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Entrepreneurship & Intrepreneurship
- 1. HOW TO PROMOTE INTRAPRENEURSHIPIN AN ORGANISATION? By: NazeerAaisha Saulick Kajal Vencatasamy Keshini Ramyad Julietta Toorabally Zaira BSc (Hons.) International Business Management (year 3) University of Mauritius
- 2. Defin ition Entrepreneurship vsI ntrapreneurship Key p oints OVERVIEW Ad vantages of I ntrap ren eu rs h ip Factors th at motivate intrap ren eu rs h ip Obstacles How to p romote th is con cept Solu tion s
- 3. โข Known ascorporate venturing โข Set of strategies and practices โข Promote, cultivate & manage entrepreneurial competencies โข Create the context conditions that make feasible the development of new ideas and business projects What is Intrapreneurship?
- 4. Factors that motivateintrapreneurship in an organization โข Management support, risk- taking & proactiveness โข Resource availability โข Reward and appreciation
- 5. WHO IS AN INTRAPRENEUR? Anemployee of a large corporation who is given freedom and financial support to create new products, services, systems & does not have to follow the corporation's usual routines or protocols โIt'snot about money. It's about the people you have, and how you're led." - Steve Jobs
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- 7. An entrepreneur isa person who sets up his own business from scratch whereas an intrapreneur is an employee who develops a new business idea within an already established organization.
- 8. Entrepreneur : Fundsfrom personal sources (Savings, borrowings, loan) Intrapreneur : Funds and resources of the organisation in which he is employed Capital Entrepreneur: Bears all risks โ can lead to losses, bankruptcy Intrapreneur: Company bears most of the risks Risk Entrepreneur: Free to take decisions on his own Intrapreneur: Must seek approval from seniors and team Decision-making Entrepreneur: Can go out work if the business fails Intrapreneur: Can still work within the organisation Job Security Network Resources and Facilities Entrepreneur: Can to create its own networks, for.eg finds suppliers, investors Intrapreneur: Can benefit from the network of the organisation Entrepreneur: Has to find effective resources, for e.g. HR, Raw materials, advertising.. Intrapreneur: Has readily available resources, team members, production facilities
- 9. Both Entrepreneurs andIntrapreneurs โข are innovative persons โข aim to bring innovation, creativity & newness โข add value to goods & services โข take high level of risks โข motivated to achieve success, recognition & rewards โข work to improve the capacity, efficiency & productivity of the business Similarities
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- 12. Worldโs Most Innovative Companies| 2018 1. Apple 2. Google 3. Microsoft 4. Amazon 5. Samsung 6. Tesla 7. Facebook 8. IBM 9. Uber 10. Alibaba 11. Airbnb 12. SpaceX 13. Netflix 14. Tencent 15. Hewlett-Packard | BCG Report
- 13. โข Familiarity trap:favouring the familiar over the unfamiliar โข Maturity trap: favouring the mature over the nascent โข Propinquity trap: favouring proximity to existing solutions rather than completely new solutions Lack of Entrepreneurial Culture
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- 15. How to promoteIntrapreneurship? โข Deloitte Framework โข Published in 2015 โข Guiding tool for corporations โข Helps to understand the notion behind intrapreneurship โข A framework on how to incorporate it into companiesโ DNA
- 16. Deloitteโs 5 InsightsExplored People centric Bottom-up Approach Company Growth, Culture & Talent Find & Recognize Intrapreneurs Intrapreneurs know the rules & break them effectively Different Management Approach
- 17. INSIGHT 1 โPeople Centric, Bottom-up Approach โข Radical in-house innovation โข Make work meaningful โข Foster great management โข Establish a flexible, humane, inclusive workplace โข Create ample opportunities for growth โข Establish vision, purpose, and transparency in leadership
- 18. ๏ผ Demarcate products& service from competitors through innovation ๏ผ Flexible work environment ๏ผ A mean to exploit โchaoticโ opportunities & satisfy market gap ๏ผ Helps to promote sustainable competitive advantage Starbucks Coffee โ engage with the local community, products are eco- friendly, sustainability practices through new technologies
- 19. INSIGHT 2 โCompany Growth, Culture and Talent โข Innovation (Elevating the top line) ๏ผ Help businesses to seize new opportunities ๏ผ Examples: Toyota, Sony PlayStation , Facebook, Apple โข Breeding talent ๏ผ Facilitates the creation of an organizational environment which cultivate talent and support diverse projects ๏ผ Retain talented and motivate employees
- 20. โข Constantly focusedon developing for the future. โข Introduced automated driving โข Aim to bridge the gap between human and robots through innovation โข Connects people, cars and communities through state-of- the-art technology. โข Created breakthrough products through innovation โ The PlayStation โข Constantly change its management structure to remain innovative โข Horizontal system - to speed up decision making and market responsiveness โข Continuous R&D
- 21. โข Grow bottomline ๏ผ Resources need to be effectively allocated to encourage successful intrapreneurship ๏ผ Lead to enhanced goodwill โข Cut time to market ๏ผ Quicker delivery speed of new product or service = competitiveness ๏ผ Determine success of companies ๏ผ Amazon โ Prime Air delivery system
- 22. INSIGHT 3 โFind & Recognize intrapreneurs An intrapreneur is โข highly motivated โข constantly working and willing to undertake difficult task โข The company can identify intrapreneurs by relying on certain common traits
- 23. Freedom seeking Intrapreneurs arepeople with genuine desire for autonomy in their job. They usually seek for occasion that encourages freedom of originality, as well as flexibility in the workplace in order to give their fullest to the organization. Visionary Good intrapreneurs should have coherent vision about where the company stands now, where it will be in future days and find ways to get it there. Total Commitment That is, the intrapreneur is someone who is highly motivated and is constantly working and willing to undertake difficult task. These Traits are:
- 24. Flexible They adapt easilyto new situation that is when problem arise, the intrapreneurs are able to shift to other situation rapidly. Tolerance Uncertainty Intrapreneurs are risk takers who are willing to take any challenge that can lead their work to perfection. knowledge-thirsty They always seek for future and learn about how they can continuously improved their task. Problem Solver Intrapreneurs are the best people in the company that would identify issues and suggesting creative ways to fix them.
