Corporate entrepreneurship

1. 1. Corporate Entrepreneurship2. 2.   The Nature of Corporate Entrepreneurship • Defining The Concept – Corporate

Entrepreneurship • Activities that receive organizational sanction and resource commitments for the purpose of innovative results. – A process whereby an individual or a group of individuals, in association with an existing organization, creates a new organization or instigates renewal or innovation within the organization. – A process that can facilitate firms’ efforts to innovate constantly and cope effectively with the competitive realities that companies encounter when competing in international markets.

3. 3.   The Need for Corporate Entrepreneuring • Rapid growth in the number of new and sophisticated competitors • Sense of distrust in the traditional methods of corporate management • An exodus of some of the best and brightest people from corporations to become small business entrepreneurs • International competition • Downsizing of major corporations • An overall desire to improve efficiency and productivity

4. 4.   The Corporate Entrepreneurship Process Strategic Strategic Renewal Renewal Innovation Innovation Corporate Corporate Entrepreneurship Entrepreneurship Corporate Corporate Venturing Venturing

5. 5.   INNOVATION6. 6.   Types of Innovation • Radical Innovation – The launching of inaugural breakthroughs. –

These innovations take experimentation and determined vision, which are not necessarily managed but must be recognized and nurtured. • Incremental Innovation – The systematic evolution of a product or service into newer or larger markets. – Many times the incremental innovation will take over after a radical innovation introduces a breakthrough.

7. 7.   Rules for an Innovative Environment 1. Encourage action. 2. Use informal meetings whenever possible. 3. Tolerate failure and use it as a learning experience. 4. Persist in getting an idea to market. 5. Reward innovation for innovation’s sake. 6. Plan the physical layout of the enterprise to encourage informal communication. 7. Expect clever bootlegging of ideas—secretly working on new ideas on company time as well as personal time. 8. Put people on small teams for future-oriented projects. 9. Encourage personnel to circumvent rigid procedures and bureaucratic red tape. 10. Reward and promote innovative personnel.

8. 8.   STRATEGY9. 9.   Conceptualizing Corporate Entrepreneurship Strategy • Corporate Entrepreneurship

Strategy – A vision-directed, organization-wide reliance on entrepreneurial behavior that purposefully and continuously rejuvenates the organization and shapes the scope of its operations through the recognition and exploitation of entrepreneurial opportunity. – It requires the creation of congruence between the entrepreneurial vision of the organization’s leaders and the entrepreneurial actions of those throughout the organization.

10. 10.   Critical steps of a corporate entrepreneurial strategy – Developing the vision – Encouraging innovation – Structuring for an intrapreneurial climate – Developing individual managers for corporate entrepreneurship – Developing venture teams.

11. 11.   CORPORATE VENTURING12. 12.   CORPORATE VENTURING • Reestablishing the drive to innovate: – Invest heavily in

entrepreneurial activities that allow new ideas to flourish in an innovative environment. – Provide nurturing and information-sharing activities. – Employee perception of an innovative environment is critical. • Corporate Venturing – Institutionalizing the process of embracing the goal of growth through development of innovative products, processes, and technologies with an emphasis on long-term prosperity.

13. 13.   Developing Individual Managers for Corporate Entrepreneurship 1. The Breakthrough Experience 2. Breakthrough Thinking 3. Idea Acceleration Process 4. Barriers and Facilitators to Innovative Thinking 5. Sustaining Breakthrough Teams 6. The Breakthrough Plan

14. 14.   Preparing for Failure • “Learning from Failure” – Recognizing the importance of managing the grief process that occurs from project failure. – Understanding how organizational routines and rituals are likely to influence the grief recovery. – Ensuring that the organization’s social support system can encourage greater learning, foster motivational outcomes, and increase coping self-efficacy in affected individuals.

15. 15.   SUCCESSFUL CORPORATE ENTREPRENEURSHIP – Think big . . . really big. – Bring in the A-team. – Start small. – Establish unique measurement techniques.

16. 16.   THANK YOU!!!

Corporate entrepreneurship

1. 1. Corporate Entrepreneurship/ Intrapreneurship Prof. Sunil Shukla2. 2.   Corporate EntrepreneurshipCorporate Entrepreneurship (CE) is the process by which

individuals insideorganizations pursue opportunities without regard to the resources they currentlycontrol. (Stevenson,Roberts, and Grousbeck, 1999)An entrepreneurial manager links up discrete pieces of new technical knowledgethat would provide a solution to a customer problem and matches this technicalcapability with the satisfaction of a market and garners resources and skillsneeded to take the venture to the next stage. This process leads to the birth of newbusinesses and to the transformation of companies through a renewal of their keyideas (Guth and Ginsberg, 1990)

3. 3.   Corporate EntrepreneurshipObjectives – Cultivate innovation and creativity within enterprise – Creating an entrepreneurial organisation – Organising around teams – Assessing enterprises as “intelligent organisations”

4. 4.   Characteristics of Corporate Entrepreneurship•New business venturing•Innovativeness•Self renewal•Proactiveness

5. 5.   Components of Corporate Entrepreneurship•Strategic Direction•Initiative from below•Autonomous Business Creation

6. 6.   Forms of Corporate Entrepreneurship•An established organization that enters a new business•An individual or individuals who champion new productideas within a corporate context•A situation, where entrepreneurial philosophy permeates anentire organization’s outlook and operation

7. 7.   Organizational Activities Associated with Corporate Entrepreneurship•Participative decision making•Involvement of specialized personal•Participative development of performance objectives•Risk taking by Managers

8. 8.   INTERNAL FACTORS INFLUENCING CORPORATE ENTREPRENEURSHIP•Compensation and Incentive System•Organization Culture•Top Management Support•Organizational Structure•Resource Availability•Organization Policies•Risk Taking and Failure Tolerance

9. 9.   LIMITATIONS TO CORPORATE ENTREPRENEURSHIP• Entrepreneurs comfort: Entrepreneurs who have created the company must let go so that entrepreneurial managers can operate. (It is about breaking rules which entrepreneurs have created (Young, 1999)• Decision-making control:Balance needed between freedom for the entrepreneurial managers and maintaining the business on a constant strategic path.

10. 10.   CONT… (LIMITATIONS TO ….)• Internal politics: Entrepreneurial managers must be able to predict and understand internal resistance to change. “Thrive on chaos” (Tom Peters, 1989)• Rewards: Can the organisation offer the same rewards as those expected by entrepreneurs? (economic, social and developmental). Moves to start own venture?

