How Entrepreneurial Is Your Organization?

by: Susan Foley - February 10th, 2012   Filed under: Business Growth, Core Competencies, Corporate Entrepreneurs, Corporate Entrepreneurship, Intrapreneurs Add Comment

If you are a frustrated Intrapreneur or corporate entrepreneur the reason may be that your organization is not entrepreneurial.

Intrapreneurs are either highly engaged or disenchanted.  There is nothing in between. They are engaged if they are working on strategic opportunities to grow the business. They are disenchanted when the organization does not provide room for entrepreneurship.

In the article, The Talent Paradox, the authors say that only one-third of employees are likely to stay in their current job when the economy turns around.  Chances are the best and brightest employees already have one foot out the door.  The same is true for corporate entrepreneurs.

It is natural for corporate entrepreneurs to feel like they don’t fit but it is another thing to realize that the organization doesn’t want to be entrepreneurial or doesn’t know how to become entrepreneurial.

There are three things that need to be in place for corporate entrepreneurship to flourish inside of an organization.  They are simple, yet complex.

  • Individuals with a core set of action-oriented competencies needed to lead new growth initiatives.
  • The freedom and flexibility to build new systems and processes to support their efforts.
  • The ability to create an environment conducive to entrepreneurship, learning and growth.

Of course this needs to be front-ended with a strategy that is focused on new business growth, not incremental growth from existing products (a fallback position many companies have adopted to minimize risk).  It’s not about getting more out of what you have but creating new growth.

Research has shown that having the right people, supported by the right processes, in the right place is highly correlated to corporate entrepreneurship and leads to higher levels of innovation, productivity, engagement, and financial results.  It doesn’t work unless you have all three of these things in place.

So how entrepreneurial is your organization? That is the question that many corporate entrepreneurs and Intrapreneurs are now asking themselves about their organizations.  They want to work in an entrepreneurial environment that leverages their entrepreneurial skills and capabilities, not stifle them.

As the economy recovers we are seeing corporate entrepreneurs and Intrapreneurs become more discerning about what companies they want to work for. They are using their own experience to evaluate how entrepreneurial a company is.  Not by the external image these organizations convey but by the internal operating environment and culture that they have.

Understanding how entrepreneurial your organization is will be critical to attracting the talent you need to grow your business.

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Entrepreneurial Thinking and Action – Missing Links

by: Susan Foley - February 1st, 2012   Filed under: Core Competencies, Corporate Entrepreneurs, Entrepreneurial Leaders, Intrapreneurs, Social Intrapreneurs Add Comment

We know that corporate entrepreneurs (Intrapreneurs) are expected to think and act entrepreneurial but there is more to it than that. What enables them to do both?  That was the question that kept nagging me until the other night while teaching a class in corporate entrepreneurship.

Prior to the class the participants had completed the online Entrepreneur Survey.  The survey is designed to help you see how entrepreneurial you really are.  It looks at what you do and how you do it.

  • What is it about your work that makes it entrepreneurial?
  • What tools and techniques do you use that are entrepreneurial?
  • How entrepreneurial is your thinking, your actions and your decision making?
  • How would you rate yourself on key entrepreneurial competencies and behaviors?

The survey results showed that a majority of the participants were entrepreneurial thinkers but they did not take entrepreneurial action or make decisions like entrepreneurs.  It was this gap tha provided insight into what was missing.

Many of the participants were entrepreneurial thinkers they just never had an opportunity to utilize that skill in their current position.  You can’t be an entrepreneur until you are an entrepreneur.  It is all about the experience.  Entrepreneurs must not only think but act entrepreneurial.  It was the thinking-doing link that was missing.

Most of the participants took action that was more in alignment with traditional methods of operating.  They were playing it safe.  Entrepreneurs push the edge of the envelope by testing their ideas. They operate outside of their comfort zone.  The missing link was experimentation.

Not surprisingly when it came to decision making the participants followed a more logical and analytical approach.  They preferred to use analytics and prediction to make decisions.  Entrepreneurs must often rely on their gut or intuition, expecially when they are creating something new.  The missing link was intuition.

Less than half of the participants stated they would be willing to challenge or question the status quo.  Being confident and having self-esteem are critical for entrepreneurs.  Entrepreneurs must be willing to question authority and do what they think is right. Another missing link was confidence.

The survey results made me realize that the gap between entrepreneurial thinking and entrepreneurial action are just a series of missing links.  I’m sure there are many more.

Thanks to the participants we’ll be adding questions to our survey to find more missing links.

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10 Perceptions of Intrapreneurs – Negative or Positive

by: Susan Foley - January 10th, 2012   Filed under: Business Growth, Corporate Entrepreneurs, Corporate Entrepreneurship, Entrepreneurial Leadership, Innovation, Intrapreneurs, Leadership Skills 1 Comment

As organizations embrace corporate entrepreneurship they are beginning to understand the magnitude shift that is required to implement it successfully.  At the same time they are beginning to look at corporate entrepreneurs and Intrapreneurs in a new light.

Many executives have a negative perception of Intrapreneurs.  They can’t relate to them.  Yet, many of the perceptions about Intrapreneurs are exactly the things that organizations need.  These perceptions define who these individuals are. They are both negative and positive.  It’s how you look at them.

