The word entrepreneurship is generally used to refer to those who open a business. But did you know that it can also be used to refer to employees of a company? In this case, there is corporate entrepreneurship.
This notion is based on the premise that workers can actively contribute to the establishment and growth of the company. Additionally, there are a number of benefits to this technique. As a result, it is worthwhile to have a deeper understanding of the topic and learn how to apply it in your business.
Want to know more? Then see what corporate entrepreneurship is and how it can be put into practice!
What is corporate entrepreneurship?
The act of launching a firm is associated with entrepreneurship. But not everyone has the guts or interest to take the chances involved in launching a business. After all, running your own business is not that easy.
But this does not mean that someone who chooses to be an employee in a business does not have the potential to be an entrepreneur. In fact, it is possible to do this by working in a variety of areas. This is corporate entrepreneurship or intrapreneurship.
This means that employees can present solutions to help the business grow. In other words, in addition to simply doing the activities they were hired to do, they can also contribute to management, adding value to the business.
This idea is very interesting, because entrepreneurs and managers do not always have the same information as employees. There are details of everyday life, or consumer pain points, that they are more aware of or even experience, and these can provide important insights for the company.
Characteristics of corporate entrepreneur
The goal of corporate entrepreneurship is for workers to be entrepreneurs in the company they work for. This means they don’t need to start a business to contribute to corporate development — and grow alongside the company.
Large tech firms like Google frequently engage in this approach. This approach encourages staff members to propose projects and ideas that the business can implement. They then take action based on a partner’s vision.
For the strategy to work, there are characteristics inherent to the corporate entrepreneur. One of the main ones is precisely a broader, systemic vision. The worker must look at the company as a whole, and not just at his or her sector or activity.
Another aspect present in corporate entrepreneurs is the search for innovation. Along with this, they need to have the courage to present their ideas. This will make it easier to present solutions to business issues.
Workers who want to develop as entrepreneurs in their workplace also need to have interpersonal skills. They will be needed to discuss ideas and clearly communicate what they want to suggest.
How important is corporate entrepreneurship in companies?
Corporate entrepreneurship can bring benefits to the company and everyone involved. One big advantage is that employees can feel more motivated and valued, as they are taking a more active role in the business.
This makes work more interesting. Instead of a boring routine focused on the same activities, employees are encouraged to identify difficulties and come up with new ideas. This can even lead to the creation of new positions and projects.
Thus, another advantage of corporate entrepreneurship is the opportunity for career growth, alongside the company’s development.
For the company, a positive consequence of corporate entrepreneurship is increased productivity and employee engagement with the business. This increases employee motivation and can reduce costs related to absences, layoffs, and dismissals.
In addition, you have more qualified employees who help solve problems and boost your business. Ultimately, you can expect an increase in your company’s profitability and growth in the market.
How to implement corporate entrepreneurship in my company?
Are you interested in encouraging corporate entrepreneurship in your company? It is worth following a few steps to take advantage of this process.
Check it out!
Institute the idea into the company culture
The idea of ​​corporate entrepreneurship can seem very different to employees, so you should introduce the strategy into the company culture, explaining how it works and what its benefits can be.
In addition, see how you can encourage entrepreneurship in your company’s day-to-day activities. One tip is to hold implementation meetings to discuss different topics and show your team how you can collaborate with management.
Work on developing leaders
Many businesses have bosses instead of leaders. They are less receptive to discussion and more focused on hierarchy. Generally speaking, managers do not support corporate entrepreneurship. Conversely, a leader encourages and facilitates communication.
Therefore, it is necessary to train leaders for this new culture. This way, employees feel more comfortable presenting their ideas and feel like they are truly part of the company.
Value participation
There is no point in encouraging corporate entrepreneurship if employees’ ideas are not valued or used. In this context, it is necessary to plan how feedback will be given based on their participation.
Even if the ideas cannot be implemented or do not seem interesting to management, the practice of participating in the company should be encouraged. So think about rewards, such as bonuses and awards, that recognize the employee’s involvement and proactivity.
Train the team
Many workers are not accustomed to thinking like entrepreneurs. Because they are unsure of how to approach this creative process, good ideas might not be considered and offered.
Therefore, it is worth investing in training that stimulates entrepreneurial skills. By learning more about creativity and innovation, for example, they can have the necessary tools to be more active in the business.
Retain talent
Developing or identifying entrepreneurial employees is not your last task in management. The company also needs to know how to retain these talents so that they do not seek other opportunities and start helping the competition.
Therefore, if you want to have the best employees, you need to offer them the best environment to work in. In practice, one of the ways to retain talent is to have benefits, a positive culture and a career plan that allows for growth.