11. 11.   BARRIERS TO CORPORATE ENTREPRENEURSHIP•Resistance to change•The Inherent nature of large organizations•Lack of Entrepreneurial talent•Inappropriate compensation methods

http://www.slideshare.net/TufailAhmed/corporate-entrepreneurship?related=5

Intrapreneurship by Ryan Kauth

1. 1. Intrapreneurship Innovation That No One Talks Aboutinnovation comes from people meeting up in the hallways or calling each other at 10:30 at night with a new idea or because they realized something that shoots holes in how weve been thinking about a problem - Steve Jobs

2. 2.   Intrapreneurshipon my way to work this morning3. 3.   Intrapreneurship What is it? • the term coined in 1985 to describe entrepreneurs inside

companies • “corporate entrepreneurs”• innovators - employees (and contractors) with entrepreneurial tendencies http://www.youtube.com/watch?v=C2YZnTL596Q

4. 4.   IntrapreneurshipIf not for the Intrapreners of Apollo 13, we would not have… …and that doesn’t even touch all of Kevin Bacon’s significant contributions to mankind.

5. 5.   IntrapreneurshipWhat can you do with the resources you have at work right now to solve your clients’ challenges?

6. 6.   Intrapreneurship“MasterCard is not a financial institution. Its a technology company that provides networking, data storage, software, analytics, security and related services for financial institutions.” On Black Friday, MasterCard handled • 2,000+ U.S. transactions per second • 200+ countries’ and territories’ transactions • 140 million+ global transactions per hour • all this at an average response time of 140 milliseconds per

7. 7.   IntrapreneurshipLarge companies such as MasterCard innovate by making it a part of the internal culture and recognizing that great ideas also come from outside. "For executives who want to secure growth through innovation, the answer lies in recognizing the limits of their organization and empowering groups to function with very different goals and operational metrics.” - Maxwell Wessel, Harvard Business Review

8. 8.   Intrapreneurs Who are they?You might be an intrapreneur if…9. 9.   Intrapreneurship…you come to work each day willing to be fired but you are not there to

make waves. …you share credit widely.…you do any task needed to make your project work, regardless of your job description.

10. 10.   Intrapreneurship You might be an intrapreneur if… • you find people to help you. • you are true to your goals but realistic about the ways to achieve them.• you never bet on a race…unless you are running in it. • you live by “It is easier to ask for forgiveness than for permission.”

11. 11.   Intrapreneurship You might be an intrapreneur if… • you follow your intuition on people you choose on your teams and work only with the best. • you honor your organization’s resources (ask for advice before asking for resources & express gratitude for them).• you bend the rules or circumvent bureaucracy while keeping the best interest of your organization and clients in mind.

12. 12.   Intrapreneurship Score yourself: 8 – 10: Intrapreneur5 – 7: Intrapreneur in the making 0 – 4: Kevin Bacon

13. 13.   IntrapreneurshipThe Innovative Organization • Long Term are more profitable and sustainable • Have innovative & well-read managers & leaders • Know their market and clients qualitatively & quantitatively Due to the work of intrapraneurs!

14. 14.   IntrapreneurshipBut, my organization isn’t innovative. Really? Well, maybe • your industry is • your competitors aren’t, or • you are

15. 15.   IntrapreneurshipConsiderations on becoming more intrapreneurial • breaking barriers of group-think • learning to think with courage and imagination (just like an entrepreneur) • interaction with entrepreneursto challenge the boundaries of traditional thinking and processes • jump start work teams therefore innovative corporations • effective work teams share a common vision • self-confidence in your ability to think creatively and your team’s ability to think creatively and freely

16. 16.   IntrapreneurshipMore considerations on becoming more intrapreneurial • The Product, Service, or Process Improvement • Corporate Fit • The Marketing and Sales Plan • Operations Plan • Summary of Risks • Targets/Milestones • Financial Statements • Managerial Issues

17. 17.   Intrapreneurship Unleashing the Intrapreneur within • Ask to be on a team at work (don’t just ask for solo projects) • If you can’t seem to be intrapreneurial at work, volunteer!• When volunteering for a nonprofit, start at the Committee or Event level • In your coursework, solve a problem at work or in the community • Take calculated risks (think scenarios through) • Commit to yes…then figure out how and who (who = you!)

18. 18.   Intrapreneurship Last word (for now) on Intrapreneurship Remember that… • Intrapreneurs are people • Intrapreneurship can be learned• Organizations (based in their teams) can become more intrapreneurial • Organizations need intrapreneurial thinkers to move forward

19. 19.   Happy IntrapreNewYear! the UW-Green Bay Small Business Development Center located in the Advance Business & Manufacturing CenterNo-cost business planning and low-cost leadership trainingfor small business owners and their teams in the New North 2701 Larsen Road, Green Bay, WI 54303 (920) 496-2117 sbdc@uwgb.edu http://www.uwgb.edu/sbdc @uwgbSBDC Ryan Kauth kauthr@uwgb.edu @ryanKauth www.linkedin.com/in/ryanKauth

Intrapreneurship

1. 1. Intrapreneurship Becoming an Entrepreneur on the Job2. 2.   What keeps most people from becoming entrepreneurs? <ul><li>Funding

</li></ul><ul><li>Manpower </li></ul><ul><li>Strong backing </li></ul><ul><li>Branding/Marketing </li></ul><ul><li>Fear </li></ul>

3. 3.   What is your definition of an intrapreneur?4. 4.   Intrapreneur <ul><li>A person within a large corporation who takes direct responsibility for

turning an idea into a profitable finished product through assertive risk taking and innovation. </li></ul><ul><li>Intrapreneurs have entrepreneurial skills blended with managerial skills but operate within the confines of an organization. </li></ul>

5. 5.   History of Intrapreneurship <ul><li>Word was coined in 1976 by Gifford and Elizabeth Pinchot </li></ul><ul><li>Based on their concept of an intra-corporate entrepreneur </li></ul><ul><li>School for Intrapreneurs in Sweden in 1985 </li></ul><ul><li>The American Heritage Dictionary made the word mainstream by adding it in 1992 </li></ul>

6. 6.   Positive differences between entrepreneur vs intrapreneur <ul><li>Funding </li></ul><ul><ul><li>company/organization often has capital to fund the project </li></ul></ul><ul><li>Manpower </li></ul><ul><ul><li>intrapreneurs do not have to worry about finding the talent to get tasks performed </li></ul></ul><ul><li>Branding

</li></ul><ul><ul><li>intrapreneurs can use the branding of the company/organization to get their ideas to take root </li></ul></ul>

7. 7.   Quick Triva Question Do you know the difference between a intrapreneur and a intrepreneur?

