Intrapreneurship has become a popular buzzword nowadays as companies leverage their employees to innovate and remain competitive in the marketplace. Intrapreneurs are responsible for turning an idea into a profitable venture using the resources and capabilities of the firm they work for. Their company usually acts as a venture capital firm and employees have to execute unique concepts and bring positive change in areas critical to the success of their organisation. An example of this is Facebook ‘Hackathons’, where engineers team up and work on software projects that have turned into real features for the social network including the famous “like” button.
In this article I will demonstrate two key aspects that are especially vital for budding intrapreneurs: First, how intrapreneurs can stand out by exploiting innovative opportunities and secondly, what makes an intrapreneur successful.
How Intrapreneurs Engage With Innovation Opportunities
Intrapreneurs create value by innovate by increasing revenues, decreasing costs, streamlining processes and solving problems. In order to achieve this, they firstly identify innovation options by looking around, asking peers and coworkers, going online and exploring gaps in the business world or ideas that could be improved. The next step is to create a professional innovation proposal. This is possible through Monday’s free Proposal Generator Tool, which automatically computes important financial measures such as implementation costs, Break Even Point, Return on Investment, Net Present Value, etc.
After making sure that the financial information looks good, they submit the proposal to the upper-level management. That’s because upper management tends to appreciate more business improvements than any other level of management. Alternatively, intrapreneurs collaborate with their boss to develop their idea so they can share the credit and build a more cooperative relationship that will serve them both well in the future.
Finally, intrapreneurs execute their improvement ideas and make sure their innovation proposal entails a real change and adds value to the organisation’s operation.
What are the key Characteristics of Successful Intrapreneurs
So what makes an intrapreneur successful?According to authors Vijay Govindarajan and Jatin Desai, the main motivation for intrapreneurs is influence with freedom. They seek for a fair reward but money is not their primary driver. Reward and compensation are merely indicators of how well they are playing the game of Intrapreneurship.
Successful intrapreneurs also use their intuition to figure out which part of the world is about to change, and they arrive just in time to innovate with new insights. They also know how to pivot and aren’t afraid to change course or assume responsibility on the risks they take.
Most importantly, acting modestly and operating with integrity are essential elements in safeguarding an intrapreneur’s success.
On the whole, you are better off becoming an intrapreneur in your organisation. Not only will it add remarkable value to the company but it will also qualify you for a maximum yearend bonus, pay raise or even a promotion.