How Intrapreneurship and Business Growth Go Hand-in-Hand
Fostering cultural change. When people think of business growth, it’s likely that phrase isn’t the first thing to come to mind.
It’s instinctive to think of increased sales, better ROI, more customers, and while all of those are a part of a growing business, it’s not the foundation. Instead, business growth starts from within, at the core of your company, your employees. So if you're going to grow your business, you need an employee-driven, decentralized intrapreneurial strategy, and we'll tell you why.
Intrapreneurship and business growth are a match made in heaven. They go hand-in-hand with one another. Specifically, intrapreneurship has become a critical aspect for organizations and, in some cases, a survival strategy. Those that have embraced intrapreneurship have achieved increased productivity, innovation, and higher levels of employee engagement.
Without giving too much away just yet, we’ll lead with this: According to a report by Financial Times, “companies that become complacent and fail to create cultures where employees can be creative are going to be left behind and go out of business."
Understanding the Intrapreneurial Strategy
Intrapreneurial strategies support self-sufficiency and independence among employees, all while seeking the best resolution for a company in terms of the greater good. Consider it an enjoyable way to produce a more efficient workflow.
Take a look at one of our articles which provides insight into what an intrapreneurial strategy is and how it's worked for so many. To summarize, note the following:
- Create a space where people can follow up on their idea and explore its potential. Give people the chance to prove themselves and their ideas.
Note: Employee motivation, empowerment, and education.
- Give everyone the chance to validate ideas. Of course, if it’s nonsense after two months of validating and gathering accurate customer data, the idea won't proceed, but the intrapreneur learns a lot for little money. (Hello, cost-efficiency!)
- To find people who are willing to go the extra mile and validate a business idea, they need a comfortable environment.
Note: Visible top management support.
- Communicate a brand (such as Kickbox) instead of a method. The brand is long-lasting, and people identify with it and promote it without much effort from a manager.
- Include idea givers and employees interested in innovation but don't have original ideas just yet.
- Having a physical toolbox is just as important as a digital platform. (Opening a box full of new beginnings is exciting!)
- People are more important than ideas, but not everyone wants to be an intrapreneur. So start investing more money, time, and coaching into the people that prove themselves—the champions behind the idea.
- Intrapreneurial strategies go beyond the boundaries of your company. We’re not saying it’s a requirement, but… A peer-to-peer community makes a hell of a difference.
Note: Peer exchange and co-creation.
The Symbiotic Relationship Between Intrapreneurship and Business Growth
Intrapreneurship can ultimately be defined as a foundation of business growth. They quite literally are driven by business growth. It can all sound pretty redundant, but the fact of the matter is you can’t have one without the other. That’s not to say they’re interchangeable terms. More like a harmonious, married couple. (Yep, it’s that serious of a relationship.)
Before, we discussed how success begins from within the company, with the employees. Let’s take things a step further.
Intrapreneurs motivate company growth through ideas and implementation of intrapreneurial strategies. We've already explored the general outline of an intrapreneurial strategy, so now let's explore the benefits they produce that (you guessed it) lead to business growth.
An intrapreneur focuses on the internal operations of the company. They ensure effective productivity from all employees through positive encouragement and motivation, leading them to become driven and goal-oriented.
Nobody likes to be nagged or put down by their superiors, although many organizations still seem to believe that’s the most effective method for motivating employees. We’re going to let you in on a little secret. It’s not.
Bottom-up Business Innovation
Innovation and creativity. We could stop right there because those two terms are so important and renowned that they don't even need an introduction. But we like to talk about them. It's sort of our thing. An intrapreneur recognizes what moves the company needs to make to reach a new level of growth. Then, through imaginative (but realistic—unfortunately, no unicorns apply) solutions, they cultivate a lasting cultural change that makes a company's operations better than before and a work environment that employees are more than happy to be a part of.
Diminished Fear of Failure
Did you know that roughly 35% of people in the U.S. trying to build a business never follow their dreams, all because of their fear of failure? It's incredible and unfortunate how much our psychological dispositions can get in the way of our goals. It may be in part because they're revolutionizing a pre-existing company, but intrapreneurs are brave risk-takers.
Having the determination to challenge any excuse in the book to find the perfect solution, intrapreneurs ignore that whisper in their ear saying, "it will never work" or "that's too ridiculous, don't bother." We're not saying ignorance is vital. Please don't be ignorant—it's not a good look. We're saying that innovation and intrapreneurial strategies involve taking risks, living on the edge, going against the grain, and more catchy phrases. The overall goal is to see the company thrive, which requires thinking outside the box (last catchy phrase, we promise).
Failure is inevitable. Don’t ever believe someone if they say they’ve never failed at anything. And if that is true, it’s because they’re stagnant. You need to experience the bad to discover the good.
Growth = change + uncomfortableness (risk) + motivation.
By now, you probably see the pattern we're getting at here. All these attributes of intrapreneurship are direct pathways to business growth. And believe it or not, our complete list stretches way beyond what you see here. Bottom line? Innovation, creativity, and teamwork are the answers.
Let rready Take Your Business Growth to Another Level
Intrapreneurs are valuable employees, the not-so-hidden gems that fuel purpose in a business and make them prosperous. Employers who encourage intrapreneurship stand to benefit greatly. It’s simple.
rready can make the process even easier. For over a decade, our teams have been designing, adjusting, and implementing innovation software into organizations to kickstart their intrapreneurial movement. As a result, more than 4,000 clients have taken the leap into open-mindedness, ditched that fear of failure, and have seen firsthand how intrapreneurship and business growth are related. We know you're rready to join the movement, and we're here to help you. To check out our free demo and learn more about our services, contact us today.Get started today