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The trendiest way to creating a business is to become an entrepreneur: build a business model, create products, formulate USPs, muster a prospect base, plan out the long-term business goals, etc. Rahul is capable of this!
Meet Rahul- A Sr. Business Analyst in one of the mid-sized software development firms. Rahul is nearing 30, married, has about 6 years of experience, is quite successful at the workplace and has high career ambitions. Rahul’s key strengths are his ability to think through problems and identify innovative solutions.
Rahul is a prime candidate to become an entrepreneur and create a new business. However, he could be constrained by basic knowledge on entrepreneurship, could be figuring the right timing to take the plunge into business, may lack required, funding… Whatever the reason be,is Rahul going to curb his instincts? Is that the only option that Rahul has?
Let us consider what are the key characteristics of the entrepreneur in Rahul, that fit in within the company itself? Here’s how:
When we realize that entrepreneurship is not about starting new businesses,but more about possession of certain characteristics within, then we would realize there are an entirely new breed of internal entrepreneurs in every organization.
Let us call them “intrapreneurs” and label their approach “intrapreneurship”.
An intrapreneur is an employee of the company who has the freedom to think and test his own new ideas& entrepreneurial capabilities to add value to a certain process or business unit of the organization.
What, you may ask, motivates these intrapreneurs?
Lack of Financial Risk: Being an intrapreneur will leave little room for concerns about funding and the rigors of incubating on their own. This is a major relief and motivation too, as all you need is an idea and a strong belief in it.
Money: Majorly No! It is not that they don’t value money. Rather than chasing money, they add certain level of value to the organization that money and career advancement chases them.
Germinators: When they come across an idea they are relentlessly pursuing the solution, on how to make it work. They will have created a blueprint for the entire plan, when what most others in the world think, as just a germ of an idea.
Pivots: Their fear of failure is very low or not present at all. They are not afraid to change course in order to achieve the larger goal. They take complete responsibility of what they set out to do.
Integrity: They have humility and behave with a sense of authenticity completely lacking the maverick behavior, that one might expect.
With the emergence of start-ups, millennials have been the key in driving Intrapreneurship at workplaces. However, more and more organizations have already been investing to develop a workforce of Intrapreneurs. For instance, Apple’s Macintosh team and Krishna Bharat, the man behind Google News are a testament to the successful application of the Intrapreneurship model.
Identify the intrapreneur within you and enhance your entrepreneurial qualities. Hone your skills for a better exhibition of your work, at your current workplace.
One may lack the knowledge and methods of running your profession entrepreneurially. Being a working professional like Rahul within the organization may allow for a certain trial-and-error tolerance. But, a surer way to equip oneself is to learn and train professionally.
This is a major advantage that Rahul, like any other working professional out there has, since they can pursue a professional qualification through a Distance Learning Program and other short-term Business Management courses, while knowing exactly what their internal business goals are.
What further sweetens this approach is that companies will be aware of who their intrapreneurs are, and how to reward them, retain them and think long-term career paths for these employees. A sharp entrepreneur has the acumen to identify intrapreneurs within their company and nurture them to reach their full potential.
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