Understanding Intrapreneurship: Definition and Key Concepts
Intrapreneurship is a form of self-initiated entrepreneurship, but within an existing organization. Entrepreneurs take initiative to generate new products or services, or to implement new processes, with the goal of making the organization more efficient, profitable, or innovative. intrepreneurs are goal-oriented problem solvers who combine their creativity with the resources available within their organization to generate tangible results.
The concept of intrapreneurship is becoming increasingly popular as companies seek to foster innovation and growth in a competitive business environment. Companies often provide these Intrepreneurial activities with resources, training, and support offered to those taking part.
Key concepts involved in intrapreneurship include:
- Innovation: Introducing or creating new ideas, concepts, processes, or products.
- Opportunity: Looking for gaps which can lead to increased efficiency or profitability.
- Risk-Taking: Taking calculated risks with the potential to deliver greater reward.
- Engagement: Actively participating in the organization’s goals and objectives.
The Role of Intrapreneurship in Business Innovation
Entrepreneurs contribute to business innovation by bringing new ideas, products, procedures, and perspectives to their organization. Entrepreneurs help a company stay competitive by driving growth and identifying opportunities in existing markets. Intrepreneurs often function as a catalyst for change, providing a different view to problem-solving and sparking new opportunities through innovative thinking.
Intrapreneurship also provides an avenue for employees to take ownership over their work and increase their engagement with the company. By taking initiative and pushing innovation, entrepreneurs can be rewarded and acknowledged for the value they bring to the organization.
Case Studies: Successful Intrepreneurs and Their Impact
When it comes to successful entrepreneurs, the most famous example is Steve Jobs of Apple Inc. Jobs began his career as an Apple employee, taking the initiative to develop both hardware and software that was innovative and would revolutionize the industry. His contributions to the development of personal computers, smartphones, tablets, and other technologies have had a long-lasting impact on consumers and the tech industry.
Another example is Michael Porter of the LEGO Group. After joining LEGO in 1984, Porter took initiative to identify previously unexplored markets for children’s toys. He successfully developed and implemented a marketing strategy that was based on the principles of game playing. His innovative approach helped the company bring their long-standing classic products into the 21st century, to the delight of millions of consumers.