8. 8.   Intrepreneur <ul><li>One who sets up, maintains and assumes the financial risks of an Internet business venture not to be confused with intrapreneur or the more traditional entrepreneur. </li></ul><ul><li>They are the new breed of Internet Entrepreneurs. </li></ul>

9. 9.   Name some companies started by intrepreneurs? <ul><li>Google </li></ul><ul><li>Yahoo </li></ul><ul><li>MySpace </li></ul><ul><li>Facebook </li></ul><ul><li>YouTube </li></ul><ul><li>Second Life </li></ul><ul><li>LinkedIn </li></ul><ul><li>eBay </li></ul>

10. 10.   Characteristics <ul><li>Results driven </li></ul><ul><li>Ambitious </li></ul><ul><li>Creative </li></ul><ul><li>Original </li></ul><ul><li>Self Confident </li></ul><ul><li>Risk Tolerant </li></ul><ul><li>Persistent </li></ul><ul><li>Influencing </li></ul><ul><li>High Energy </li></ul><ul><li>Action oriented </li></ul><ul><li>Interpersonal </li></ul><ul><li>Innovative </li></ul>

11. 11.   Misdiagnosed Characteristics <ul><li>Ambitious – over zealous </li></ul><ul><li>Creative – does not follow guidelines </li></ul><ul><li>Persistent – pushy </li></ul><ul><li>Self confident – cocky </li></ul><ul><li>Innovative – dreamer </li></ul><ul><li>High energy – high strung </li></ul><ul><li>Risk Tolerant – bends the rules / challenges the system </li></ul>

12. 12.   Defined as… <ul><li>Intrapreneurs are “dreamers who do”, those who take hands-on responsibility for creating innovation of any kind within an organization. Gifford Pinchot </li></ul><ul><li>The intrapreneur is an essential ingredient in every innovation. Dr. William Souder </li></ul>

13. 13.   Why should organizations embrace intrapreneurs?14. 14.   Innovation <ul><li>To create and bring into use profitable new products, processes,

services, and ways of doing business. </li></ul><ul><ul><li>Creation of new or alternative products </li></ul></ul><ul><ul><li>Opening of a new market </li></ul></ul><ul><ul><li>Capture of new sources of supply </li></ul></ul>

15. 15.   Intrapreneurial Activity <ul><li>Spotting ways to improve service </li></ul><ul><li>Save time, money, or make life easier </li></ul><ul><li>Visualizing variations of current products / services </li></ul><ul><li>Realizing new communication avenues with customers </li></ul><ul><li>Enhancing the quality </li></ul><ul><li>New ways to get the job done quicker or smarter </li></ul>

16. 16.   How does Business benefit? <ul><li>Firms create competitive advantages by discovering new and better ways to compete in an industry and bringing them to market </li></ul><ul><li>An enterprise that does not daily innovate inevitably ages and declines </li></ul><ul><li>Even in a successful business the disease of bureaucracy and complacency is dangerous </li></ul>

17. 17.   How do Intrapreneurs benefit? <ul><li>Flexibility </li></ul><ul><li>Less restrictions but supportive environment </li></ul><ul><li>Recognition </li></ul><ul><li>Their ideas are vehicles towards advancement </li></ul><ul><li>Increased value to organization - increased PAYCHECK </li></ul>

18. 18.   Implementing the Intrapreneurship Culture <ul><li>Encourage employees to be creative and to look for new ways to improve your current way of doing business </li></ul><ul><li>Grant intrapreneurs something akin to ownership rights in the internal intraprises they create </li></ul><ul><li>Encourage company wide involvement by insisting on truth and honesty in marketing and marketplace feedback </li></ul>

19. 19.   Implementing the Intrapreneurship Culture <ul><li>Treat intrapreneurial teams as profit centers rather than as cost centers </li></ul><ul><li>Allow team members a variety of options in jobs, in innovation efforts, alliances, and exchanges </li></ul><ul><li>Encourage employees to develop through training programs </li></ul>

20. 20.   Companies that get it <ul><li>3M </li></ul><ul><ul><li>Post-It Notes </li></ul></ul><ul><li>Apple </li></ul><ul><ul><li>Ipod </li></ul></ul><ul><li>Google </li></ul><ul><ul><li>Orkut </li></ul></ul><ul><ul><li>Google News </li></ul></ul>

21. 21.   <ul><li>CONCLUSION – The onus of being Innovative, risk oriented and proactive within the ecosystem does not necessarily rest with the Entrepreneur…. </li></ul><ul><li>Farsighted Entrepreneurs should invest in their Human Resources and convert them into value generating Intrapreneurs and avoid taking on employees as competitors when they create their own ventures. </li></ul>

Great information about Intrapreneurship which is the Key to Long-Term Business Success! 

Steve Jobs, Apple's Chairman, was specifically helpful in popularizing the term 'intrapreneurship.' In a September 30, 1985 'Newsweek' article Steve Jobs said, 'The Macintosh team was what is commonly known as intrapreneurship... a group of people going, in essence, back to the garage, but in a large company.' Steve Jobs risked everything on this Intrapreneurial venture and then got fired by his own Board of Directors over this Intrapreneurship adventure. 

“Innovation and Intrapreneurship are the ‘Secret Weapon’ for success within major firms such as: 3M, Anaconda-Ericsson, Apple Computer, Autodesk, Corona Data Systems, Caribou Coffee, Gateway, GE, Genentech, Google, IBM, INTEL, iRobot, Kodak, Lockheed-Martin, PR1ME Computer, Sony, Sun Microsystems, TCI, Texas Instruments, Toyota, W. L. Gore, and Yahoo.” (A Quote from Dr. Haller’s book “Intrapreneurship Success.”) 

Dr. Howard Haller's book, “Intrapreneurship Success: A PR1ME Example” is a well-documented case study of PR1ME Computer Inc. This book was based on 1982 University published Thesis was the 1st Academic in-depth Case Study of Intrapreneurship (Corporate Entrepreneurship) PR1ME Computer Inc. successfully and effectively used Intrapreneurship to grow from a small OTC listed company to become the Number 1 performing company listed on the NYSE. 

