CU-BBA-SEM-V-Entrepreneurship Development-Second Draft

if innovation is to be continued. Non-monetary rewards are also typically missing from corporate structures.  Culture is tough to change The biggest hurdle to change is simply evolving the way people within an organization think, which for any intrapreneur is step one. Intrapreneurship for millennials requires an ability to effectively get people to open their minds to new ways of approaching problems, exploring solutions and solving the big hairy issues that companies face. This is not an easy task, especially for someone new to the business, but it is increasingly becoming a worthwhile one for companies and millennials willing to tackle it.  Expectations are difficult to manage One of the biggest risks intrapreneurs face is not being able to manage the expectations of management and others within an organization. Many organizations, particularly publicly traded ones, can be driven largely by short-term results, which makes innovation and ultimately failure difficult and scary. To truly innovate an intrapreneur, failure must not only be allowed, but encouraged and accepted. Without failure there is no learning.  Autonomy is hard to come by Businesses are complex and with complexity oftentimes comes an inability to move quickly within an organization. Think of the response “it has to get run through legal before we can move forward…” yikes! The sheer structural and operational complexity of many businesses can make innovating difficult, which is why independence and autonomy are so critical to ensuring that legacy systems and old ways of thinking don’t unduly siphon innovation. Starting from scratch is usually the best recipe when attempting to tackle a new problem.  Support isn’t easy to find Autonomy is important, but so too is support from the right people. This includes both being able to garner sufficient monetary funding to allow for innovative exploration, but also (and likely more importantly) management support. There has to be support from somebody who “has a say” within an organization to provide the necessary independence in managing leadership expectations.  Focus is challenging to keep Some organizations have gone to such an extreme that they actually house intrapreneur’s offsite. They recognize the difficulty in being able to focus on whatever it is that a particular intrapreneurial team or individual might be working on inside an organization because many of the aforementioned items become bigger, more relevant issues when seated merely down the hallway from “that’s the way we’ve always done it” teams. 251 CU IDOL SELF LEARNING MATERIAL (SLM)

By evaluating your company’s position in the marketplace and offering new ideas and solutions to existing challenges, you could be well on your way to becoming a bona-fide intrapreneur. 14.4 OPPORTUNITIES In order to challenge employees, provide them with autonomy and the freedom to innovate, companies should carve out spaces for their employees to take risks and experiment. The approach to intrapreneurship differs based on sector and on the size of company, though underlying this theme is a belief that employees can be creative in ways that bring value to their employer, as well as to society more generally. This is especially appealing for Millennials, who value entrepreneurship, but who are more inclined to serve as entrepreneurs within environments that promote job security. Examples such as the Bank of England's Open Forum 2015 are appealing to young workers who in many instances value open innovation and the resulting opportunities to build on others' challenges and ideas. Intrapreneurs are eager to ideate and pioneer such initiatives - but they must be given a chance. Promoting intrapreneurship, however, is challenging, particularly within hierarchical organizations where privacy, security and order are valued. And yet there is increasing awareness and appeal for intrapreneurship. In order to embark on this journey, we recommend that companies ask the following questions. Intrapreneurship is a key theme in the evolution of work, as it provides employees with the autonomy and freedom to contribute to their organizations - and in some cases, to society - in ways that are often not expected of them. When successful, it serves as a differentiator for organizations looking to both take advantage of their employees' skills and qualities, make contributions to society, and gain additional interest from prospective entrepreneurial employees. Employees who think like entrepreneurs, or “intrapreneurs,” are more motivated, take ownership of their work, and possess excellent creative problem-solving abilities. Here are some ways to foster an intrapreneurial mindset among employees:  Empower employees. Employee empowerment was found to have a direct effect on job performance, and an indirect effect on satisfaction and innovativeness, in a study published in the Public Administration Review in April 2013. Drive innovative thought by empowering employees to make decisions, take charge of projects, and solve problems. Give them the resources and training they need, then set them free, letting them know the team believes in their capabilities.  Prioritize employee relationships. 252 CU IDOL SELF LEARNING MATERIAL (SLM)

