As an entrepreneur yourself, you’re treading a path that requires you to expand yourself considerably. You’re juggling between clients, investors, employees, projects, deadlines and new ventures every single day.
However, there would’ve been a couple of instances when you’ve wished some of your employees functioned with the same eclectic passion as you do! What if they could bring ground-breaking results to your table even before you expected them? Well, that’s not as impossible as you think.
Forbes reports that companies such as Microsoft, Google, Apple and Intel are basically a congregation of entrepreneurial-minded people, better known as intrapreneurs. This means, if you as an employer transform your company to a hub of like-minded ‘intrapreneurs’, you stand to make big waves of innovation within your work atmosphere. Simply put, all you need to do is encourage your employees to become self-starters, or more clearly, self-motivated individuals.
Intrapreneurs are exceptionally talented employees that are self-starters, problem-solvers, idea generators and the consistent war-horses of your organizational framework. These high performers although don’t wear the entrepreneurial hat publicly, they latently embody the values that full-time entrepreneurs do.
Intrapreneurs are path-breakers, whose tenure shouldn’t decide their ownership skills. Instead, their sharpness and conviction would be enough to generate the right leads for your business and amplify the success rates. Another factor that sets them apart is their spontaneous innovation skills.
Unless you’re able to identify them early and nurture them, chances are they might become disengaged and leave the organization. As a business owner, would you like your star performers to leave with their heads full of entrepreneurial ideas? Obviously not!
But it is also true that all you do to keep them motivated is reward them during yearly appraisals. The truth is, monetary benefits alone cannot chart out their growth. Rewarding them with bigger resources, more independence and flexibilities can result in reinventing various verticals of your company.
Entrepreneurial employees broadly belong to either of these two categories: “Entrepreneurial-Minded People” and “Serial Entrepreneurs”. The only distinction between the types is their instincts to control. Serial entrepreneurs differ in their tendencies to remain individualistic and exert higher levels of control, whereas entrepreneurial-minded people are instinctive innovators always ready to collaborate with other leaders with common growth objectives.
Virgin Group’s CEO, Richard Branson said in an interview once that the work of a CEO is better described as a Chief Enabling Officer, as opposed to the common definition of a Chief Executive Officer. Some of the biggest organizations have internalized the takeaways from his quote in the last few years. By nurturing the ownership skills of their employees, organizations enabled the creation of new business avenues and also make them fully functional within a shorter time.
As an employer, you should pay attention to the energy levels with which your employees deliver the results. An intrapreneur might innovate better ways to solve the same problems. Awarding such a person with full ownership of a business target elevates the spirits of the employee, which result in faster, better and more lucrative goal completions.
An intrapreneurial employee is characterized by his ever increasing spirit to learn and grow. So giving him/her new challenges to pursue and new tools to master can translate to new leads, more conversions and better customer relationships. Such intrapreneurs are also able to infuse a positive energy into other members of the team and motivate them to develop an expertise in the domains they’re working in.
The biggest advantage is that you wouldn’t have to push intrapreneurs to achieve their goals. They would have already achieved them and probably would come back to you with new avenues to apply the results in. In short, they don’t achieve goals, they exceed them. As an organization, especially in a startup, this is what your work culture should be known for.
Seasoned entrepreneurs such as Steve Strauss – author of Planet Entrepreneur, say that awarding intrapreneurs with more ownership and accessibility outweigh the risks. They’re choosing incubational approaches towards intrapreneurs and leveraging their potentials in tandem with keeping a check on their instincts. In the case that you identify a potential serial entrepreneur in your work-sphere, you’ve to optimise your risk-taking abilities to ensure that your company assets stay protected.
To cut to the chase, encouraging your employees to become entrepreneurs is a multi-fold growth hack. It fosters multiple talents in your employees as well as enables your workforce to become immensely skilled as a whole. If 200% Y-o-Y growth is your aim, creating a panel of intrapreneurs is what you should be doing. Starting with increased performances of your employees to developing domain experts in various fields of innovation, you would also have a trusted team, which you can take the risks for exploring new businesses.
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