Fro Intrapreneurs are defined as inside entrepreneurs, using entrepreneurial skills to fulfill their role. These individuals haven’t necessarily taken the risk to start their own company but often lead the change within the company that employs them. An example of an intrapreneur who propelled a company forward is Spencer Silver, who developed the Post-It note while at 3M. Individuals who are gifted with this innovative thinking are essential to business success. How do you cultivate and reward them?
Promote creative thinking.
In any industry, employees should be able to think of new ideas, and make improvements on a daily basis. To move your employees to the next level, you need to give them space to come up with their own solutions. On the flip side, as the employer, be open to suggestions of improvement.
By allowing free thinking to flow through your workplace, it is astonishing what employees can do. Deloitte notes, “corporations with entrepreneurially-minded employees see the benefits – ranging from innovative offerings, increased kills and capabilities, and competitive advantages to cost savings, motivational boosts, and accelerated product and service launches”. Give your employees a little room to think it. It goes a long way.
Be open to failure.
With a workplace that encourages new ideas, failure is inevitable. Failure doesn’t always have to be a negative thing. Sometimes losing that pitch or client forces you to re-evaluate your efforts. This creates a learning opportunity for the business and your employees.
Jeff Bezos, founder of Amazon, has said: “My job is to encourage people to be bold. I’ve made billions of dollars of failures at amazon.com. Literally billions. Companies that don’t embrace failure and continue to experiment eventually get in the desperate position where the only thing they can do is make a Hail Mary bet at the end of their corporate existence.”
Make employees feel like partners.
The Houston Chronical reports that companies who profit share with their employees see an increase in productivity and loyalty, creating employee devotion. When employees own a piece of the pie, they naturally care more about the business, treating it like their own.
Implementing profit sharing programs doesn’t mean that you will operate your business at a loss. It means that your team will push to bring in new clients and work harder to deliver excellent customer service. In fact, employers offering incentives like this creates an intrapreneurial culture within their organization where employees will naturally come up with strategies to further succeed.
Get started now.
Nurture your employees to ensure they grow to their fullest potential. For instance, when hiring new employees, be sure to look for go-getters. Sometimes, the signs are easy to spot – they could write blogs or run their own Etsy store on the side. These pursuits outside of the 9-5 will give you clues to help spot intrapreneurs. Some aren’t as clear because they lie in the passion of opportunity. By nurturing those who already work within your organization and looking out for new talent who already has “achiever’ in their blood, you will ensure an intrapreneurial culture in your business.