Intrapreneurship can be defined as a tactic employed by people to ensure that others, especially employees, are making the most out of their commercial or industrial talent. When this is done, employees are better facilitated to work to their best capacity and therefore ensure that the company develops better and more successful products.
Corporate strategy is the art of examining current business factors as well as those anticipated in the future based on customer relations and competitors in an effort to make the business better and to develop it. It involves visualizing other effective roles the company can play to ensure that it reaches its targets and goals, while at the same time ensuring that customers and employees are happy and satisfied.
According to research, most successful business people started their careers as employees who put an effort in their work and further developed their skills by getting creative and helping their employer. However, a person cannot realize their potential unless the employer supports and facilitates the entire process.
When a company uses intrapreneurial techniques as their corporate strategy, they encourage their employees to take initiative and therefore give them a sense of decision making. When an employee is given this responsibility, they treat it with respect and try their best to ensure that they do not let down the firm. The firm encourages this and therefore empowers its employees to bring forth new ideas and facilitate their implementation.
When creating a corporate strategy, firms should create an environment where employees are not afraid to bring good ideas to the table. Once the ideas have been brought forth, decisions should be made to ensure that no good idea is ignored or lost. The company should be willing to spare resources to ensure that ideas from employees are discussed and considered. Therefore, one of the most important factors to consider is creating an environment where employees are free to bring forth good business ideas and ensuring that the ideas, if viable, are implemented and incorporated into the running of the business.
Another important factor to consider is the process of decision making. This should be expedited to ensure that ideas do not wear off before they are implemented. Employers should set aside resources to ensure that all good ideas are implemented. Other than that, the company should be willing to break tradition and embrace new ideas that might change the work environment for the better. Research shows that intrapreneurship thrives more on freedom and initiative as opposed to traditional policies. When this is done, companies are more open to new business ideas and therefore business growth and development.
When supporting intrapreneurship, it is very important to understand where to draw the line. Some businesses fail because they embrace every idea that comes their way before conducting thorough research on the effect of that idea into the business. Before implementing a new business idea, a firm business case should be presented and all the pros and cons discussed to find out what that business idea will do to the company. After consultations and research, a final decision should be made for the good of the company.