Intrapreneurship in a Post-Pandemic World: How Your Business Can Thrive

Intrapreneurship in the workplace has been on the rise in recent years, and it’s no surprise why: according to some research, intrapreneurship can help boost productivity and contribute to overall job satisfaction at your company. An intrapreneur is an employee who experiments with new ways of improving their organization’s processes or products while staying within the company structure, rather than quitting to pursue their own endeavors as an entrepreneur would do. Here are five intrapreneurial tactics that you can use at your business to thrive in today’s challenging global climate…

Here are five intrapreneurial tactics that you can use at your business to thrive in today’s challenging global climate…

What is an intrapreneur?
An intrapreneur is an employee of an organization who develops, operates and markets innovative products, services or processes within that organization. Although many people equate intrapreneurship with entrepreneurship, such individuals are not entrepreneurs by virtue of their status as intrapreneurs. An entrepreneur assumes all of the risks associated with business ownership. By contrast, an intrapreneur works for someone else's company.

The essential difference between these two types of innovators is that one takes on all of the risk while working for someone else; another does not take on any risk but works for someone else.

How Intrapreneurship can help your business thrive in a post-pandemic world: In today’s world, businesses can no longer rely solely on traditional methods to remain competitive. Instead, they must find ways to innovate and adapt quickly to changing conditions. In fact, according to research conducted by Penn State University professor John Pucher and his colleagues at Rutgers University, more than 50 percent of U.S.

Intrapreneur vs. Entrepreneur- Understanding the Differences

An intrapreneur is a member of an established company who creates new products, services or business models through entrepreneurial activities inside their own organization. They usually work within existing organizational structures and processes, but they have significant autonomy over their project decisions and control over how their projects are carried out. The term was first used by Gifford Pinchot III in 1983 to describe employees [who] use their positions within large organizations to create new ventures that supplement or replace existing ones.

Intrapreneurs can be found at every level of an organization, from entry-level employees to senior executives and board members. The skills required for intrapreneurship include communication, interpersonal, leadership and management skills as well as creativity and innovation.

The intra part of intrapreneurship implies that these people are working on something within their own organization—they’re not starting a separate company outside of it. Some people may view them as a type of entrepreneur, while others see them more like corporate innovators. In most cases, however, an intrapreneur will report directly to a manager within his or her company. In some companies, there may even be an entire department dedicated to supporting internal entrepreneurs with resources such as training programs and networking opportunities.

This can help make sure that intrapreneurs have everything they need to succeed without having to go outside of their organization for resources. Most importantly, it can help keep other departments in your company up to date about what you’re doing so they don’t feel threatened by your efforts.

For example, if you’re creating a new product line that might compete with another product line already being sold by your company, other departments might try to shut down your efforts before they get off the ground. That way, you won’t have any problems when you want to introduce your idea later on.

Conclusion
In our uncertain post-pandemic world, it is likely that intrapreneurs will prove themselves to be crucial to the future of your business. By using intrapreneurial approaches, such as problem solving and creative thinking, you can ensure that your business not only survives but thrives as well. Intrapreneurship may be different from traditional entrepreneurship, but its importance cannot be understated.

SOURCE: How Intrapreneurship Can Help Your Business Thrive in a Post-Pandemic World