5 Reasons Why Intrapreneurship Is Important 23333n

5 Reasons Why Intrapreneurship is Important Intrapreneurship is entrepreneurship in the corporate world. There are lots of reasons why Intrapreneurship is important. Here are 5 reasons why. 1. Growth: During the economic downturn most companies stopped investing in the future. Now they are sitting on piles of cash. They know they need to grow, they just aren’t sure how. Intrapreneurship answers the question of – HOW! The goal of Intrapreneurship is to create the entrepreneurial mindset and infrastructure needed to growth. It takes a systems view of growth. It is a framework for transformation. Intrapreneurship helps organizations generate new business growth. 2. Innovation: Innovation is the key element in providing aggressive top line growth. But doing one or two innovation initiatives a year will not or sustain innovation. Organizations need to be innovating all the time. Failure rates for innovation are still high, 50% to 90%. Innovation alone is not enough. Organizations need to set the context for innovation; the right people, the right processes and the right environment. Innovation and intrapreneurship are entwined, they are tied together. You need both to be successful. Intrapreneurship provides an environment to and sustain innovation over time. 3. Leadership: Research has identified leadership as the key predictor of innovation success. Yet a majority of CEOs to not feel like they have the capabilities inside their organizations to achieve their growth agenda. The skills and capabilities that propelled most executives to the top in the past are not the skills required to build new growth businesses. Only 4% of leaders are intrapreneurial. Intrapreneurship requires a new set of competencies and behaviors. Intrapreneurial leaders think and act differently, they have different motivations and aspirations, and they prefer working in different work environments. It is this differentiation that makes them the perfect candidate to lead new growth initiatives. Intrapreneurship is the one of the best ways to attract and retain your most entrepreneurial leaders. 4. Change: Change is one of the least understood and under developed management disciplines. Most studies report a 60% – 70% failure rate when it comes to change initiatives. Risk adverse cultures and resistance to change impede an organizations ability to grow. Intrapreneurial leaders are change agents. They blaze new trails. They become the very change they wish to see. Not just driving change, but modeling change so others can change as well.

Intrapreneurship enables organizations to effectively accelerate and manage change. 5. Engagement: Gallup Research estimates that disengaged employees cost US organizations over $450 billion in lost productivity. In 2012, only 30% of American workers were engaged and committed to their workplace. Lost productivity translates to slow or no growth. Intrapreneurship provides a platform to engage employees in work that is challenging and meaningful. Intrapreneurs are highly engaged in their work. Their ion and determination inspire others to get involved and try new things. As they grow, the organization grows. Intrapreneurship helps employees stretch and grow while keeping them engaged. Intrapreneurship has become a critical imperative for all organizations and a survival strategy for others. Organizations that have embraced Intrapreneurship have achieved higher financial returns, increased productivity, more innovation and higher levels of employee engagement. Isn’t it time you took a closer look at Intrapreneurship and what it can mean for your organization. Importance of Entrepreneurship in Business Growth Gone are the days when only landlords and monarchs used to own large companies. We are in an era when young entrepreneurs are redefining industries. Richard Branson, Bill Gates, Steve Jobs, Mark Zuckerberg, Warren Buffett, Dhiru Bhai Ambani, Larry Page, Henry Ford and we can keep counting to get a comprehensive list of global entrepreneurs. Entrepreneurship is one of the most important traits these days. More so for companies. Everyone wants to have a bigger share of that profit pie. This leads us to a question. Is Entrepreneurship really that important? Let’s look at it in the business context while touching on its impact in a broader sense. I don’t think importance of entrepreneurship can be questioned today. With the current challenges in almost every economy, entrepreneurship is one of the most fundamental ability of the managers. It helps in gaining competitive advantage. Intrapreneurship is the term that is now often used by companies for entrepreneurs in-house. Here is an interesting article discussing advantages of entrepreneurship or intrapreneurship. Entrepreneurship for business growth Entrepreneurship enables companies to go with the flow of the dynamic economy especially in managing risk, innovation and creativity, uncertainty as well as growth.

