Implementing Corporate Entrepreneurship
Entrepreneurial success is defined in terms of innovative capacity that enables a business to renew itself and hence survive longer. The key to making an organizational structure entrepreneurial involves several factors, especially fostering the right climate or culture. Intrapreneurship can be implemented with the help of the following:
1. Flexibility: Organisations must encourage flexibility whereby bureaucracy is minimized and the ad-hoc approach is maximized.
2. Facilitating Opportunities: An entrepreneurial climate that promotes the detection and facilitation of opportunities as well as fostering motivation to pursue opportunities provides an ideology to which employees can commit.
3. Providing Resources: Organisations must provide employees with all the necessary resources for their projects which might include funding for research and development, the use of technology, and more importantly the guidance of experts.
4. Separate Existence: Entrepreneurial structures should be new and separately organized from the old and existing ways of a business, with a specific place for new projects.
5. Teamwork: Teamwork and participative management styles improve the environment inside a company which helps in the altogether growth of employees as well as the company.
6. Training and Development: One should offer training programs to enhance employees’ entrepreneurial skills. This may include workshops on problem-solving, creative thinking, and risk management.
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