Resources for intrapreneurs
So you’re an intrapreneur… keep reading to find out more about what drives you and how you can leverage your position for success.
Intrapreneur explained
According to Investopedia:
“An intrapreneur is an employee who is tasked with developing an innovative idea or project within a company. The intrapreneur may not face the outsized risks or reap the outsized rewards of an entrepreneur. However, the intrapreneur has access to the resources and capabilities of an established company.”
What do you need for success?
Without forward progress in a business, its time is limited. In this section we’ll outline what’s needed for the intrapreneurial spirit to succeed in securing resources:
You vision should be inspiring and inclusive. It should make colleagues want to help out on the initiative you’re proposing.
A strong sense of integrity and authenticity will help you manage pressure and resistance in your projects. These attributes also help people trust that you will align your words and actions.
The ability to keep forward momentum going, no matter how tough the situation is, will help you stick to your vision and see your idea’s implementation through to the end.
The courage to keep on going, even when others are telling you to turn back.
This quality will help you evaluate how colleagues and others will react to various approaches.
The wisdom of knowing when to use diplomacy, reframing* and tact to avoid creating trouble for yourself & others.
*Reframing- creating a new outlook for a situation that moves a person from a negative state to a positive one.
This attribute will help you avoid stirring up the corporate immune system.
Being able to make (and keep) friends and allies across organizational structures.
Pair this quality with the frugality needed to make the best use of resources granted will ensure your vision is executed prudently.
Now it’s time to delve into the main ways of developing your idea into a viable solution-
Understand your "why?"
Instead of focusing on a single idea, take stock of the bigger picture. Understand why your innovative idea will better people’s lives and how the world will look if you’re successful. Describing what you hope to achieve with your idea will help you rally your intrapreneurial team around the vision.
Segment your market
Having a clear understanding of who your product/service will serve is vital to the success of your venture. The best way to segment your market is to divide it into small groups based on shared characteristics. This will help you identify small groups who will have a high chance of purchasing your product.
For a great resource on the 4 types of market segmentation (with examples), check out this link.
Identify problems & opportunities
The easiest way for an intrapreneur to identify the problems your prospects face is to get out there and talk to them. Observing them go about their daily lives will help you spot any unresolved problems as well as potential opportunities to improve their lives.
Make notes of pain points, challenges, visions and values. This will help you gain a clear picture of how you can help your clients.
Focus on solutions
Review your existing ideas and see where you can alter them to best suit your client’s needs. Once you’ve got the best idea possible, test it out on your prospects and see how they feel about it. You’ll notice immediately if you have a winning solution to their pain points.
Define your USP
A USP (unique selling point) is a must for any business.
An effective USP directly addresses a specific need that your company’s ideal customer faces. It’s what makes you different and sets you apart from your competitors.
Read more here on how to define your USP.
Write a (soft) business plan
Granted, writing a full business plan isn’t necessary, it’s still important to consider these aspects of a business plan to make sure you’ve got a minimum viable solution-
- Revenue streams
- Cost structure
- Break-even point
To get a good understanding of what goes into writing your business plan, check out this resource.
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