Corporate Entrepreneurship are also known as Intrapreneurship, Corporate entrepreneurs may be defined as any of the “dreamers who do”. They are those who take on responsibility for creating innovation of any kind within an organization. The intrapreneur may be the creator or inventor but is always the dreamer who figures out how to turn an idea into a profitability reality. Intrapreneurs may be defined as an entrepreneur in a corporate organization.
Corporate entrepreneurs are usually employees within a company who are assigned a special idea or project, and are instructed to develop the project like an entrepreneur would. The term ‘intrepreneur’ was coined in the 1980s by management consultant Gifford Pinchot. Intrapreneurs are used by companies that are in great need of new, innovative ideas. Today, instead of waiting until the company is in a bind, most companies try to create an environment where employees are free to explore ideas. If the ideas looks profitable, the person behind it is given an opportunity to become an intrapreneur.
Meaning and Definition of Corporate Entrepreneurs
According to Burgelman___” Intrapreneurship refers to the process where the firms engage in diversification through internal development. Such diversification requires new resources combinations to extent the firm’s activities in areas unrelated, or marginally related to it current domain of competence and corresponding opportunity set”.
According to Gibbons___” Intrepreneurship is an organizational process for transforming individual ideas into collective action through the management of uncertainties”.
Corporate entrepreneurship is a method for stimulating and then capitalizing on individuals in an organization who think that something can be done differently and better. There is a difference in entrepreneurial and managerial way of working. Intrepreneurial is another dimension which enhances the entrepreneurial efforts in an organization.
Characteristics of Corporate Entrepreneurship
- Credible Communicator: Skilled communicators are capable of quickly identifying the communication and social styles of others and “flexing” their own style to create immediate rapport. These individuals effectively leverage rapport to establish trust and build influential networks through the organization.
- Skilled Negotiator: Skilled negotiators realize the importance of boundaries as part of their negotiating philosophy and personal style. They understand the fundamental strategies, tactics, and psychology used during the negotiation process.
- Accountable Business Owner: Corporate Entrepreneurs have a working knowledge of finance models and sound fiscal management as it applies to their business. Business ownership includes strategic goal setting self-marketing and promotion, and effectively selling across the organization.
- Entrepreneurial Leader: Corporate entrepreneurs learn to model self-leadership before effectively leading others. Their influence stems from an ability to shift people from thought to action with powerful communication and negotiating tools.
- Savvy Relationship Managers: The business of effectively managing relationships will ultimately determine a corporate entrepreneur’s business and career success.