After surveying 200,000 employees at more than 500 organizations last year, TINYpulse found peers and camaraderie were the top motivator for employees who go the extra mile at work. Sometimes the best ideas spark when least expected, such as during a good conversation or enjoyable interaction. Even when the team is running low on ideas, having positive working relationships with one another will be the fuel they need to persist. Help the team cultivate these strong relationships. Schedule after-work activities in which employees can participate and get to know one another better. Exercise together, share meals, and play games to enhance team bonding.  Encourage employees to step outside the scope of their work. The University of Phoenix study found a key issue blocking innovation: 47 percent of employees said they’re not encouraged to step outside their scope of work. When employees spend their time doing the same tasks day after day, they become stuck in routine thought. Encourage involvement in projects outside day-to-day tasks -- in fact, 24 percent of employees surveyed said this would help boost creative thought. Allow them to job shadow someone in another department, or help a team member with something new.  Host productive brainstorming sessions. A quarter of workers in the University of Phoenix survey suggested having brainstorming sessions to address organizational challenges and sharing the company vision and goals with all employees to encourage creative thinking. Meet with employees regularly to brainstorm new ideas and ensure strategies are aligned with organizational goals. Use an app like amazemeet to design compelling meetings with a clear purpose.  Emphasize individuality over conventionality. Environment has big impact on innovative thought. In fact, a 2013 University of Minnesota study shows physical order produces conventional thought. Participants in the study made healthier and more generous choices when in a clean room than when they were in a disorderly room. But, the disorderly room encouraged breaking convention and tradition -- a key component in innovative thinking. Not everyone is inspired by the same environment, so not all work spaces should look the same. They should cater to the individual. Allow employees to express their individuality by decorating their workspace in a way that inspires them.  Allow ideas time to incubate. 253 CU IDOL SELF LEARNING MATERIAL (SLM)

Creative thinking develops in an incubation process, during which unconscious thought takes over, according to a study published in the Frontiers of Human Neuroscience in April 2014. That’s why concentrating so hard on solving a problem rarely produces an answer. But, when employees are allowed to let go and come back to a problem, they have time to let the idea incubate and produce the needed solution. Sometimes, the most innovative ideas take time. Allow employees to step away and take focus off complicated challenges and issues when they hit a roadblock. Then, unexpectedly, the right answer may come to them. 14.5 SUMMARY  The modern large corporation needs intrapreneurs and corporate venturing in order tosurvive and grow. There are many similarities between entrepreneurial and intrapreneurialprocesses, and there are also significant differences. The primary difference is that theintrapreneur must always consider the corporate environment.  Intrapreneurship can be accomplished using variations of a simple five-step process.  Companies like IDEO, while being creative and innovative themselves, help other companiesby employing processes that bring new information and insights to the corporation.  They use archetype personas to accomplish this.  The basic innovator’s dilemma is that incumbent managers find it almost impossibleto adapt to disruptive change and technology. From their perspective, the best use of the company’s resources is sustaining change—making current products and services better. Doing things differently or doing different things fails to meet corporate standards and seems to cannibalize current offerings. The innovator’s solution is to create stand-alone, independent venture units managed by intrapreneurs to promote the innovations. Many other guidelines for success are offered. The key is to recognize that the organization context will affect the intrapreneur’s path.  There are a lot of similarities between start-up entrepreneurship and corporate entrepreneurship, or intrapreneurship, and there are also some significant differences.  In China and India by contrast, corporate entrepreneurship is quite nascent. In China, especially, the situation is fairly unique since a vast majority of large enterprises are state-owned, which have not felt any compelling need for corporate entrepreneurship in the past.  The ongoing intensification of competition in the present global market environment led the emergence of never-ending radical shifts in technology that induced the rise of ever-growing challenges and uncertainties for firms’ survival and growth. 254 CU IDOL SELF LEARNING MATERIAL (SLM)

