As more large companies and organisations finally face that evidence shows that young startups are becoming big players in nearly all markets, it becomes highly important that they learn how to adapt their businesses — and to adapt them quickly. Company graveyards are filled with companies who didn’t read the proverbial “writing on the wall,” and waited until it was too late to make the necessary changes to still be successful in such competitive environments.
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Innovative thinkers are developing new ways to really shake things up, including disrupting markets, functioning with more efficient and lean startup methodologies, and by finally deciding that it’s about time to begin conducting daily business more like an entrepreneur.
While it may look good on paper, how do you create a more successful entrepreneurial business? Let’s take a look at a few ways to put you on the road to success!
Discover the Basic Definition of Corporate Entrepreneurship
Corporate entrepreneurship, otherwise known as intrapreneurship, is the idea of employees working as entrepreneurs within a large company or a single department. What this means is that these team members often take on the same roles as a person who is running his or her own business or organisation. Think of a project manager who often takes on a good portion of the development and implementation that is typically reserved for a higher executive, all the while being a team player and assisting other employees, without any worries that they may outperform.
This can be profitable in a number of ways, as that there is no need for micro-managing, and team members often put the exact same passion and drive into YOUR company as they would in their own. Additionally, it is a key arrangement for the employees, because they function in the independent, creative way that many CEOs or startup founders, but without so much personal risk.
Begin to Look for Intrapreneurs Within Your Team
One of the first things that will set you on the path to a successful entrepreneurial business is to learn how to identify the team members who are, in fact, already operating as intrapreneurs within your business. Don’t be discouraged if a large portion of your employees do not meet this profile. A few good leaders is all that you’ll need to get started, setting a prime example for others to follow.
Along with the example of corporate entrepreneurship given above, there are a number of traits that you can learn to spot in your employees. Just a few include:
- Being self-motivated
- Takes responsibility for their work
- Not afraid to take initiative
- Ready to take action
- Will think outside of the box
- Is also a team player
- Takes on a leadership role when appropriate
- Easily steps in as a mentor
- Does not require micro-managing
- Will put the entire team ahead of self
If you notice even a few of these traits in just a handful of your team members, imagine how your successful your business could become if you began to teach innovation, and encourage other employees to think more independently — as intrapreneurs.
Start Educating Your Key Players
The next phase, now that you have identified the employees who are already functioning as intrapreneurs, is to begin educating a core group to become even more proactive and to learn a few vital ways in which to shape their performance.
Begin hosting brainstorming sessions, encouraging the idea of coloring outside of the lines and creating disruptions. Be sure that everyone understands that it’s perfectly okay to fail, so that new ideas can be tested, and perhaps a new approach will be conceived.
Also, ensure that employees are rewarded in some way for innovative ideas. This can be as simple as a public acknowledgment, or can even move toward something more tangible if the proposal bears fruit.
Test any new ideas, and always allow time for discoveries, so that you can not only see how the process is on paper, but how it can actually be implemented in the real world. Poorly executed ideas have a much lower success rate.
Look Into Innovative Coaching
As you begin to more accurately understand the concept behind gearing your company to become a high-functioning entrepreneurial machine, why not take one final step? Many organisations are realizing that even though they have taken several important steps toward creating the ideal environment, they may need that extra push.
This is where an innovation coach can provide priceless assistance. Once you see that the gradual changes you have started to implement have taken hold, an innovation coach can begin to take things to a whole new level. Your team can begin to function an entrepreneurs within your company, incorporating tactics like brainstorming, discovering and testing new ideas, and adapting their goals and processes to achieve positive outcomes.
While many teams may start off strong, it’s easy to fall back into old routines and begin to operate in one-dimensional ways. However, this shouldn’t discourage you! An innovation coach will ensure that everyone stays on track, and that you continue to move toward the entrepreneurial business that will match your vision.
So, as you can see, creating the atmosphere for an entrepreneurial business will demand that you put in the hard work and execute a plan, but it will also be one of the most rewarding business decisions that you ever make.