The diverse workforce of today, spanning five generations and the globalisation effects, as well as the need for innovative solutions within a volatile uncertain complex and ambiguous environment (VUCA), have increased the need to tap into the innovation potential in organisations.
Many millennials and Gen Z are known for their entrepreneurial abilities, but may not have the financial resources to start their own businesses. They use these skills in a corporate environment.
Intrapreneurs are valuable.
Intrapreneurship allows employees to take risks, be innovative, and use their skills for the benefit of both themselves and their organization.
Intrapreneurs do not start their own businesses or create something from scratch like an entrepreneur. Instead, they help established companies become more adaptable and competitive with the development of innovative products and services. This can lead to increased efficiency, corporate innovation, and new revenue streams.
Intrapreneurs are those who use company resources to create business solutions, to explore new markets and to add value to products and services.
Take 20% and give 100%
Apple, Amazon and Starbucks are all committed to fostering the entrepreneurial spirit.
Google’s famous ’20 percent rule’ requires that its employees spend a certain percentage of their time working on ideas and projects that will benefit the business, thus laying the foundation for future success and sustainability.
Small businesses and non-profit organizations can also benefit from bold problem-solving and innovative thinking. However, it may be more difficult because of limited resources, such as space, time and capacity.
Intrapreneurs are those who use company resources to create business solutions, rather than theirs.
How can we encourage intrapreneurs to become more productive?
1. Identify your intrapreneurs
In many cases, it is easy to recognize an intrapreneur. Intrapreneurs are often visionary, proactive, resourceful and proactive. They have excellent market understanding, can adapt to their career and are willing to take calculated risks. Intrapreneurs can often breathe new life into dormant or future projects.
2. Provide the required resources
Intrapreneurs require a supportive environment and facilitating mechanisms to help them achieve their goals.
Employees can collaborate and brainstorm without being restricted by their normal work environment if they allocate dedicated time.
Make sure your intrapreneurs are given access to all the resources they need. This could be new technologies, financial aid, mentoring, coaching, flexible working methods, tools, training or mentorship, or even a dedicated workspace.
Intrapreneurs are more likely to perform better and be more engaged when they receive the right nurturing. They also benefit the company.
3. Encourage experimentation
Encourage a mindset where failures are viewed as opportunities for learning and eliminate the fear of failing.
Intrapreneurs often cite culture as an important aspect. Take a look at it and see if any changes need to be made. If so, seek expert advice, since changing a company’s culture is both a difficult and important process.
Assess the risk perception, how decisions are taken, and whether experimentation is encouraged.
McKinsey stated that in 2020, 70% of transformation projects failed due to challenges related to people and organizational culture.
They can suggest and implement improvements to customer experience, emerging trends in the market, and cross-functional communication.
Intrapreneurs who are nurtured will be more motivated and productive
4. Celebrate creativity
Companies that celebrate and recognise the achievements of their intrapreneurs show they value innovation and creativity and are more likely to retain employees.
People will respond differently to rewards. A tailored approach to rewarding people is required, including opportunities for professional growth, bonuses and incentives, as well as public recognition.
This can be a powerful way to inspire other employees.
5. Encourage them to thrive
A report by The Possibleists shows that 88.4% changemakers view skill development as a fundamental need. They value growth, learning and the ability to adapt.
6. Inspirational leadership
Intrapreneurs must have the support of their managers to succeed. They are looking for inspirational leadership, managerial openness, autonomy, and tolerance of failure.
Leaders must ask questions, listen carefully, build rapport, and implement good ideas while calculating the risk.
It is important to encourage the sharing of ideas and information and build trust.
7. Encourage problem-solving
Encourage your colleagues to come up with innovative solutions to problems, and to be proactive in improving the business.
Dr Silver was a 3M chemist who developed a low-tack glue. It was considered “a solution with no problem” at first, but a collaboration between Art Fry and Dr Silver led to the realisation that the adhesive could be used to create a reusable bookmark, leading to the billion-dollar-success of Post-it Note.
Encourage your colleagues to come up with innovative solutions for problems they may encounter.
8. Provide direction
Employees feel more motivated when they have a shared and clear goal.
Intrapreneurs are motivated to come up with new ideas when they understand the contribution their work will make to an organisation.
9. Value differences
To get the best out of diversity, train your team in cultural intelligence and value their differences.
Intrapreneurs do not have to be lone wolves. They are often good team players, and they can become great leaders.
10. Hear every voice
Employees will be more willing to contribute new ideas when they know that their opinions are valued and will not be ignored.
Dick Brams, regional manager at a McDonald’s outlet in the UK, came up with an idea that was simple – meals for kids. Happy Meals were launched two years later and quickly became a hit.