For more details on “Real World” Intrapreneurship Case Studies please visit: www.IntrapreneurshipInstitute.com

http://www.slideshare.net/ManojSharma/unleashing-the-spirit-of-intrapreneurship?related=8

nleashing The Spirit Of Intrapreneurship

1. 1. Unleashing the spirit of INTRAPRENEURSHIP and producing enjoyable results KEYNOTE

2. 2.   By Manoj Sharma3. 3.   Here are THE NOTES from the KEYNOTE FOR YOUR REFERENCE.4. 4.   DifferWorld is… <ul><li>...a financial and non-financial wealth coaching company ,

focused on assisting people and organizations enjoy a greater quality of life and standard of living. </li></ul><ul><li>  </li></ul><ul><li>We make you wealthier by... </li></ul><ul><li>... assisting you to boost your, your team’s and your organization’s profitability, performance & fulfilment levels , through our cutting-edge professional wealth coaching, keynotes, training, development, mentoring and executive education initiatives . </li></ul><ul><li>  </li></ul><ul><li>How do we do this ? </li></ul><ul><li>We do this through our proprietary true Individual True Wealth & Organization True Wealth Models and enabled by our

Professional Wealth Coaching Technologies, Methodologies and Techniques. </li></ul><ul><li>  </li></ul><ul><li>What are the areas we focus on? </li></ul><ul><li>Put simply, we assist you to enhance personal, professional and executive mind sets, skill sets and business sets which have exponential benefits for life . </li></ul>

5. 5.   Manoj Sharma is… <ul><li>Mr. Manoj Sharma is the Founder, Managing Director, Head of Faculty of DifferWorld and widely reputed to be one of the world's top professional wealth coaches working extensively with global senior executives and professionals. </li></ul><ul><li>Mr. Sharma specializes in assisting people and organizations boost their wealth through profitability, performance and fulfilment levels through a combination of keynotes, coaching, training, development, education, seminars, workshops, courses, programs and consultancy initiatives. </li></ul><ul><li>His initiatives have exponentially benefited some of the global who’s who of organizations having worked with close to 20,000 individuals at varying levels across diverse industries and personally coaching more than 550 people. </li></ul><ul><li>Mr. Sharma is also the creator and developer of DifferWorld’s Professional Coaching Technologies, Methodologies and Techniques, DifferWorld’s People and Organizational Potentialization Models along with at least 30 other initiatives. </li></ul><ul><li>His depth of knowledge, wealth of experience, futuristic perspective, high competency levels and passion make him a highly sought after global thought leader. </li></ul><ul><li>Prior to founding DifferWorld, Manoj worked and lived across Japan, Hong Kong, The Philippines, Thailand, Malaysia, Singapore, Indonesia & Australia in the capacity of an Executive Director, Group Business Development Director, Marketing & Communication Director, Content Director, Manager and Consultant with companies ranging from a Fortune 10 company to start-ups . </li></ul>

6. 6.   “ Intrapreneurship is the spirit of entrepreneurship, within the context of an existing organization” - Manoj Sharma

7. 7.   A BRIEF HISTORY OF INTRAPRENEURSHIP <ul><li>To remain competitive and successful in an increasingly challenging world, your organization needs to be highly entrepreneurial . You need to up the ante and continue to benefit from increased productivity, efficiency and effectiveness. That is if you want to remain successful. </li></ul>

8. 8.   <ul><li>You need people who embody the basic characteristics of top entrepreneurs (Proactivity, Responsibility, Innovation, Commitment and Excellence) and you need to promote an entrepreneurial culture within your organization. Within the context of your organization, this entrepreneurial effort can be referred to as being INTRAPRENEURIAL . </li></ul>

9. 9.   <ul><li>The following is a brief history of intrapreneurship for you to get acquainted before your organization takes the Intrapreneurial path to creating wealth. </li></ul>

10. 10.   <ul><li>&quot;In an article in The Economist in 1976, Norman Macrae predicted a number of trends in business - one of them being &quot;that dynamic corporations of the future should simultaneously be trying alternative ways of doing things in competition within themselves&quot; . In 1982, he revisited those thoughts in another Economist article, noting that this trend had resulted in confederations of intrapreneurs . </li></ul>

11. 11.   <ul><li>He suggested that firms should not be paying people for attendance , but should be paying competing groups for modules of work done. One suggestion was to set up a number of typing pools contracted for a certain amount of work over a certain time period for a lump sum. The members of the pool would be responsible for apportioning work, setting pay, setting work hours or even whether to subcontract out part of the work. Applied across the business spectrum such groups would provide the intrapreneurial competition he envisioned. </li></ul>

12. 12.   <ul><li>During the same time frame, Gifford and Elizabeth Pinchot were developing their concept of intra-corporate entrepreneur. They coined the word intrapreneur giving credit for their thinking to the 1976 article by Macrae. Under their model persons wishing to develop an intrapreneurial project would initially have to risk something of value to themselves - a portion of their salary, for instance. </li></ul><ul><li>The intrapreneur could then sell the completed

project for both cash bonuses and intra-capital which could be used to develop future projects. Based on the success of some of the early trials of their methods in Sweden they began a school for intrapreneurs and in 1985 they published their first book, Intrapreneuring, combining the findings from their research and practical applications. </li></ul>

13. 13.   <ul><li>By 1986 John Naisbitt was citing intrapreneurship as a way for established businesses to find new markets and new products in his our-of-print book, &quot;Re-Inventing the Corporation&quot; and Steve Jobs was describing the development of the Macintosh computer as an intrapreneurial venture within Apple. The concept was established enough that in 1990 Rosabeth Moss Kanter of Harvard Business School discussed in her book, &quot;When Giants Learn to Dance&quot;, the need for intrapreneurial development as a key factor in ensuring the survival of the company . </li></ul>

14. 14.   <ul><li>And, in 1992, The American Heritage Dictionary brought intrapreneurism into the main stream by adding intrapreneur to its dictionary, defining it as &quot;a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation&quot; . </li></ul>

15. 15.   <ul><li>So… intrapreneurship became a concept that was here to stay.&quot; </li></ul>16. 16.   7 SUPER POINTERS FOR INTRAPRENEURIAL ORGANIZATIONAL SUCCESS

<ul><li>Successful entrepreneurs have a distinct way of relating to their world that typical employees do not always appreciate and understand. </li></ul>

17. 17.   <ul><li>As a CEO, President, Director and Leader one of your functions is to boost your organization's, your team's and your individual's profitability, performance and fulfilment levels. Looking ahead at global trends, if you plan for your organization to be competitive in the global arena, you as a leader need to cultivate a core group of intrapreneurs, if not develop a complete intrapreneurial organization. Here are numerous ways we at DifferWorld can assist you to do so. Before you contact us and make a superb positive difference, here are 7 &quot;basic&quot; super pointers for intrapreneurial success that you either need to adopt or avoid. Depending on your business capacity some of them will go down quite smoothly, while others will take more time to fully digest. </li></ul>

