the spirit of an innovator, you don’t need to be an entrepreneur to unleash your creativity. Many of the everyday innovations we rely on, such as Gmail and Post-It notes, were developed by people within supportive organisations. In the following blog, we’ll explore the concept of intrapreneurship and provide an inspiring and practical guide for anyone seeking to innovate and drive growth from within their current roles.

What is an Intrapreneur?

Intrapreneurs share many of the same characteristics as entrepreneurs. Their approach is similar, but while entrepreneurs typically need to find resources to pursue their ideas—including money, technology, employees, and time—intrapreneurs can take advantage of readily available resources within their current company. In a nutshell, an intrapreneur is an employer-sponsored entrepreneur!

The Key Traits of Successful Intrapreneurs

Intrapreneurs are the creative minds behind various innovations within their organisations. Despite the many different types of innovations, successful intrapreneurs tend to demonstrate similar personal attributes. Do you embody the following traits? If so, you might be on the path to intrapreneurship!

Creativity and innovative thinking

Are you a creative thinker? Intrapreneurs are amazing idea generators and approach challenges with new and exciting solutions. Their ability to think outside the box fuels their capacity for innovation.

Risk-taking and resilience

Intrapreneurs are not afraid to take calculated risks. You might wonder if there is any risk for those innovating within an organisation, but even with support and resources, even in these circumstances, intrepreneurship isn’t without risk. These employer-backed innovators invest their time and effort in new initiatives. They must embrace the potential for failure while being prepared to share the rewards of their risk with their company.

Proactive problem-solving skills

Problem-solving is a trait that’s crucial to innovation. Intrapreneurs exhibit a proactive approach to overcoming obstacles and quickly identify and resolve any challenges. Their resilience enables them to navigate setbacks and pursue their goals.

Leadership and influence without formal authority

Intrapreneurs possess the capacity to demonstrate exceptional leadership skills and significantly influence others, even in the absence of an official leadership role. Their ability to inspire and motivate colleagues is key to their impact within an organisation.

Resourcefulness

They are also proficient at finding and using the necessary resources within their company, demonstrating resourcefulness in leveraging available assets to ensure their initiatives come to fruition.

If you’re a creative risk-taker with a penchant for innovation and leading others, you might be an entrepreneur, which benefits yourself and your organisation!

The Value of Intrapreneurship

Intrapreneurship offers numerous benefits for individuals, including professional growth, increased job satisfaction, financial rewards, and personal fulfilment. When capitalising on intrapreneurial opportunities, you can advance your career, make meaningful contributions to your organisation, and experience a greater sense of purpose and satisfaction in your work.

• Professional growth
• Increased job satisfaction
• Financial rewards
• Personal fulfilment

How to Encourage an Intrapreneurial Culture

If you’re a business owner or manager who wants to promote an intrapreneurial culture in your organisation, you can encourage your employees in many ways.

• Encouraging a supportive and open-minded environment: Try to create channels of open communication, give employees autonomy, celebrate failures by treating them as opportunities for learning, and offer professional development focusing on leadership, creative thinking, and problem-solving.
• Providing resources and time for experimentation and innovation: Implement policies that encourage time for personal projects, like Google’s 20% time policy. Create ‘innovation days’ to collaborate on new ideas and create collaborative and flexible workspaces.
• Recognising and rewarding intrapreneurial efforts. Establish intrapreneurial awards for innovative projects that contribute to company success. You can also provide public recognition through company newsletters, socials and during meetings. Consider offering rewards, financial or otherwise.
• Ensuring effective communication and collaboration across teams. Scheduling regular meetings, establishing interdisciplinary teams, using collaborative tools, like Teams, Trello and Monday, for project management and having a peer review process can all help communication and cooperative efforts in the workplace.

6 Steps to Become an Effective Intrapreneur

If you are interested in becoming an intrapreneur, it’s essential to have a thorough understanding of the process. Start by engaging in a discussion with your manager to explore potential opportunities for innovation within your organisation. Here are the detailed steps to consider:

1. Identify Opportunities within Your Organisation

Take the time to thoroughly assess your organisation and identify areas where innovation can make a significant impact. This could include product development, process improvement, customer experience enhancement, or cost-saving initiatives.

2. Develop a Clear and Compelling Vision

Once you’ve identified an opportunity, develop a clear and compelling vision for how your idea can bring value to the organisation. Articulate the potential benefits and outcomes of your innovative proposal.

3. Build a Network of Support and Find Mentors

Seek out individuals within your organisation who can provide guidance, support, and mentorship as you pursue your intrapreneurial endeavours. Building a strong network of allies can be instrumental in driving your idea forward.

4. Locate Necessary Resources within Your Company:

Identify the resources required to bring your idea to fruition, whether it’s financial support, access to technology, specific expertise, or other essential components. Understanding what resources are available within your company is crucial for successful implementation.

5. Leverage Existing Resources and Seek New Ones When Necessary

Make effective use of the resources already available within your organisation. Additionally, be proactive in seeking out new resources when needed to support the development and execution of your idea.

6. Continuously Learn and Adapt to Feedback.

Embrace a mindset of continuous learning and improvement. Actively seek stakeholder feedback and be open to adapting your approach based on the insights gained. Learning and adapting are essential for the success of any intrapreneurial initiative.

Intrapreneurship Challenges (and How to Overcome Them)

Don’t be deterred if you encounter challenges. Intrapreneurs often encounter various obstacles in their pursuit of innovation within an organisation. These challenges can include resistance to change from colleagues and managers and a lack of resources such as funding and time allocation. You may need to employ various strategies to overcome obstacles, including effective communication, building support, and demonstrating the potential value of your ideas through research and feasibility studies. Additionally, resilience and perseverance are crucial for intrapreneurs, as the journey toward implementing new initiatives within an existing company can be time-consuming and demanding. Recognising and addressing these challenges head-on can increase your chances of success and drive positive change within your organisation.

 

We hope this blog has provided guidance and inspiration to encourage innovation within your organisation. If you’re ready to start your intrapreneurial journey today, contact one of our friendly Course Consultants on 1300 762 221 or via Live Chat for advice and professional development opportunities that will take your creative ideas to the next level!