What is intrapreneurship and how can you influence it in your business?

What is an intrapreneur? 

Richard Branson sums up intrapreneurship quite nicely. He says: 

“Many millions of people proudly claim the title ‘entrepreneur.’ On the other hand, a title that hasn’t gotten nearly the amount of attention it deserves is entrepreneur’s little brother, ‘intrapreneur’. An ‘intrapreneur’ is an employee who is given freedom and financial support to create new products, services and systems. In addition, this is someone who does not have to follow the company’s usual routines or protocols. While it’s true that every company needs an entrepreneur to get it under way, healthy growth requires a smattering of intrapreneurs who drive new projects and explore new and unexpected directions for business development.” 

Why should you embrace intrapreneurship? 

Intrapreneurship drives innovation 

Encouraging your team to adopt the habit of sharing their creative ideas is simple to implement, but can lead to greatness. Get your whole team involved in things such as marketing your business – you may discover team members have been sitting on intrapreneurial innovations that could transform your business. 

Retain your best assets 

A Harvard study suggests 70% of successful entrepreneurs come up with their business idea while working for a previous employer. The difference is they don’t share it as they feel like their boss isn’t interested in their insights. Encouraging intrapreneurship will leave your team feeling inspired and valued. Which consequently means they are much more likely to be fulfilled and stay in their role. 

Chew on this:

Who are the potential intrapreneurs in your business?