18. 18.   1) Corruption is detrimental to business. <ul><li>We are know that corruption is detrimental to business - in theory. But how does it set in? When individuals do not do their job to the degree it needs to be done, various levels of corruption automatically sets in. The funny thing is, in most corporate environments, this is not just tolerated as normal but, people have bought into people's repetitive excuses for it. Corruption creates setbacks (financial and otherwise), especially and silently for the individuals guilty of it. Regardless of whether it happens slowly or fast, the setbacks surely occur. This ultimately hampers consistent productivity. The consequence is a loss of predictability. For business to be successful in the long-term, predictability and yes, &quot;boring&quot; consistent action (month on month, quarter on quarter and year on year) is crucial. Investors demand it and your customers expect it. If you are in a job, if you have indicated that you will do a job, if you have not indicated that you will not do the job, then you owe it to yourself to do it and do it really well. Identify and eliminate corrupt behaviour, people and operations. </li></ul>

19. 19.   2) Look out for emerging markets. <ul><li>Markets get saturated, business models get outdated and cash cows dry up. Emerging markets are often the areas of greatest growth and least competition for a business. This is not just about blindly diving into emerging markets, but identifying profitable niches in which you already have a core-competency or have the conviction to make a difference. Mature economies and industries experience low levels of growth, while emerging markets are truly exploding at the seams. Do you maths. Get your people to appreciate the value in this, get them to think macro and reward the results of this behaviour handsomely. </li></ul>

20. 20.   3) Discipline is essential to success. <ul><li>Creativity, invention and innovation cause breakthroughs. These flashes of brilliance and stunning insights can have an atomic effect on your organization and you have to be intrapreneurial to promote them. A word of caution

though as this has to be done in tandem with the disciplined action and execution necessary to create sustainable realities. There is no substitute for the daily grind of doing what needs to be done. So surrender to it. Doing what needs to be done independent of your personal preferences is what separates the professional winners from the also rans. Develop a culture of high discipline. </li></ul>

21. 21.   4) Research, research, research! <ul><li>Know you field, your customers, your competition and mostly yourself. Become the de-facto expert on the subject matter. Gain domain expertise and act relentlessly on it. Also don’t fool yourself into believing that knowledge is power. It is a 1700s concept with validity, but mindlessly quoted with many misappreciations. Take a look at the direction the world is moving in today, and you’ll see that knowledge put into action is true power. Desirable results producing knowledge is of greatest value. Not knowledge for knowledge's sake. Do you research in depth and daily and action knowledge. Entrepreneurs and intrapreneurs do not thrive on insight, they thrive on turning insights into value propositions and monetizing them. Your entire organization needs to do the same. </li></ul>

22. 22.   5) Patience is a virtue in any given age and time. <ul><li>This will still hold true a thousand years from now. Patience is not lethargy, inaction or ‘wait and see’. Patience requires you to strategically bide you time, hold your tongue, exercise humility, smile in the face of adversity and most of all not succumb to your ego. This is tough yet, exceptionally rewarding. Patience requires a high level of maturity and please let us not confuse maturity with age. Exercise patience. Learn to slow down to move faster. Discover the wisdom in taking one step back to move five forward. Patience will subdue your ego, with cultivate clarity. Clarity in the midst of chaos is priceless. Invest some time with me and see how magnificently you can bring it into practice. </li></ul>

23. 23.   6) Flexibility and fluidity. <ul><li>Set minds, before mind sets are the chief cause of rigidity. You mind set is easy to identify in the hands of an expert. To identify your set mind however takes a true depth of expertise that only a master can illuminate. Outside of sound business principles and acumen, a business grows in direct proportion to how flexible and fluid leadership is and how nimble, ready and competent the rest of the organization is. Get rigid and an inevitable death and rigormortis await you. Bruce Lee’s old saying, “Be like water my friend, be like water” apparently has business applications too. If you are set in your ways and can see the demerits of it, the time is right for you to get solid assistance to become dynamic, nimble, flexible and fluid once again. </li></ul>

24. 24.   7) Watch diligently! <ul><li>Open up your eye's eye. Learn how to see the past, the present and the future all at once. Nothing is mystical or mysterious once you are coached on the &quot;how&quot; . Re-examine the past - you can see its remains everywhere. If in difficulty observe the operation of economies and countries that are “behind time” . Be present to what is going on in the moment – be this on the fronts of policy-making, that which is worthy of news or by keeping your ears to the ground and eyes in peripheral vision mode. This will make your decision making powers sounder and even visionary. Lastly - attempt to see the future to the best of your ability. This is the most difficult thing to watch out for and a fine art in itself. The future belongs to those who are looking out for the future, can see it coming and create accordingly. This is one of your biggest challenge as a leader. </li></ul>

25. 25.   <ul><li>A truly great leader knows him/herself, their strengths and weaknesses and is not shy or arrogant in seeking assistance to progress. Keep these pointers at the front of your mind as you face the challenges of business today. Be intrapreneurial and you will gain a competitive edge. </li></ul>

26. 26.   3 BASIC THINGS PEOPLE DESIRE FROM THEIR LEADERS <ul><li>Leadership today is a broad area with multiple definitions and an infinite number of reinterpretations based on the lives of the great leaders of all time. At its absolute core leadership is the ability to influence and is determined by followership. This is self evident and uniform across the board. </li></ul>

27. 27.   <ul><li>The question that really needs to be asked is, &quot;What do people desire from their leaders today and how can you develop these traits to enhance your Primary Leadership (leadership with yourself), Secondary Leadership (leadership with others) and Tertiary Leadership (leadership with leaders) ability?&quot; The 3 points below will give you some indication that will serve as a great starting point for you, your teams and your organization. </li></ul>

28. 28.   Vision <ul><li>A human being without a vision is akin to a ship in the ocean without a Captain - deadwood floating directionlessly, endlessly. Vision is the ability to assimilate a plethora of information, separate the trees from the forest, entertain a clear mental image of what can be and assist to bring that vision into reality. People rally around people who are able to articulate and take the lead towards having a vision that benefits them all brought into reality. </li></ul>

29. 29.   Values <ul><li>Contrary to popular belief, values are only ever good in nature. What is of &quot;bad&quot; or &quot;negative&quot; value is usually the result of a lack or absence of good value. For example, people value generosity . Selfishness (a &quot;bad&quot; or &quot;negative&quot; value) is the lack or absence of generosity (a good value for both the individual and the collective whole). This takes some maturity and an escape from the animalisitic survival mentality to appreciate. People can pretend to embody and exude a set of good value. But this is a pretense, coverable possibly on more than a few occasions, but eventually to be discovered in an often spectacular and irredeemable way. People value generosity, assistance, knowledge, rectitude (principle based ethical conduct), energy, grace, loyalty, enthusiasm, harmony and compassion in others just to name a few great values. How do you rank in truly exhibiting them? </li></ul>

