It’s been stated that successful individuals either are entrepreneurs or think like entrepreneurs.
Look around your business. Have you been surrounded by “entrepreneurs”? Is your staff comprised of individuals who take possession of any job or task that comes across their inbox or desk? Can they embrace challenges, have the process, and take accountability – for successes and failures alike?
Some may come away thinking that “corporate entrepreneur” and “worker ” are conflicting. They consider “entrepreneurs” take the ultimate threat – ditching the safety of their day-job, as it had been, and confronting the private, financial and psychological challenges of business ownership.
That’s the only definition. Another would be “corporate entrepreneurship. ” This realm is inhabited by men and women who – however, they get a paycheck signed by someone else – see that the company (or at least their little domain inside ) as their possessions. Here really is the most valued of the employee.
Innovation and corporate sidewalks are intertwined and gas well-reasoned risk taking. Especially in large organizations traditionally risk-averse, invention pushes leaders and teams to become more corporate enterprising. This process promotes growth from the inside, which will help set the stage for leadership continuity.
As a company leader, you must build an environment that tolerates such entrepreneurial thinking. It’s the leader’s job to promote such entrepreneurial thinking – to exude and build confidence, to embrace the threat to neglect, and to inspire individuals to take well-reasoned opportunities.
In the publication, “Grow From Inside: Assessing Corporate Entrepreneurship,” co-author Robert Wolcott discusses how companies can empower and support “internal entrepreneurs” to achieve innovation-led growth. Such entrepreneurial thinking drove IBM to realize a $15 billion in new yearly earnings from 22 Emerging Business Opportunities, and Whirlpool to realize $4 billion in earnings from companywide innovation efforts – “despite the global recession and the steep fall in home markets,” notes one inspection.
The authors show four versions of corporate Biology put on an axis of organisational possession (on the flat ) and Resource Authority (about the vertical). Each possesses exceptional and specific characteristics. The Opportunist (bottom left), takes no deliberate approach to entrepreneurship; the Advocate (bottom right) evangelises for this; the Enabler (upper left) provides financing, and executive attention, and also the Producer (upper right) establishes full support groups together with mandates for corporate entrepreneurship.
Applying Robert’s rules of the invention, the Advocate, Enabler and Producer can flourish in this environment for every single has corporate support. They’ve executive support, from Inspiration to Web Presence, needed for innovation borne of corporate entrepreneurship to flourish.
For corporate entrepreneurship to flourish, it needs more. It requires structure and culture. Assuming the right men and women are in place, leadership must offer divisional and business unit liberty. How do you lead your company to a climate of corporate entrepreneurship?
- Much like Innovation, redefine what “entrepreneurship” means. The term “Corporate Entrepreneurship” must mean the same thing organization-wide. Moreover, leadership must delineate objectives and stage how as part of its vision and mission.
- Incubate and nurture. Corporate entrepreneurship doesn’t flourish without guidance. It starts small – and develops through reinforcement. Begin with little jobs heavily supported by direction. Those success stories should be heavily conveyed as such. They then will become the direct job to pull the rest of the group or other entrepreneurial-minded teams combined.
- Create a reward system. Risk and benefit, when properly aligned, can boost accountability. Benefits – whether in the form of compliments from instant supervisors, attention from direction, or the chance to lead prospective jobs or task forces – are strong motivators. They also can help solidify the production of more powerful corporate entrepreneurs.