Intrapreneurship, An Understanding
Intrapreneurship, what is that? There are only a few individuals who are fortunate enough to be able to give wings to their entrepreneurial pursuits. Most find that going after their dreams is a challenge due to lack of capital and other resources. The concept of “Intrapreneurship” comes to the rescue of such individuals. Intrapreneurship is term most people are just learning. It is practicing entrepreneurship within the confines of an organization. Intrapreneurship works well for various reasons, the foremost being unlike entrepreneurial ventures there is no substantial risk. Intrapreneurs are normally an employee of a large organization. They are individuals who are working to generate new product or service ideas for their companies. Ultimately becoming new business ventures. by getting life with the financial and other support from the employer or organization.
Entrepreneurship vs Intrapreneurship
There are certain similarities and differences between entrepreneurs and intrapreneurs. Both of these types of individuals share characteristics such as independence, conviction, vision, and passion to fulfil their dreams. Entrepreneurs make their own decisions. While intrapreneurs require approval from the senior management in the organization they are working within.
Most intrapreneurs do not like the hassles involved with launching their own start-up but are creative and like to think out of the box. Think “entrepreneurship within a company.” Another distinguishing factor when it comes to choosing between the two is age. People in their 20’s and 30’s are more comfortable with going out on their own and are willing to experiment. As opposed to people in their 40’s and 50’s who tend to become risk averse and hesitate to leave their stable jobs.
Intrapreneurship is a “win-win” situation for both the employee and the organization. The organization benefits from innovative ideas and the employee receives the satisfaction of being creative and providing growth opportunities for themselves.
Many companies have benefited by adopting intrapreneurship in their organization. 3M, for instance, gives its employees the leeway to spend approximately 15% of their work time on developing new idea. And if the idea is feasible and appeals to the company, then the project gets the necessary funding too!
Another example is the Sony play station. This was a final product of an intrapreneur named Ken Kutaragi. The CEO of SONY showed faith and ultimately gave funding to his idea. Needless to say, Kutaragi’s baby has gone on to become huge hit in the market and has inspired many ‘me-toos’ as well!