In this world, everyone knows about start-ups, but no one knows about intrapreneurship as a competitive business strategy. So, in this article, we will learn how intrapreneurship works as a competitive business strategy. So, let’s dive in!
The term “intrapreneurship” was raised in the 1980s that define the internal entrepreneurship of the organizations. At the outset, intrapreneurs share similar characteristics to entrepreneurs but in a different context. However, they are dissimilar from the traditional workers as traditional employees come with a more passive view and do the things exactly what they are told to do. While in an organization, intrapreneurs simultaneously play the role of workers, thinkers, planners, and executors.
Intrapreneurs are far more different than traditional employees as they are more proactive, goal-oriented, self-motivated, and action-oriented. They are considered to have the potential to take the initiative to discover a brand-new innovative service and product.
For example, The president of Nokia Technologies, Ramzi Haidamus, is an intrapreneur because he takes the initiative to pursue pleasant market opportunities in his Organisation. He started his job in 2014 and made an individual office in about three months. He thought that establishing an office led him to share numerous productive ideas and add more value to Organisation. So, he interviewed about 100+ engineers to take the best market idea.
Intrapreneurship as a part of a competitive business strategy
No doubt, the current and ongoing business scenario is highly unpredictable. So, for the survival of organizations in the market, organizations like to upgrade their abilities for significant changes to take profitable opportunities and strong sustainability against market threats.
For this purpose, intrapreneurship proves a highly competitive business strategy as it is a great system of exchanging ideas, inducing an appropriate environment to change, and acknowledging and implementing innovative ideas.
Intrapreneurship and innovation go side-by-side in which the actions of workers with organizational factors impact positively on the development of the Organisation and consequently on its competitiveness. So, organizations adopt intrapreneurship to survive, stand out, and remain competitive in the market.
Types of intrapreneurship
Intrapreneurship is not an individual game! Successful intrapreneurs lead a team to create breakthrough innovation. Here, we’ll tell you about three types of intrapreneurs that collectively make the strongest team.
1. The advocate
The advocate usually plays customer-facing roles. These intrapreneurs define the attributes and needs of the customers and solutions to the problems that need to be solved. They are easy to identify in any company as they already come with the latest ideas. Their roles may include user experience architect, designer, or business analyst.
2. The creator
The creator intrapreneurs, typically some with internal-facing roles. It is the person who offers prototype solutions to your problems and particularly gives reality to your ideas. In the world of technology, that intrapreneur would be an engineer or programmer. Basically, this job title will depend upon your industry. For instance, if you are running the fashion industry, the creator might be a designer or tailor.
3. The change maker
The change maker intrapreneurship is an external business-facing employee. It is the person who ensures things occur like managing finances, sales, funding, or partnerships. This person holds a great networking system for the company. That person is a self-confident extrovert who opens the door for new and pleasant industry opportunities. So, identify the change maker of your industry and lead your service to sky-heights.
Steps for crafting your own intrapreneurship strategy for your business
Look out for the steps discussed below and craft your intrapreneurship strategy to stand out at the top in the market.
- Make a new vision and plan
- Do market segmentation
- Identify problems and offer prototype solutions
- Spot new pleasant opportunities for the industry
- Sketch your vision
- Frame a value proposition
- Choose a channel to get in front of a customer
- Revenue to cost models
- Track data around purchase (innovation accounting)
- Perform growth experiments
In a nutshell, Intrapreneurship behaviour is most strategic for the alignment of workers and for creating a more innovative environment. Such behaviour encourages the talent with motivation and freedom to spot pleasant new opportunities and find prototype solutions to tap into these competitive opportunities.