In a market driven economy, entrepreneurs are now considered as assets of the company and they must be motivated, cultivated as well as remunerated as much as possible. Here is a quick list of benefits that companies have by nurturing entrepreneurship: 1. Increases agility of firm 2. Increases innovation capital of the firm 3. Strategies emerge from all sides and dependence on top management is reduced. 4. New ideas emerge in-house and can be incorporated without spillage of plans to competitors. 5. Increasing confidence and outlook of the company There are endless other subtle benefits to business and the economy overall by fostering entrepreneurship. Related article 5 reasons why entrepreneurs improve economy Entrepreneurs can change our behaviors at workplaces. Through successful innovation, they further improve our standard of living. In other words, they could make a society prosperous. Are you still wondering why entrepreneurship is significant in the business growth? One of my earlier posts discussed the essence of entrepreneurship through a story. A greater research is being carried out to evaluate Indicators of entrepreneurial determinants If you are still with me and want to explore the importance of entrepreneurship further, let me take a more holistic perspective. I will discuss the importance of entrepreneurship on society, business, personality and the Economy.

Here are some reasons for you:

Importance of Entrepreneurship as an agent of social change

Entrepreneurship is an effective way of introducing new and unique services and products. It further assists us to achieve freedom through lessening the dependence on obsolete systems and technologies. This eventually leads to an improved quality, economic freedom and greater morale. Social entrepreneurship or intrapreneurship is gaining in importance these days. Companies are more concerned about corporate social responsibilities. Ethics, community development schemes and a living for purpose is now instilled in most professional trainings and education. We must credit this phenomenon to entrepreneurship. This is set to bring harmony in society and help in a global prosperity. Related Video by Cranfield business school explaining social intrapreneurship.

Importance of Entrepreneurship in developing New Businesses globally

Think about smart apps and smartphones, which is leading innovation and creative practices all over the world. Rich countries or people are not just the only ones who can avail of smartphones now a days. Once Apple developed iPhone, emerging economies like Korea and China bombarded the smart phone industry with fresh innovations. Developed companies are expanding towards emerging economies who are learning from the multinational companies. Entrepreneurs then use the intellectual knowledge to spin-off new opportunities. Thus new businesses emerges globally. Indian IT industry is an example about how frugal innovation can lead to big success stories.

Furthermore, technological globalization simply implies that the entrepreneurs in less developed countries could easily get the chance to get access to high-tech gadgets and devices. Through the creative ideas of entrepreneurs fresh jobs are created which makes a big impact on the entire economy. Companies from associated industries such as network maintenance, call center operation as well as hardware providers are now growing. Training and education institutes are nourishing new IT employees, which are providing better and high paying jobs. Likewise, efforts on future developments, most particularly in underdeveloped countries, do need well-established logistic , qualified workforce as well as capital investment. Entrepreneurs let benefits along on the wide spectrum of the economy right from construction workers to highly skilled programmers.

Entrepreneurship contributes to the development of community

All of us are aware of NGO. Most of them are funded by entrepreneurs. Warren Buffett, Bill Gates, Mark Zuckerberg, Azim Premji, Ratan Tata and the list continues endlessly. Lots of people believe that the world today is going astray. On the contrary, I feel we are heading towards a world of harmony and a greater coordination. Global warming and Terrorism are opportunities to get good people on the same boat. Entrepreneurship has come to the rescue. Bill Gates, one of the most sought-after entrepreneurs today, makes use of his money so he could fund charity works in the different sectors of the government. It is one of the characteristics of an entrepreneur, which makes other business executives motivated. Entrepreneurship helps in augmenting the national income and makes sure of a proper distribution of the income to the society. Entrepreneurship is not solely based on profit motive. It is a state of mind which seeks self-satisfaction through better and bigger causes. Literally speaking, once you get involved in an entrepreneurial venture, you are given a responsibility. Responsibility to take care of your workforce, stakeholders and the larger community. If you are an entrepreneur and have not yet started to contribute to the society then it’s time to get socially responsible. While it is satisfying, it is also readily used as a reputation management tool.

