Entrepreneurship in the workplace, often referred to as intrapreneurship, promotes innovation within an organization by adopting entrepreneurial behaviors and techniques.
This concept encourages employees to take ownership of their work, fostering a culture of innovation, productivity, and growth. Here are ten tips to get you started.
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Definition: Entrepreneurship and Intrapreneurship
Entrepreneurship is the act of creating, developing, and managing a new business venture in an attempt to profit by taking several risks in the corporate world.
It involves designing, launching, and running a new business.
Intrapreneurship, on the other hand, is a system that allows an employee to act like an entrepreneur within a company or other organization.
Intrapreneurs are self-motivated, proactive, and action-oriented people who take the initiative to turn an idea into a profitable finished product through assertive risk-taking and innovation.
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Being an Entrepreneur in the Workplace
Being an entrepreneur in the workplace means embodying the entrepreneurial spirit within the confines of an existing organization. It involves identifying opportunities for improvement, proposing innovative solutions, and taking the initiative to implement these ideas.
It’s about being a change agent, driving growth, and contributing to the organization’s success.
Five Traits Associated with Entrepreneurs in the Workplace
- Innovative Thinking: Entrepreneurs in the workplace are always looking for ways to improve processes, products, or services. They are not afraid to think outside the box and propose new ideas.
- Risk-Taking: Like entrepreneurs, intrapreneurs are willing to take risks to implement innovative ideas, understanding that failure is a part of success.
- Proactivity: Entrepreneurs in the workplace take the initiative. They don’t wait for opportunities to come to them; they seek them out.
- Resilience: Intrapreneurs are persistent and resilient. They don’t give up when faced with obstacles or setbacks; they learn from these experiences and keep going.
- Leadership: Entrepreneurs in the workplace often exhibit strong leadership skills. They can motivate and inspire others to work towards a common goal.
Seven Key Examples of Entrepreneurship in the Workplace
- Google’s 20% Time: Google encourages its employees to spend 20% of their time on personal projects, an initiative that has led to successful products like Gmail and Google News.
- 3M’s Post-it Notes: The Post-it note was invented by a 3M scientist who was free to develop his adhesive technology.
- Sony’s PlayStation: The PlayStation started as a side project for one Sony engineer. It has since become one of the company’s most successful product lines.
- LinkedIn’s [in]cubator: LinkedIn’s [in]cubator program allows any employee to pitch a business idea. If approved, the employee is given up to three months to work on the project.
- Adobe’s Kickbox: The Adobe Kickbox program gives employees a box with a guidebook, resources, and a $1,000 prepaid credit card to develop their ideas.
- HP Labs: HP encourages its employees to develop innovative ideas at HP Labs, which has led to the creation of many new technologies.
- Intel’s New Business Initiative: Intel’s New Business Initiative (NBI) is an internal entrepreneurship program designed to cultivate new businesses that are strategically important to the company.
10 Tips to Get You Started as an Entrepreneur in the Workplace
- Identify Opportunities: Look for gaps in your organization where you can add value. This could be a process that can be improved, an enhanced product, or a new service that can be introduced.
- Think Creatively: Don’t limit yourself to the status quo. Think outside the box and devise innovative solutions to problems.
- Take Initiative: Don’t wait for opportunities to come to you. Be proactive and seize them yourself.
- Build a Team: Find like-minded colleagues who share your vision and can help you bring your ideas to life.
- Communicate Effectively: Be able to articulate your ideas clearly and persuasively. This will help you gain the support of your superiors and colleagues.
- Embrace Failure: Don’t be afraid to fail. Failure is often a stepping stone to success and a valuable learning experience.
- Be Resilient: Keep going even when faced with obstacles. Persistence is key in entrepreneurship.
- Learn Continuously: Always be open to learning new things. This will help you stay ahead of the curve and continuously innovate.
- Network: Build relationships with other entrepreneurs and professionals. They can provide valuable advice, support, and opportunities.
- Stay Passionate: Keep your passion alive. Your love and initiative will drive you to keep going despite adversity.
Conclusion
Entrepreneurship in the workplace is a powerful tool for driving innovation and growth.
By embodying the entrepreneurial spirit and understanding leadership skills, you can contribute to your organization’s success and make a significant impact. Remember, the journey of entrepreneurship is a marathon, not a sprint.
Stay persistent, keep learning, and never lose your passion.
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With 30+ years of experience, Catherine Fitzgerald, B.A., M.A., PGDip, founded Oak Innovation in 1995. Catherine received her Bachelor’s degree and Master’s from University College Cork. She holds qualifications in Professional Development And Training from University College Galway. She is completing a second Master’s from University College Cork. Since 1995, clients include Apple, Time Warner, and Harvard University.