These are just a few of the perceptions of internal entrepreneurs we’ve heard about:

  • Hard to Control.  Entrepreneurs are difficult to manage.  That’s true because they don’t need to be managed. They manage themselves. They are self motivated, highly engaged and willing to do what it takes to make things happen. They are leaders not followers.
  • Challenge Authority.  Entrepreneurs are not afraid to question authority or challenge the status quo.  That’s a good thing.  They know that unless things are done differently nothing will change.  They lead change.
  • Take Big Risks. Entrepreneurs weigh the upside and downside of their actions.  They know in advance the tradeoff between acting and not acting.  They take calculated risks.
  • Lack Data. Entrepreneurs are decisive.  They will collect enough information to make an intelligent decision.  They know when to bring data into the equation.  They balance intuition and data.
  • Don’t Fit.  Entrepreneurs don’t fit.  They are not your typical employee interested in climbing the corporate ladder.  They are less interested in being part of the core business.  They want to build the growth side of the business. They are focused on the future.
  • Disrupt the Organization.  Entrepreneurs make waves.  Existing structures, systems and processes get in their way.  They find new and creative ways to solve problems, deal with barriers and resistance to change.  They shake things up.  They lay the foundation for growth.
  • Not as Loyal.  Entrepreneurs are loyal.  They are loyal to their project first and then the company.  They are also willing to put their job on the line for the organization and what they believe.  Very few employees can say the same.  They are your best employees.
  • Stubborn. Entrepreneurs are hardheaded. They have strong beliefs in what they are doing. They are not easily deterred.  It enables them to achieve goals that others think are unachievable.  They are persistent.
  • Transparent.  Entrepreneurs are transparent. They wear their heart on their sleeve. You always know where they stand.  They are open, honest and speak the truth.  They are self confident.
  • Difficult to Retain. Entrepreneurs are hard to retain.  They are more likely to leave if they are not given opportunities to stretch and grow.  That’s not their fault.  They need to be challenged and working on something of value to the organization.  They are value creators.

Corporate entrepreneurs and Intrapreneurs are your best bet for building a sustainable environment for innovation growth.

What other perceptions have you heard abougt Intrapreneurs? Let us know.

 

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Global Growth of Corporate Entrepreneurs

by: Susan Foley - December 18th, 2011   Filed under: Corporate Entrepreneurs, Corporate Entrepreneurship, Entrepreneurial Leaders, Intrapreneurship, Leadership Skills Add Comment

As the year comes to a close we must take stock of what has been accomplished.  It has been a good year for corporate entrepreneurs and Intrapreneurs.  No longer are they sitting on the sidelines or hiding in the shadows.  Their value and contributions are becoming known.

In Brussels the first international Intrapreneurship Conference took place. The conference looked at innovation management through the lens of corporate entrepreneurship. In Finland they have established a Society for Intrapreneurship.  In the UK two hundred business leaders got together for the Market Gravity Corporate Entrepreneur Award ceremony.  A new club called The Firm was established in Bahrain that promotes business development through corporate entrepreneurship.

There is also growing recognition that innovation and entrepreneurship are entwined. That one or two innovation initiatives a year will neither support nor sustain innovation. Organizations need to be innovating all the time. Entrepreneurship (Intrapreneurship) is a critical part of innovation success.

Traditional approaches to management and leadership are no longer effective.  Mental models stuck in the past are getting in the way.  Future oriented, entrepreneurial thinking is needed.  This has led to an increased interest in developing entrepreneurial leaders.

There is a renewed focus on change management to help organizations deal with two key road blocks to innovation, culture and resistance to change. This has resulted in a growing need for change agents, an attribute of corporate entrepreneurs.

Competency assessments once used only for hiring are now being used more for development and aligning competencies with specific job functions. Organizations are looking at ways to identify and develop their entrepreneurial talent.

Individuals are exerting their independence and beginning to define their own roles.  They want more challenging and engaging work assignments. Fostering entrepreneurship is a way to keep them engaged.

Despite the progress that has been made, we have a ways to go. In many organizations corporate entrepreneurship is still an intellectual exercise.  Knowing is not doing.  It seems like Europe and the Middle-East are taking the lead when it comes to corporate entrepreneurship and Intrapreneurship.

Like most movements, it is the few who lead the many. Those countries, those organizations and those individuals that do will make a difference.  They are the ones that pave a path for others to follow.

We are all better for their efforts.

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Holiday Gift for Internal Entrepreneurs

by: Susan Foley - November 28th, 2011   Filed under: Corporate Entrepreneurs, Entrepreneurial Leaders, Internal Entrepreneurs, Intrapreneurs, Uncategorized Add Comment

This is a SPECIAL OFFER for those individuals that have downloaded the e-book Acceleration or have taken the Entrepreneur Survey.

Save 50% on the Corporate Entrepreneur Profile.

Now through December 31, 2011

After reading the e-book or taking the survey, you may still be wondering IF YOU HAVE WHAT IT TAKES to be a Corporate Entrepreneur or Intrapreneur.

TREAT YOURSELF and find out by taking the Corporate Entrepreneur Profile.

Corporate Entrepreneurs are a DISTINCT group of individuals with a unique combination of behaviors and competencies.

To FIND OUT MORE about the Corporate Entrepreneur Profile go to : CE Profile

To get more details about this SPECIAL OFFER please contact Susan Foley at susan@corporate-entrepreneurs.com.

Use the Promo Code: 50%Off

 

The most sought after professional for the 21st Century Economy is NOW and will CONTINUE to be Corporate Entrepreneurs and Intrapreneurs.

Isn’t it time you added your name to the list!

 

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