Intrapreneurship gaining speed in rough economy

Being an entrepreneur is a tough road to follow, with long hours and endless to-do lists. Some people with their own business ideas are choosing to go a different route – intrapreneurship.

Intrapreneurship defined

Intrapreneurship is proposing and starting new businesses from within the confines of an already-existing business. Intrapreneurship is a name that has been applied to everything from encouraging new ideas in a business to full-on supporting a new business startup within an existing corporation. An intrapreneur could be the person who comes up with new business ideas and hands them off to their employers, but more often they are the individual who takes full personal responsibility for the startup, from the idea to the implementation.

Becoming an intrapreneur

If you have a great idea that fits in with the company you are currently working for, then you have a chance at intrapreneurship. Put together a presentation of your idea, including a detailed business plan. Include in your proposal how your idea works within your current company’s target demographic, business plan or eventual goals. Remember that business owners often have more reasons to shoot down an idea or not invest in something new, so you need to present a very solid idea to your bosses. Intrapreneurship has a long history, from 3M to Lockheed Martin. Some businesses have very intrapreneur-friendly environment, such as Google. Other businesses will have to be talked into intrapreneurship, which should start with small, well-planned steps.

[Becoming an intrapreneur can help cut down on the number of cash advances you need to take to finance a business.]

The financial side of intrapreneurship

There are many reasons to push an intrapreneurship opportunity with your company. The first could be because you truly care about the company and want it to succeed. It could also be because your idea is exactly where you think the company should go and you think building a new business could be beneficial to you and your co-workers.

The biggest thing to consider is the financial side. Before you present your idea to your bosses, you should have some kind of financial arrangement in mind. Every new business has financial risks and potential financial rewards. Know how those will be split up on both sides. If you expect the company to take all the risk, then you should expect that the company will take most of the financial reward. Know the costs of what you are proposing and what kind of reward you expect to come from it.

Sources

Fortune Management
GreenBiz
About.com