Innovation is an organizational buzzword that doesn’t seem to be going away anytime soon. A conversation that comes about all too often is whether intrapreneurship or entrepreneurship is the right choice. Entrepreneurship has proven to be successful for many self-made millionaires, but guess what? Intrapreneurship advantages are beginning to surmount those numbers.
If you’re familiar with the Facebook “like” button, Google’s “Gmail,” the Sony Playstation, and even LinkedIn, then you're already aware of just how world-changing intrapreneurship can be (Ok, you caught us. LinkedIn was definitely not an intrapreneurial idea, we were just hoping you would give us a follow). What once started as a "crazy" idea from the curious employee who liked to tinker in the back, combined with strong will and dedication from company leaders, burst into billion-dollar innovations.
Use your imagination and think what you could do within your organization if you cultivated a culture where your employees comfortably shared their ideas and had the opportunity to transform them into a reality. Or, if imagination isn’t your strong suit, you can start by reading this list of intrapreneurship advantages and disadvantages.
Promoting intrapreneurship or recognizing employees who demonstrate an intrapreneurial spirit can transform your company. When you encourage intrapreneurship, your department, or company as a whole, will reap the benefits.
The advantages of intrapreneurial projects are they don't solely apply to the corporate bottom line. They create opportunities for people to think outside the box and make waves with innovation. However, rewards almost always come paired with risks.
As with anything else in business (and the world), there are challenges and disadvantages. Anything worth doing bears some risk, so don't let these change your mind. We just want to keep you informed.
Change is one of the least understood management disciplines. Most studies report a 60% – 70% failure rate when it comes to change initiatives. Risk-averse cultures and resistance to change can hinder an organization’s ability to grow.
Another part of this disadvantage can refer to higher management. Again, they may feel there is no need for change. Maybe they just feel left out. Either way, there's potential for feelings of resentment to build up.
Your human-form resources can be taken away to work on other priority projects. Employees can have their responsibilities shifted around to address the immediate problem rather than work on a long-term solution. There isn’t necessarily any ill will—it’s just a matter of business politics.
In addition, multiple leaders above can derail the strategic direction and overall productivity of your projects. Employees will get distracted and confused because they can't keep up with the constant shifting and whom they're supposed to be taking direction from.
Prioritizing intrapreneurship in your organization can help you create incredible opportunities without running risks as significant as entrepreneurship holds, but there are still risks. What we want you to understand without a doubt is that you can have a substantial impact while creating lasting change and scaling innovation. Intrapreneurship can change the whole trajectory of your company and your life.
rready wants to show you the intrapreneurship advantages hidden in your company and how you can prioritize intrapreneurship within your organization. With our proprietary innovation-inspired software, you can take the initiative today, be the change, and drive results. If you're rready to team up and get growing, contact us today.Get started today
Then it’s time to engage your employees and unleash the creativity from within. Our innovation solutions drive the inspiration employees need to do their best work. Together we can build a strong, lasting cultural change for your business, bottom-up. What are you waiting for?Get started today