South-Western - Management  
Intrapreneurship at Work
Topic Technology, Innovation and Change
Key Words Technology, Innovation and Change
InfoTrac Reference A111162396
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News Story

In the past 20 years, entrepreneurship has been highly valued in our economy by individuals, government, and venture capitalists. Often overlooked, however, is the importance of intrapreneurship within organizations. Intrapreneurship is defined as the launch and management of new, innovative opportunities from within existing, larger organizations. Entrepreneurship and intrapreneurship are similar and can be achieved using the same framework. The first thing people who are considering new ventures should do is look at their own strengths and weaknesses. Once you recognize your weaknesses, you can find people who are strong in that area and add them to your team. With an intrapreneurial project, you can usually find someone within the organization who can help as needed. It is important to have buy-in from senior management so you have the resources needed, and having a champion for your initiative will increase the chance of success. It usually takes two years for a new venture to develop the momentum needed to survive. When starting an intrapreneurial venture, make sure you have a 2-3 year commitment from the company. An Entrepreneur's Top Five Action List:

  1. Find a senior executive to be your internal champion so that you can do the things that need to be done without asking permission.
  2. Negotiate how your project will be measured and what "success" means.
  3. Get your organization to give you at least two years to make your project a success.
  4. Do whatever needs to be done to make your project a success.
  5. Select the best people you can to help you--from inside or outside your organization.

Questions
1.

What's the difference between intrapreneurship and entrepreneurship?

2.

What are the top 5 things an intrapreneur should do?

3.

Why is it important for an organization to foster an intrapreneurial climate?

Source "Intrapreneurship at Work," CMA Management, Nov. 2003, p. 14.
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