We know that the economic crash of a few years ago, affected many businesses across the globe.
Lives were thrown upside down, careers were crushed, and the world was forced to give itself a major spring clean. Cobwebs of the past were ritually brushed away to make way for a new dawn.
However, as a consequence, Intrapreneurship has emerged as a key innovation strategy for corporate organisations. It is often deemed as the new corporate action hero, here to save the bottom line!
Harnessing the creative talents of staff is now a badge of honour, a prize no longer earned in the battlefields of breakfast networking sessions, swanky soirees and the loneliness of the home office, but in the innovation teams and creative minds of motivated staff soldiers – soldiers, who are happy to march to the beat of the salary drum, but want to add some bass!
Today, businesses also have to be more innovative to not only keep up with their own competitors in their market sector but, to do so, across diverse markets that demand both social and commercial results.
Furthermore, your customers are savvy enough to know that the use of entrepreneurship in a corporate context, creates a more tailored, bespoke and wider range of solutions for them to choose from.
But let’s be honest….Not every corporate is ready to be intrapreneurial!
The notion that being more dynamic and innovative as an organisation will lead to an instant increase in productivity and, ultimately, a more healthier bottom line is imbalanced.
This is because, whilst intrapreneurship uncovers innovation, the truth is that most companies need to:
- review their own governance as a business
- ensure the CEO and Executive team is equipped to deal with the organisational and culture change of moving from a more traditional to a leading a more entrepreneurial work culture
- that the organisation has the processes in place to support the output of a more entrepreneurial staff workforce.
But how can businesses develop the mindset necessary, to embrace the ‘Intrapreneurial Change’?
Here are my 5 tips on how:
– Be very clear on your company WHAT vs WHY: Your WHY is the purpose, the real goal, the overall impact or value you wish for all your stakeholders. Your WHAT are the tools, resources and efforts that you need to achieve your why.
– Senior leaders must create the frame, but empower staff to paint the picture: You should be able to describe in detail, what your collective vision is as a business, but staff must have a tangible sense of ownership or the vision and the licence to dictate the outcome.
– Embrace your fears: Fear is a state of mind, because you are fearful of negative consequences or results. Put in place a strategy that you would execute if that consequence took place – you will soon realise that there is nothing to be fearful of!
– Make the necessary sacrifices: Forget what the business thinks it should do, to become more innovative. It must DO WHAT IT MUST in order to succeed. Learning from those choices is the key.
– Be willing to learn the lessons you don’t want to be taught: A company that wants to be more intrapreneurial, must be willing to learn harsh truths about itself, warts and all, and seek to learn and integrate the feedback!
We all have to be entrepreneurial just to survive in life and to truly help others..but isn’t that what business should be about too?
Till the next time, JB
If you would like to have a chat about intrapreneurship outcomes, feel free to send me an email at firstname.lastname@example.org or learn more about what we offer, at www.cultiv8solutions.com