- 25. Paul Buchheit the manbehind our mailbox ๏ผ Visionary, Ambitious, Freedom Seeker ๏ผ Became 23rd employee at Google ๏ผ Creator and lead developer of Gmail (2001) ๏ผ Prompted what would become AdSense
- 26. INSIGHT 4 โLet employees bend rules effectively โข Passion and motivation to create something new and innovative, be it, a specific service, product, process or routine. โข Tendency of not following company rules that hinder their work and creativity. โข They do not act in way that harm the company. โข Believe in bending the rules instead of breaking them. โข Work to achieve their vision in line with abiding to business etiquettes.
- 27. Dr. Thorsten Intrapreneur atFraunhofer Venture. Sometimes he develops something new without complying with all the rules of his company and test it on a small scale. If the idea works, he then talk to his next level supervisor. Thus, he does not follow all the rules, but works hard and present his ideas well.
- 28. Structure, Support & Autonomy INSIGHT5 โ Different Management Approach Motivation & Compensation Resources Communicatio n
- 29. 01: Structure, Supportand Autonomy โข Flexible and agile organizational architecture โข Freedom of ideas and execution โข Democratic leadership โข Top-down support โข Mixture of organizational culture Spoke-and-Wheel Hierarchy Product-based Divisions Weak Functional Matrix
- 30. 02: Motivation & Compensation โข RecognizeMistakes โข Celebrate Success -Reward System is necessary โข Goals, feedback & individual accountability โข Acknowledgement โข Help to upgrade creative capacity ๏ผ One of Americaโs Most Admired Corporations ๏ผ Highest award for innovation ๏ผ Measurement and reward frameworks (Carlton Society & Golden Step) ๏ผ Trials and errors is encouraged
- 31. 03: Leverage existingResources โข War for Talent โ Shifting from quantitative minds to creative ones โข Nurture existing employees โข Non-traditional way to advance careers โข Intrapreneurial Education โข Access to data and business intelligence โข Networking, collaboration and mentorship โข Element of fun -40
- 32. 04: Communication โข Openclimate โ 2 way communication โข Keep innovative ideas flowing โข Factor of motivation โข Lead to enthusiasm โข Generation of ideas โข Develop sense of belonging โข Google Cafes โ Cross Pollinating
- 33. Google Offices around the world Fun environment EasyInteraction Employee-centred 20% Time policy
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- 35. โข Lack ofentrepreneurial culture supporting innovation โข Inaccessibility to accurate and timely data โข Lack of reward recognition for hard-work and innovation โข Not suitable for smaller businesses โข Leadership conflict due to multiple CEOs โข Difficulty to effectively allocate resources Obstacles to Intrapreneurship
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- 37. Measures to overcomethese challenges โข Develop a culture of intrapreneurship by encouraging workers to innovate and enhancing transparency โข Implement effective reward management โข Enhance decentralization and empower employees โข Encourage teamwork and healthy competition โข Encourage effective communication โข Designation of clear objectives โข Enhance innovation
- 38. Key Points โข Innovationis key. โข Your employees are your most valuable asset. Treat them well! โข Supportive leadership is an important pillar. โข Failure is not always fatal. โข Intrapreneurship is a long process and requires the effort of all.
- 39. C o nc l u s i o n Today, in the name of intrapreneurship, companies worldwide are evolving quickly. Everyone has recognized the need to be unique to be able to survive on todayโs competitive market. Organizations are beginning to recognize that innovation is not the result of a lone genius; rather it is a collaborative process where people from many different parts of the organization contribute to the creation and implementation of new ideas. In fact, intrapreneurship is not one-size-fits- all, but rather each organization should do what best fits their needs. Afterall, the world is on the verge of a creative revolution.
- 40. The End โBe aColumbus, smell the fragrance of the new lands and discover them.โ โ Amit Ray