30. 30.   Virtues <ul><li>A moral compass in today's topsy-turvy world is a must if you plan on being recognized as a long term leader. People are sick of being taken for a ride by unscrupulous leaders with personal agendas that place the collective in peril, for the benefit of a few. Truth, trustworthiness, and being aboveboard are must have virtues all of which can be developed through professional coaching. Furthermore, manipulative leadership is fast seen through, inspiration is the leadership order of our age . Impatience has made way for the virtue of patience complemented with the clarity, drive and investment through real time coaching to produce specific desirable results . Wisdom, courage, great articulation, personal attractiveness, simplicity, a &quot;can do spirit&quot; and the fortitude to catalyze change in the face of turbulence, pessimism, chaos and false optimism are virtues well built that last a leader a lifetime. A few well chosen words, leave much to consider and even more to do. By no means are the above three points exhaustive. It is simple a start point to get you oriented to think about what people desire in leaders that you should endeavour to embody on the path towards great personal and professional leadership. Mull it over in great depth and if you have a debate or doubt in your mind over any of the above, ask yourself a simple question. &quot;Do I value the above in others?&quot; If you do, you know what you have to develop in yourself for others to value you as a leader. </li></ul>

31. 31.   Recommended Books

Intrapreneurship

1. 1. INTRAPRENEURSHIP Dr. Sanjay Manocha Asst. Professor BVIMR, New Delhi2. 2.   Outline What Intrapreneurship is? Features? Examples? Why some corporation

adopt it? Intrapreneurship vs. Entrepreneurship3. 3.   Definition; Intrapreneur is a term coined by Macrae (1982) and developed by Pinchot

(1985) According to Pinchot ‘Intrapreneurs are "dreamers who do," those who take hands-

on responsibility for creating innovation of any kind within an organization’. Entrepreneurship is the practice of embarking on a new business or reviving an existing business by pooling together a bunch of resources, in order to exploit new found opportunities. What is Intrapreneurship?: Intrapreneurship is the practice of entrepreneurship by employees within an organization. Entrepreneurship within an existing business. An opportunity for corporate managers to take initiative & try new ideas. An internal corporate venture (ICV)

4. 4.   Features of Intrapreneurship: An intrapreneur thinks like an entrepreneur looking out for opportunities, which profit the organization. Intrapreneurship is a novel way of making organizations more profitable where imaginative employees entertain entrepreneurial thoughts. It is in the interest of an organization to encourage intrapreneurs. Intrapreneurship is a significant method for companies to reinvent themselves and improve performance.

5. 5.   Examples of Intrapreneurs: Many companies are famous for setting up internal organizations whose purpose is to promote innovation within their ranks. One of the most well-known is the Skunk Work. This group formed in 1943 in Burbank, California to build P-80 fighter jets. Kelly Johnson, aircraft engineer and aeronautical innovator was the director of the project. Its largest current project is the F-35 Lightning II, which will be used in the air forces of several countries around the world. Another example could be 3M, who encourage many projects within the company. They give certain freedom to employees to create their own projects, and they even give them funds to use for these projects. Besides 3M, Intel also has a tradition of implementing Intrapreneurship. Google is also known to be intrapreneur friendly, allowing their employees to spend up to 20% of their time to pursue projects of their choice.

6. 6.   Reasons Intrapreneurship increases revenues and raises profits; short and long term. Intrapreneurs – once they are spotted and used the right way – will have an impact on core activities. They are, however, at their best when they are challenged with new ventures or radical innovation projects. Combine this matchmaking with solid execution strategies and you have revenues and profits. Intrapreneurship improves the corporate image for recruiting purposes. The most important resource is talent. A committed focus on Intrapreneurship – perhaps even a new career track – improves the corporate image and makes it easier to attract – and keep – the top talent. Danfoss, a leader in mechanical and electronic products and controls, uses their Man on the Moon program as an important element in the recruitment initiatives.

7. 7.   Danfoss Man on The Moon Program It’s a business plan competition. The essence of it is to develop an idea, see its possibilities, and then figure out how to sell it to our group committee, which consists of the top 10 people at the company. The committee will ask the same questions that a bank would, but it will also include experts on supply chain management and a range of other business issues, and they’ll ask a lot of questions as well. This forces whoever competes in the Man on the Moon program to cover all of their bases and assemble an effective team. That, in turn, makes it more likely that the idea will come to fruition.

8. 8.   Reasons Intrapreneurship is contagious. It begins with ventures and projects where there is a need for a new kind of talent. But Intrapreneurship is not just about ventures and projects. The core activities will also be embraced by the best of this new culture. This helps the company stay alert and always search for opportunities that might otherwise be lost.

9. 9.   Entrepreneur Intrapreneur 1. Entrepreneur is employer 1. Intrapreneur is employee 2. Independent in operation 2. Depends on the organization to implement his ideas. 3. Bears all the risk involved in enterprise. 3. Does not bear all the risk. 4. Exhibits higher need for achievement. 4. May not have high need achievement 5. Profit is the reward. 5. Attractive salary, promotion & incentives are the reward. 6. May not have formal qualification. 6. Should

have some professional or technical qualification. 7. Do not have any boundary for operations. 7. He has to operate within the organisational policies.

10. 10.   Freedom factors The right to appoint oneself as an intrapreneur. The right to stay with the venture The right to make decisions The right to appropriate corporate slack The right to start small

11. 11.   Freedom factors (contd.) The right to fail The right to take enough time to succeed The right to cross borders The right to recruit team members The right to choos

 Intrapreneurship and Corporate Entrepreneurship Development

1. 1. 11/28/2013 INTRAPRENEURSHIP DEVELOPMENT Contents Entrepreneurship Intrapreneurship Corporate Entrepreneurship 1

2. 2.   11/28/2013 Entrepreneurship The pursuit process of opportunities beyond the resources you currently control Stevenson, 1983, 1985; Stevenson and Jarillo, 1991 Entrepreneurship is a process Entrepreneur is an individu doing entrepreneurship Entrepreneurial is attitudes, skills, and behaviors of the entrepreneur World Economic Forum Executive Summary, 2009 Entrepreneurship is a process... Opportunity Recognition for Value Creation (Innovation) Willingness & initiative to seize opportunities Strategies to manage limited resources Willingness to take calculated risks New Venture Creation, Timmons, 2003, from research at Boston College 2