 Channeled in the proper way, intrapreneurs can create innovation and enterprise within an organization. Businesses that accept and encourage intrapreneurship boast higher revenues, increased productivity, greater innovation, and enhanced employee engagement. It creates a culture that promotes change and attracts skilled and passionate leadership.  What was your last great idea? Maybe you thought of a new business that would work well in your community. Perhaps it was a simpler way to navigate morning rush hour or school drop-off. It could even have been a new way to streamline a process or procedure at your workplace.  Finding intrapreneurial individuals might be simpler than you think. The most likely candidates are the employees who are innately curious and are passionate about their work instead of viewing it merely as a job. They speak up in meetings, are problem- solvers, embrace creativity, and tend to march to the beat of their own drum - performing better by living just outside the rules.  Intrapreneurship is one step toward entrepreneurship. Intrapreneurs can develop and use their creativity to enhance existing goods and services within the context of the business, all without any of the risk attached to being an entrepreneur. Using these skills as part of a team lets the intrapreneur test theories and determine which methods are most effective for solving problems.  Intrapreneurs may use what they've learned as part of an organization's team to create their own company and reap the benefits of their hard work rather than letting another organization profit from their ideas. 14.6 KEYWORDS  Intrapreneur - He is self-motivated, proactive, and action-oriented people who take the initiative to pursue an innovative product or service. An intrapreneur knows failure does not have a personal cost as it does for an entrepreneur since the organization absorbs losses that arise from failure.  Intrepreneurship - The term intrapreneurship refers to a system that allows an employee to act like an entrepreneur within a company or other organization.  Challenges - An intrapreneur might face variety of challenges inside and outside the company premises which he has to overcome and stand as wall and build a monument of success.  Opportunities: They always knock the doors which he/she has to welcome with open arms and work on them and utilize every bit of it. 255 CU IDOL SELF LEARNING MATERIAL (SLM)

 Talent Trait - A special quality of an intrapreneur who comes with unique thought which brings tremendous change in the market. 14.7 LEARNING ACTIVITY 1. Students may collect list of names of recent intrapreneurs and their success stories. ___________________________________________________________________________ _______________________________________________________________ 2. “Struggle behind the success” write an essay concerning on an intrapreneur of your choice. ___________________________________________________________________________ _______________________________________________________________ 14.8 UNIT END QUESTIONS A. Descriptive Questions Short Questions 1. Who is an intrapreneur? 2. What is intrapreneurship? 3. Define short run profit. 4. Write one major difference between entrepreneur and intrapreneur. 5. Mention any two challenges and opportunities of intrapreneurs. Long Questions 1. Who is an intrapreneur? Explain his/her traits. 2. Briefly give an essay note on future of intrapreneurs in India. 3. Differentiate between an entrepreneur and an intrapreneur. 4. Explain the challenges faced by intrapreneurs. 5. Explain the opportunities available for intrapreneurs. B. Multiple Choice Questions 1. Who coined the word “intrapreneur”? a. GiffordPincho b. Peter Drucker c. Henry Fayol d. Maslow 256 CU IDOL SELF LEARNING MATERIAL (SLM)

2. Who is an intrapreneur? a. Leader b. Employer c. Employee d. CEO 3. Which one of the followings is a major challenge for an intrapreneur? a. Ideas b. Building a team c. Capital/Investment d. Market depth 4. What does an intrapreneur should always search for? a. Solution for market b. Workers c. Ideas d. None of these 5. Which of the following is alternatively called corporate venturing? a. Entrepreneurship b. Intrapreneurship c. Act of starting a new business d. Offering new products Answers 1-a, 2-c, 3-c, 4-a, 5-b 14.9 REFERENCES Reference  Zenovia, C. P., & Maier, V. (2011). Entrepreneurship versus intrapreneurship. Journal Review of International Comparative Management, 12(5), 971-980.  Carrier, C. (1996). Intrapreneurship in small businesses: an exploratory study. Entrepreneurship Theory and Practice, 21(1), 5-20.  Antoncic, B. (2001). Organizational processes in intrapreneurship: a conceptual integration. Journal of Enterprising Culture, 9(02), 221-235. 257 CU IDOL SELF LEARNING MATERIAL (SLM)

Textbooks  Zenovia, C, P& Maier, V. (2011). Entrepreneurship versus intrapreneurship. Journal Review of International Comparative Management.  Antoncic, B&Hisrich, R, D. (2003). Clarifying the intrapreneurship concept. Journal of small business and enterprise development.  Carrier, C. (1996). Intrapreneurship in small businesses: an exploratory study. Entrepreneurship Theory and Practice. Websites  https://www.businessmanagementideas.com/business/intrapreneur/21015 258 CU IDOL SELF LEARNING MATERIAL (SLM)