In addition to this, there’s a cascading effect. Entrepreneurship generates higher income and increased employment, leading to a higher national income and tax revenues. Such revenues are used by the government for social and humanitarian causes. The Advantages of Entrepreneurship or Intrapreneurship Entrepreneurs develop business ideas and test them in a business venture, and intrapreneurs produce innovations for employers. Entrepreneurship and intrapreneurship provide similar advantages; without them, society wouldn't have as many services and physical comforts as it enjoys in the 21st century. Most importantly, entrepreneurs and intrapreneurs benefit their organizations. Motivation The prospect of a new business venture, albeit a startup of one entrepreneur or a venture inside a company, motivates people to achieve. An organization should encourage employees to innovate by providing the right working environment. Some conditions that foster innovation are encouraging new ideas, providing access to resources, ing trial and error and failure, and multi-disciplinary teamwork. Stability In a firm that encourages innovation, or ways to improve operations and products and create new products, the owners and employees enjoy economic stability. This company adapts to changes in the market to stay competitive and therefore has a better chance for survival. Stakeholders, although not innovators themselves, share in the economic stability provided by innovation. Without new business ideas, a company might lose its relevance in the market, which can lead to scaling down operations or going out of business. Tapping New Markets Entrepreneurs and intrapreneurs find ways to tap new markets. Consider the person or group that develops a new market in an emerging economy. In this kind of economy, thousands or millions of people can become customers if the company emerges to meet their needs. When the new business venture grows, employment increases and other businesses crop up to provide services to workers of that business venture. Therefore, the emergence of a new market provides fuel for overall growth. Sharing Resources Intrapreneurs need access to upper management to share their ideas. Entrepreneurs can try out their ideas directly. Consider the business owner who starts a printing business. He orders printers, toner and copy paper from other providers, negotiating deals to manage his costs. He also provides a valuable service to customers. The printing business becomes part of a supply chain. Entrepreneurs (and intrapreneurs) brainstorm how to maximize relationships in the supply chain with and between suppliers, competitors and consumers.

Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization. Intrapreneurship is known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurship ANG KAHALAGAHAN NG ENTREPRENEURSHIP SA EKONOMIYA AT LIPUNAN ANG KAHALAGAHAN NG ENTREPRENEURSHIP SA EKONOMIYA AT LIPUNAN ;)) Mga ginaganapang mahahalagang papel ng entrepreneur sa ekonomiya ENTREPRENEURSHIP tumutukoy sa kakayahan ng isang indibidwal na mabatid ang mga kalakal at serbisyo na kailangan ng tao at maihatid ang mga ito sa tamang panahon, tamang lugar, at tamang madla at maibenta sa tamang halaga. May ugnayan ang pamahalaan at entrepreneurship. Maaaring makapag bigay ang pamahalaan ng insentibo at kapaligiran na kaaya-aya para sa pagnenegosyo. Kaya nararapat lamang na isulong ng pamahalaan ang kagalingan ng mga indibidwal upang maiangat ang antas ng ekonomiya! :)) ito ay ang ENTREPRENEUR 1.) Ang mga entrepreneur ay nakakalikha ng mga bagong hanapbuhay. 2.) Ang mga entrepreneur ang nagpapakilala ng mga bagong produkto sa pamilihan at kung gayon ay may pananagutan kung ang negosyo ay bumagsak dahil hindi tinangkilik ang produkto. 3.) Ang mga entrepreneur ay nakakahanap ng mga makabagong paraan na magpahusay sa mga kasanayan. 4.) Ang mga entrepreneur ay makapag hahatid ng bagong teknolohiya, industriya, at produkto sa pamilihan. 5.) Ang entrepreneur ang nangunguna upang pagsamahin ang mga salik ng produksyon tulad ng lupa, paggawa, at puhunan upang makalikha ng produkto at serbisyo na kailangan sa ekonomiya ng bansa. ENTREPRENEUR Hango sa salitang french na ENTREPRENDE na nangangahulugang ISAGAWA . Ito ay isang indibidwal na nag aayos nangangasiwa at nakikipag sapalaran sa isang negosyo sa produksyon may isang tao na mahusay na pinag uugnay ang lupa , paggawa , at kapital upang makalikha ng produkto at serbisyo.

Rising populasyong ay isang internasyonal na kababalaghan at matibay na pagtaas sa populasyon ay nakasaksi sa kamakailan-lamang na taon. Growing populasyon ay may na humantong sa kakulangan ng mga gamit-yaman at mga tao ang buhay ay naapektuhan sa isang malaking paraan. Ang paumanhin estado ng pamumuhay na kondisyon ng mga tao - lalo na ng mga nakatira sa ikatlong mundo bansa na malinaw na nagpapahiwatig sa mapanganib na kahihinatnan ng populasyong paglago.