3. 3.   11/28/2013 Entrepreneurial Process Model Exogenous forces Ambiguity Capital market context Uncertainty Timmons’ model of the Entrepreneurial Process, 2003 Why Entrepreneurship? Entrepreneur population 0.2% 7,2% 11,5% Indonesia Singapore USA Global Entrepreneurship Monitoring (GEM) Report, 2007 3

4. 4.   11/28/2013 Who should be Entrepreneurial? As Individual: As Organization: Business owner Private Corporation Private employee State Corporation State officer Government Educator School/University INTRAPRENEUR CORPORATE ENTREPRENEURSHIP Intrapreneurship A process by which individuals inside organizations pursue opportunities independent of the resources they currently control Stevenson and Jarillo (1990: 23) 4

5. 5.   11/28/2013 Intrapreneur - Corporate Relationship Model Resources: Financial, Market Penetration, Research facility Innitiative, Innovation Modified from Intrapreneuring, Pinchot, 1985 Example: The Intrapreneur who become Entrepreneur Steve Jobs & Steve Wozniac They joined and create Apple Computer after their PC concept rejected by HP and Atari 5

6. 6.   11/28/2013 The Intrapreneur Intrapreneurs are … ‘dreamers who do’ Those who take hands-on responsibility for creating innovation of any kind within an organization They may be the creators or inventors but are always the dreamers who figure out how to turn an idea into a profitable reality Pinchot (1985, p. ix, in: Sharma & Chrisman, 1999) Intrapreneurial Grid High Artist Inventor Idea Generator INTRAPRENEUR Manager Supervisor Low Worker Valuable Worker Low High Intrapreneuring, Pinchot, 1985 6

7. 7.   11/28/2013 Example: The Intrapreneur Example: The Intrapreneur Cheryl Pohlman Worldwide Product and Marketing Communications Director for inkjet systems, Inkjet printer division, KODAK http://www.bnet.com/article/how-they-did-it-sevenintrapreneur-success-stories/196890 7

8. 8.   11/28/2013 Example: The Intrapreneur Jeri Yoshizu Scion Sales and Promotion Manager Scion17 TOYOTA http://www.bnet.com/article/how-they-did-it-sevenintrapreneur-success-stories/196890 Example: The Intrapreneur Scott Gatz Former Senior Director of Advanced Products Sponsored search engine YAHOO http://www.bnet.com/article/how-they-did-it-sevenintrapreneur-success-stories/196890 8

9. 9.   11/28/2013 Example: The Intrapreneur Alicia Ledlie Senior Director for health business development In-store health clinics WALL MART http://www.bnet.com/article/how-they-did-it-sevenintrapreneur-success-stories/196890 Example: The Intrapreneur Andy Noya Wartawan, Presenter, Host ‘Kick Andy’ Waklil Pemimpin Umum Media Indonesia Pemimpin Redaksi Metro TV http://id.wikipedia.org/wiki/Andy_F._Noya 9

10. 10.   11/28/2013 Example: The Intrapreneur Prof. Yohanes Surya, PhD Wartawan, Presenter, Host ‘Kick Andy’ Waklil Pemimpin Umum Media Indonesia Pemimpin Redaksi Metro TV http://id.wikipedia.org/wiki/Yohanes_Surya Example: The Intrapreneur Joko Widodo Walikota Solo http://id.wikipedia.org/wiki/Joko_Widodo 10

11. 11.   11/28/2013 Example: The Intrapreneur Dahlan Iskan Former President Director of PT. Perusahaan Listrik Negara Minister of State-owned Corporations Intrapreneurial Process Model de Jong and Wennekers (2008), Mair (2002), Antoncic and Hisrich (2001) 11

12. 12.   11/28/2013 Intrapreneurial is an attitudes, skills, behaviors Taking Initiative: self starting, proactive, persistence Innovative: implement vision to increase benefit/cost Voicing Championing Taking Charge Some Degree of Risk Taking Modified from Intrapreneurship, de Jong & Wennekers, 2008 Intrapreneurship is a process... Recombination of Resources Resource Acquisition Opportunity perception Idea generation Planning and Organizing Internal coalition Building Persuading the Management Modified from Intrapreneurship, de Jong & Wennekers, 2008 12

13. 13.   11/28/2013 Corporate Entrepreneurship The process by which teams within a established firm conceive, foster, launch, and manage a new business that is distinct from but leverages the company’s current assests, markets, and capabilities Grow from Within, Wolcott & Lippitz, 2010 Innovation Radar A business system innovation Brand Networking Platform Solutions Supply chain Organization Customer experience Value capture Grow from Within, Wolcott & Lippitz, 2010 13

14. 14.   11/28/2013 The 4 Model of Corporate Entrepreneurship Enabler Producer Company provide funding & attention to prospective projects (ex: Google) Company supports a fullservice group with special mandate (ex: IBM, Cargill) Opportunist Advocat Internal & external networks drive concept selection & resource allocation (ex: Zimmer) Company evangelizes for corporate entrepreneurship, funded by business unit (ex: DuPont) Dedicated Ad Hoc Diffused Focused Grow from Within, Wolcott & Lippitz, 2010 Incentive Design for Corporate Entrepreneurship 1. Prime Factor Human Element; Critical Success Factor; Autonomy, Structure, Processes 2. Incentive System Parameters Short-Term vs Long-Term; Performance Relatedness; Attracting and retaining 3. Incentive System Components Financial, Non-Financial, Risk The 4E Model, Viswanathan, Nagarajan, 2004 ESADE MBA Business Review 14

15. 15.   11/28/2013 1. Prime Factor: Critical Success Factors Success Factor Incentive Features Financial and symbolic significance Rapidity of Feedback Individualization Team-wide Incentives Fairness of Distribution Recognizing and Adapting to Reality Organizational Support Competitiveness Effective Teamwork Direct relationship between incentives and performance Enthusiasm and Continuing Commitment Significant Earning Potencial Team Recognition Perception of Fairness Balance between potential risks and rewards Payment for results, not for strict adherence to plan Significant personal financial risk for venture managers 3. Incentive System Components: Financial Success Factor Incentive Features Shares/ Options in parent firm/ venture Phantom shares: If venture doesn’t exist as a separate entity Encourages collaborative behavior Purchased equity in new venture links risk to potencial reward Relatively long term incentive Three popular types Fixed amounts known in advance: Variable, per formance linked, Discretionary bonus after major contribution Can be both long term as well as short term Salary increases Salary increase is related to Changing role in the venture Fringe benefits Holiday trips, Scholarships to Children Sabbaticals ,etc Equity and EquityRelated Bonuses 15

