Learn, What is Intrapreneurship? Meaning and Definition!
What is Intrapreneurship? Intrapreneurship is the practice of entrepreneurship by employees within an organization. In 1992, The American Heritage Dictionary acknowledged the popular use of a new word, intrapreneur, to mean “A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation”. Also learn, What is entrepreneurship? Intrapreneurship, Meaning, and Definition!
They are entrepreneurs who catch hold of a new idea for a product, service, or process and work to bring this idea to fruition within the framework of the organization. Intrapreneurs with their innovations and dedicated effort are perceiving as a valuable asset by the organization, inspiring others. He serves as a champion to others in the organization. In recent times, a number of intrapreneurs are leaving their jobs to start their own ventures. It is found that many are exceedingly successful in their new ventures and they are causing the threat to the companies they left a few years ago.
#Meaning of Intrapreneurship!
Intrapreneurship is acting like an entrepreneur within a larger organization. Intrapreneurs are usually highly self-motivating, proactive and action-oriented people. Who are comfortable with taking the initiative, even within the boundaries of an organization, in pursuit of an innovative product or service. The intrapreneur has the comfort of knowing that failure does not have a personal cost as it does for an entrepreneur since the organization absorbs losses arising from failure.
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.
#Definition of Intrapreneurship!
The practice of entrepreneurship in an established firm. Intrapreneurship applies the ‘startup’ style of management (characterized by flexibility, innovation, and risk-taking) to a secure and stable firm. The objective is to fast-track product development (by circumventing the bureaucracy) to take advantage of a new opportunity or to assess the feasibility of a new process, or design.
Intrapreneurship involves creating or discovering new ideas or opportunities for the purpose of creating value. Where this activity involves creating a new and self-financing organization within or under the auspices of an existing company. An intrapreneur is a person who practices intrapreneurship.
According to this definition, a corporate manager who starts a new initiative for their company which entails setting up a new distinct business unit and board of directors can regard as an intrapreneur.
In contrast, a corporate manager who starts a new initiative using pre-existing corporate structures is not an intrapreneur. Nor is a leader of an R&D unit within an organization, whose innovations are managed by the organization.
Were this R&D leader to create a new stand-alone organization, which performs its own functions and sells its own products – albeit with strong continued links to the parent firm, organization – it would count as intrapreneurship. Also learn, What is the Difference between Leadership and Entrepreneurship?
1. What is it? – //www.mbaknol.com/modern-management-concepts/what-is-intrapreneurship/
2. Meaning – //www.investopedia.com/terms/i/intrapreneurship.asp and //en.wikipedia.org/wiki/Intrapreneurship
3. Definition – //www.businessdictionary.com/definition/intrapreneurship.html and //lexicon.ft.com/Term?term=intrapreneurship
4. Photo Credit URL – //res.cloudinary.com/hrscywv4p/image/upload/v1419345047/236390/IDEA-MAN-iStock_000017496132Large_dvwrce.jpg