Newspaper article THE JOURNAL RECORD

The Octagon of Intrapreneuring

Newspaper article THE JOURNAL RECORD

The Octagon of Intrapreneuring

Article excerpt

Just as entrepreneurs want the excitement of striking out on their own to create a successful new business, intrapreneurs want to create a new product or service within an established company where they work.

Where the entrepreneur is usually the boss, intrapreneurs are usually several tiers down the ladder. Entrepreneurs have a certain freedom to create, while intrapreneurs must operate within established guidelines. In exchange for job security and internal recognition, intrapreneurs are willing to sacrifice entrepreneurial freedom and the chance to grab the brass ring. Still, the intrapreneuring quest can be exciting and rewarding, once prospective intrapraneurs realize that the rules are different.

Entrepreneurs use one set of business development skills, while intrapreneurs use another, reflective of the fact that for the intrapreneur, financial, technical and administrative controls are already in place. I developed a unique set of guidelines for intrapreneurs I refer to as "the eight understandings." When aspiring intrapreneurs make these part of their operating fabric, their odds for success with company management are far greater. * Understand predictable management time-frame reactions: attempting to secure approval in a rush will always make executives nervous; timing is everything (know the company's budget cycle and the best time to ask for capital) -- a new product/service proposal that requires the commitment of additional company funds must be carefully planned and timed to insure the availability of the required company resources. * Understand the necessity to be armed with a detailed assessment of the market before making a presentation to management. Executives want intrapreneurs to have studied the subject market's size, desires and projected growth. The intrapreneur should be able to offer market data verification from independent sources and also articulate how the proposed product/service meets customers' needs. …

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