16. 16.   11/28/2013 3. Incentive System Components: Non-Financial Success Factor Incentive Features Recognition Authority Responsibility Power Presence of a management champion

for th Increased resources: money or personnel Basic motivation of intrapreneur is to realize his vision in his own way: Autonomy Intrapreneur does not have to take management permission for every move: Freedom & Independence in operation Recognition is not just a gesture, it is an empowerment tool Manifested through recognition ceremonies, awards and corporate publications Autonomy Freedom Independece Top management support for venture Subtle incentives Only explicit way of awarding these incentives is through promotions Promotion to broadened responsibilities is the fundamental corporate reward 3. Incentive System Components: Risk Success Factor Incentive Features Career Risks Job Security and benefits related risk Effort & Stress Possibility of missing out on incentives due to the inherent risk of the new venture Working for the new venture may become a Stumbling block in the employee’s career. He may miss out on promotions, etc Financial Risk Opportunity cost of leaving some other division and working for new venture Firms sometimes don’t guarantee jobs in case of venture failure. This creates job security risk. While joining new venture employees often have to give up standard benefits package A new venture, by its inherent nature, is often more stressful and difficult than an established venture 16

17. 17.   11/28/2013 Lifecycle Incentive Approach Success Factor Pre-Launch Product Development Stage Incentive Features Small discretionary bonus could be provided on completions of feasibility and concept study Medium to significant bonus on ontime, within estimated budget, product development Needs built in quality protection provisions Startup Bonus could be calculated as a % of the difference between planned and actual startup expenses Ongoing Sales and Production Percentage of dollar amount improvement over planned profit or loss to be shared by venture team Post Venture Maturity stages Payout mechanism for venture personnel who voluntarily leave or are transferred or discharged Intrapreneuring Phase No Phase Description 1 Solo phase self vision, no-ego barrier, write down your idea & concept 2 Network phase share your idea, getting feedback to elaborate strength & weakness and suggestion 3 Bootleg/ Informal phase Start getting supporter without company back-up, fine tuning style of early team 4 Formal phase Getting management support, Recruiting formal team, legitimacy & leadership, maintain expectation 5 Execution Resource recombining & acquisition, Implementation Modified from Intrapreneuring, Pinchot, 1985 17

18. 18.   11/28/2013 Entrepreneurship vs Intrapreneurship Intrapreneurship is part of entrepreneurship, but differ in term of: Resource: existing network, corporate reputation, market penetration, technology base, competence human resource, financial Risk Autonomy Share Intrapreneurship Development Desentralized Organization Learning Orientation Learning Culture Transformational Leadership Organizational Learning INTRAPRENEURSHIP Organizational Performance Learning Environment Framework for Successful Corporate Entrepreneur, Rupcic, Zekic, Kutnjak, 2010 18

19. 19.   11/28/2013 The Intrapreneur’s 10 Commandments 1. It’s easier to ask for forgiveness than for permission 2. Do any job needed to make your project work, regardless of your job description 3. Ask for advice before resources 4. Recruit strong team 5. Honor your sponsors 6. Underpromise and overdeliver 7. Be true to your goals, but realistic about ways to achieve them 8. Forget pride authorship, spread credit widely 9. When you bend the rules, keep the best interests of the company and its customer in mind 10. Prepare to be fired 19

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What is an Intrapreneur?

1. 1. WHAT IS AN INTRAPRENEUR?2. 2.   INTRAPRENEUR “…a person within a large corporation who takes direct responsibility for

turning an idea into a profitable finished product through assertive risk-taking and innovation.” (The American Heritage Dictionary)

3. 3.   AKA “INTERNAL ENTREPRENEURSHIP” “Intrapreneurship” is innovation within a company Intrapreneurship can flourish in any organization. It’s just a matter of identifying these people, developing strategy, encouraging participation and committing to a culture of innovation.

4. 4.   ENTREPRENEUR VS. INTRAPRENEUR Besides the first five letters, a few things distinguish entrepreneurs from intrapreneurs. 1. An insider: • An entrepreneur is generally responsible for creating a new organization. • Intrapreneurs works within an existing firm, recognizing errors and creating solutions to better the company. 2. Risk Taker: Intrapreneurs question the status quo or authority, but they aren’t responsible for the fate of the company. Entrepreneurs have gone out on their own and are dependent on their success.

5. 5.   CHARACTERISTICS OF AN INTRAPRENEUR Adaptive Intrapreneurs recognize and learn from mistakes, then adapt to find new solutions Creative They posses ingenuity, bringing creativity to the workplace and applying it to everyday situations Goes Against the Grain Innovation is the name of the game, intrapreneurs often have a rebellious spirit.

6. 6.   CHARACTERISTICS OF AN INTRAPRENEUR (CONT.) Internally & Externally Focused They understand the needs of company and customers. Perspective is essential and they see the world through many different lenses Self-Reliant Like any leader, they must trust their judgment and ability. Confidence and independence enables them to convey ideas, even controversial ones Visionary A good idea is one thing, but quantifying costs and benefits, understanding short vs. long-term implications, and successfully pitching the idea spells success for an intrapreneur.

7. 7.   WHAT INTRAPRENEURSHIP DOES: FOSTER SUCCESS Internal entrepreneurship helps your company foster success in a number of ways 1. Catches problems before customers do 2. Focuses on the big picture AND small details 3. Invests in your business 4. Challenges conventional thinking 5. Engages employees.

8. 8.   CORPORATE CULTURE Employee satisfaction leads to better staff, fewer mistakes, lower turnover, and a happier customer. Embracing an intrapreneurial culture is undoubtedly one way to involve workers.

9. 9.   SUCCESS STORIES GM workers suggested 44,000 ideas in just one quarter and one plant saved $900K using employee suggestions A scientist at 3M developed Post-it notes after discovering a new glue that was sticky, but not too sticky. It’s now one of their top products. Gmail, Google’s beloved email service was the result of the 20% time project. This program encouraged employees to spend 20% of their time working on personal or side projects and engrained intrapreneurship into their company culture.

10. 10.   GIVE IT A SHOT You might not come up with the next Post-It Note by next week, but that’s okay. There are endless possibilities for improvement! Encourage a culture of innovation and strategic thinking and see what happens. And if you think one idea is too small, wait until you have fifty!

11. 11.   WANT TO LEARN MORE? GET IN TOUCH!

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