Organisational Benefits: Reasons for nurturing the entrepreneur within your employee
By Nomhle M. Nhlapho Article 2, 2023
In the previous article intrapreneurship was distinguished from entrepreneurship, in this article the ways that employers benefit from intrapreneurship will be discussed.
For organisations seeking economic opportunities, intrapreneurship presents an avenue through which the organisation explores prospects without damaging the core business. Furthermore, companies that want to find social relevance and seek to have social impact can explore intrapreneurship. With proper thought and careful implementation, social intrapreneurship can be a mechanism that allows the company to engage in social issues minus the work of transforming the existing strategy and model of the organisation. Minimising the organisation’s risks yet still improving their public image.
Intrapreneurship is a useful tool for keeping the company innovative, relevant and developing. By way of example, through the clever use of the intellectual capital of their employees, companies can gain access to markets that they ordinarily would not have been able to enter.
By positioning themselves as a company that nurtures and rewards innovation through intrapreneurship, companies may distinguish themselves from their competitors thereby becoming the employer of choice by the best talent.
In a dynamic global community, it has become essential for companies to always remain ahead of the curve. Intrapreneurship provides one cost-effective manner of staying ahead. The next article will address some legal considerations to be made before introducing intrapreneurship to a business.
References
Ashal,?N., Crowther,?D., & Albadri,?F. (2023).?Intrapreneurship: A competent method toward organizations’ sustainability.?https://doi.org/10.1007/978-981-99-2456-1_2
Esposito De Falco, S. & Renzi, A. (2020). Benefit Corporations and Corporate Social Intrapreneurship.?Entrepreneurship Research Journal,?10(4), 20200382.?https://doi.org/10.1515/erj-2020-0382
Pandey,?J., Gupta,?M., & Hassan,?Y. (2020).?Intrapreneurship to engage employees: Role of psychological capital. Management Decision.?https://doi.org/10.1108/MD-06-2019-0825