TED Talks have become well-known for giving smart, innovative people a platform to share deep thoughts and transformative ideas. The talks are some of the most watched videos on YouTube, due to the speakers’ ability to captivate audiences by encouraging new ways of thinking and inspiring action.
But it’s not just high-profile speakers who can stir inspiration. Small business owners and their employees make waves in their organisations, executing innovative ideas that drive revenue, save money and increase customer satisfaction. They're what's known as intrapreneurs, and they can make an invaluable contribution to business growth when their thinking is properly nurtured.
What are intrapreneurs?
Intrapreneurs are employees who think and act like entrepreneurs but operate within a company's ecosystem. They can turn innovative ideas into profit-making realities without leaving the corporate structure.
Typically, intrapreneurs fall into three categories:
- Visionaries who dream up the big, sometimes disruptive, ideas that can redirect a company's future
- Process improvers who focus on making things run smoother, faster, and more economically
- Customer advocates who ensure the company’s products and services evolve to meet customer needs, enhancing satisfaction and loyalty
Across all categories, intrapreneurs often present revolutionary ideas and processes that directly contribute to a business's bottom line.
Empowering intrapreneurs on your team
Fostering intrapreneurship within your organisation by nurturing and developing intrapreneurial talent helps drive significant cost savings and revenue opportunities.
When given the space to innovate, these employees can streamline business processes, improve efficiencies, reduce waste, and positively impact finances. For instance, automating repetitive tasks or identifying more cost-effective ways to operate helps avoid unnecessary expenses and provides funds that can be directed elsewhere.
Intrapreneurs can also identify new market opportunities or more sustainable materials and practices, which can reduce costs in the long run and enhance the company's market position. Their knowledge of the company's inner workings, combined with an entrepreneurial mindset, helps them identify and act on opportunities for savings that may be overlooked by other employees or external consultants.
Identifying intrapreneurs in your company
To find the intrapreneurs on your team, start by identifying the risk-takers, forward-thinkers, and problem-solvers. These individuals are proactive, independent, and constantly seeking feedback to refine their innovative ideas. Nurturing these individuals isn't just about giving them space to ideate; it’s also about giving them the tools and platforms to bring ideas to life.
A visionary intrapreneur might be a content specialist who suggests a Virtual Reality (VR) program to enhance your online customer experience. A process improver may be a quiet IT support guy, who automates tedious data entry tasks, freeing up hours of manual labour. A customer advocate could be a member of the sales team who spent extra time listening to customer feedback and now leads a small team focused on personalised after-sales support, significantly improving customer retention rates.
Supporting your intrapreneurs
Allocating funds for training and development helps motivate and support your intrapreneurial employees. This may involve enrolling employees in classes at a local university or college, encouraging them to participate in workshops within their field, or sponsoring their attendance at conferences.
Consider allocating a development budget and allowing intrapreneurial employees to decide how they wish to spend it. You can then review how the team is using the budget, take note of any learnings or ideas and invite employees to discuss them in meetings with leadership teams.
Creating an environment where intrapreneurs thrive is key. Give them the freedom (permission as well as the time) to explore new projects, pair them with mentors, and responsibly allocate resources to their initiatives. Recognising their achievements and tying rewards to project success also significantly boosts morale.
YOU CAN GIVE INTRAPRENEURS THE FREEDOM TO EXPLORE NEW PROJECTS, PAIR THEM WITH MENTORS, AND RESPONSIBLY ALLOCATE RESOURCES TO THEIR INITIATIVES.
You might also give intrapreneurs one day per week to “own” their schedule, encouraging them to think about ways they could improve their divisions within the business. You can then give them an opportunity to think creatively about how they could convert their ideas into projects, plans, or processes that increase revenue, reduce costs, or move the company closer to business goals.
Empowering intrapreneurs in this way may lead to faster process efficiency, new insights into customer needs or even additional revenue streams.
Key takeaways
Small business success often hinges on the ability of leadership to get the most out of their employees, giving them the tools and resources they need to thrive. Intrapreneurs bring exciting new thinking to small businesses, helping them carve an innovative path through a constantly changing business landscape.