Generally, the term entrepreneurship is used to refer to those opening up a business. However, did you know that is can also be used to refer to employees of the company? The case is corporate entrepreneurship.
The idea behind this concept is that employees should be actively involved in creating and developing a business. And such practice can have some advantages. So it makes sense to learn more about the subject and understand how to apply it in your company.
Want to know more? Then see what corporate entrepreneurship is and how it can be put into practice!
What is corporate entrepreneurship?
Entrepreneurship goes along with the starting action of a company. Still, not everybody who is interested will take up and have the heart to bear such risks associated with the process of starting a company. All because it’s hard to start to own a firm .
But that does not imply that an individual who elects to become the employee of a business does not have the capability to become an entrepreneur. It can be achieved by working in a number of areas. That 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 is very interesting because entrepreneurs and managers might not know exactly what their workers know. It is the everyday details, the so-called consumer pain points that they might be aware of or even experience firsthand, which can make critical information for the firm.
What are the main characteristics of a corporate entrepreneur?
The goal of corporate entrepreneurship is for workers to be entrepreneurs in the company they work for. They are able to contribute to the corporate development and growth with the company without having to start a new business.
It is common in a big technology company, such as Google. In this practice, its employees are encouraged to bring about ideas that can be launched by the company. They act with the vision of a partner.
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 companies do not have leaders , but rather bosses. They are more concerned with hierarchy and are less open to dialogue. In general, bosses do not encourage corporate entrepreneurship. A leader, on the other hand, inspires and opens dialogue.
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 employees are not used to having an entrepreneurial mindset. As a result, good ideas may not be thought of and presented because they are not sure how to go about this creative process.
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
It is not the final role of management to produce or find entrepreneurial staff. The company has to know how it will hold onto these talents so they do not seek other opportunity and begin helping its competition.
So if you want the best employees, then you have to offer them the best environment in which to work. One of the practical ways of retaining talent is having benefits, positive culture, and a career plan that allows growth.