Thursday, April 24, 2008

Intrapreneur - the next big thing !

"Intrapreneur"--First timers would normally get confused with the Intrapreneur and Entrepreneur, sounding the same, and a notion that it has to be the same, unless there's an intentional omission of 'E' changed to 'I'.
Well don't worry, even I had the same when I first came across the term ' Intrapreneur'.

“Intrapreneurship is the process of creating some type of value inside of an existing entity by taking some kind of new product or business and looking for new ways to bring it into the market. And in order for it to be truly an intrapreneurial opportunity, it has to be a product or service that's different from the company's traditional business” - Joe watson, CEO of Reston.

So, if you dream of leaving your middle-management job and venture out on your own, the only thing that gets back to is Entrepreneurship. A very good thing, go ahead !
But, if you want to avoid the risks of going solo, which is primarily because of the fear of losing your safety net- especially at a time when most of the people are expecting some kind of economic slowdown, and the worst part of it that it could claim the job you already have; in this regard, all One can advise is “Intrapreneur”. Atleast it has the glamour that comes up with having your own start up, not an easy thing though !!

So how does it start?
Take for an instance, you are employed with a certain company for some years, maybe with a very strategically important role. But on the other side you have a have your own dream of your own start up. And incase if you see yourself-and the company-doing much more, with your plans for start up, you're then the prime candidate for “Intrapreneurship”: the art of spearheading a new product , service or other venture within an existing firm.

Many of the same precepts apply to entrepreneurship, which has stages such as :
----coming up with a new idea
----structuring a market analysis
----assessing the competition
----creating a sales and marketing plan
----determining the risks and rewards
----and the execution of the plan.

Good thing about Intrapreneur, is the security of knowing that the parent company will provide the necessary resources and still pay a salary even if the venture is not as successful as anticipated. But, nothing in this world comes truly free. An unsuccessful venture could possibly derail your career.
This reminds me of :

“Often the difference between a successful person and a failure is not one has better capabilities or ideas, but the courage that one has to bet on one's ideas, to take a calculated risk- and to act”
---Andre Malraux.(french historian, 1901-76).

Both endeavors requires a person to be – a process oriented and a creative thinker, and with level of resilience that can withstand obstacles and roadblocks. Failure to properly navigate problems could arise, is a sure way to hurt yourself and your reputation. So Intrapreneur has to be someone who can develop an exciting concept into a profit driven enterprise.

There is one interesting maxim on Intrapreneurship, “ Intrapreneurship changes as the nation goes through phases”. This is relatively true in its sense that when corporations are trying to generate revenue, Intrapreneurship opportunities increases.

So Intrapreneurs are people, who have gained a unique perspective on the dynamics of the organization, and can best explain how changes in one area of a company's business can impact the organization overall.
So next time when you are motivated about new startups, but is wary of the risks, think about strategizing the same for Intrapreneurship.



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