By December 5, 2017Business
The Millennials Coach

One of the ideas I truly believe in is that if you have a team of entrepreneurs in your team, you can move mountains.

Today’s article as part of ‘The Micro-topics of a Business Christmas’ is simple: ways to help turn your ‘employees’ into entrepreneurs, or more correctly ‘INTRApreneurs’.

Gone are the days where the term entrepreneur is reserved for the managing director or the founder of a company, and entrepreneurial capabilities should be fostered at all levels of a business. So what does ‘intrapreneur’ mean in reality?

A collaborative study between Future Workplace and Upwork found that 90 percent of professionals considered entrepreneurship as someone “who sees opportunities and pursues them” rather than “someone who starts a company.” (below linked article)

And what’s more:

“Fifty eight percent of millennials consider themselves entrepreneurs. This mindset is fostered at successful large companies.”

This does not mean intrapreneurship only works in large companies, I would argue that SMEs need to take advantage of the entrepreneurial capabilities of their teams even more than larger ones. You could link this to fostering a ‘start-up culture’ which is important to retain within a business no matter what size it is.

So… How do you go about establishing a culture of intrapreneurship for 2018?

Encourage innovation.

Effective encouragement comes from the simple mindset change that failing isn’t bad! In fact, failing needs to be looked at positively when it comes to innovation; we’re one step closer to taking things to the next level.

Encourage your team to take (calculated) risks and try things. Sure, they may go wrong and if they do it will be a learning point; however, what will your business look like if the calculated risk works…?

In previous articles, I have written about your vision, mission, values and business plan – go back to the statements you have or are drafting (because you are actually taking action after reading the articles, right?) and look at whether you make any reference to innovation, risk-taking and empowerment. If words like these are missing, include them as that will ensure that your people understand that you are taking this seriously. Once you have re-written your statements and plans with clear references you can then move to your processes for recruitment and retention. Hire people who demonstrate an entrepreneurial spirit – if you couple this with a culture and rewards system that promotes and recognises innovation, this is a sure fire way of ensuring ideas are bouncing off the walls of the office.

What this looks like within applicants is an interesting question (perhaps an article all by itself), but briefly we’re looking for questions that demonstrate a commitment to goal setting and achievement, creativity and a desire to flip the script.

Also, don’t forget that there’s nothing like some friendly competition!

If done correctly, competition within the office can be your best friend. This can be used to spur incentive and innovation within the workplace; whether working in small teams or individually, a competition to find a better way of doing something or a new product/service that is currently missing from your line up may well be your answer.

So, as you fast approach 2018 I’d encourage you to build a team of intrapreneurs and watch your business skyrocket.

Is that the goal?

Click HERE if it is!


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