Working in a large corporation with a lot of bureaucracy, inefficient processes and untapped potential can be frustrating. Particularly for someone who enjoys identifying new market opportunities and has an innovative mindset. If you have a desire to work more creatively and independently but wish to stay within your current organization, perhaps you should consider becoming a corporate entrepreneur.
Think like a startup, impact like a corporation
Being a corporate entrepreneur, or intraprenuer, means bringing a startup-like mindset into a larger organization. While well-established companies tend to focus on growing their existing products and services, thereby risking missing out on significant opportunities in the adjacent market, corporate entrepreneurs are a powerful force that can introduce new ideas and challenge traditional ways of working. Taking on the role of a corporate entrepreneur involves identifying new opportunities, developing innovative solutions, and taking calculated risks to drive growth and change within the company.
A corporate entrepreneur’s guide to success
Anyone can become a corporate entrepreneur, but certain characteristics and skills may be helpful in pursuing a successful career in this role. Here are some steps you can take to thrive as a corporate entrepreneur or intraprenuer:
- Develop a growth mindset. Approach challenges and new opportunities with a positive, solutions-oriented attitude. Stay up-to-date with industry trends and continue to develop your skills and knowledge. This will help you keep up with the latest developments and better position yourself to identify new opportunities.
- Identify a problem or opportunity. Look for ways to solve problems or address unmet needs within your company. This could involve improving a product or service, streamlining a process, or finding a new market to enter. Or, if you are truly brave, it can be something completely new and unrelated to the core business.
- Collaborate and network. Building relationships with other entrepreneurs and business leaders within your company can help you get your idea off the ground. Seek out mentors who can provide guidance and support as you develop your plan.
- Pitch your ideas. Once you have identified a problem or opportunity, develop a plan to address it and present it to decision-makers. Make sure to have built a strong business case, including market research, financial projections, and a clear understanding of the resources and support you will need to bring your idea to fruition.
- Take calculated risks and stay flexible. Don’t be afraid to experiment and try new things, but be sure to carefully assess the risks and potential benefits before moving forward. Additionally, you should be prepared to pivot if necessary. The business landscape can change quickly, and being flexible will help you adapt and stay ahead of the curve.
- Be persistent. Starting a new venture or project within a corporation can be challenging, as you may need to navigate bureaucratic hurdles and convince others to get behind your idea. Don’t be discouraged if you face setbacks or resistance; instead, use them as an opportunity to refine your plan and strengthen your business case.
Becoming a corporate entrepreneur requires a combination of skills, networking, and a willingness to take risks and innovate. If you are interested in this career path, it is important to be proactive and take steps to build your skills and identify opportunities for innovation. By following these steps and staying focused on your goals, you can become a successful corporate entrepreneur and drive innovation within your organization.