Corporate Entrepreneurship and Intrapreneurship

Corporate Entrepreneurship is the process of profitability and creating innovation within an organizational setting. An Intrapreneur is an employee who undertakes business opportunities under a company or an organization setting. He is provided with all the necessary support, encouragement and financial aid to help motivate success and in turn the company also benefits from this business venture. Lets take an example, say a company could be a normal investment company and one of its workers brings up the idea of creating a software which automatically sorts out all investment transactions and matches these investors with online  and recorded investment opportunity adverts considering the interests of both sides, but he has less capital to fund this project. His company is involved in corporate entrepreneurship when they fancy this idea and decide to fund this project to ease work and to promote the efficiency of the company. This worker is an example of an Intrepreneur. Consequently if other firms take interest in this program, then the company has found another way of making profit by putting this software into production and selling it to other companies.

NEEDS FOR CORPORATE ENTREPRENEURSHIP

When companies get involved in corporate entrepreneurship they offer more opportunities for making profit, improving efficiency and output, and also avoid risking losing some of their bright and talented workers to being small business entrepreneurs. This venture also increases the reputation of the company and wards off competition, whether local or international.

DEVELOPING CORPORATE ENTREPRENEURSHIP

Corporate entrepreneurship can be encouraged by:

1. Management support: The willingness of the management of an organization to support and encourage workers who bring up these ideas.

2. Autonomy/Work Discretion: Avoiding criticism of workers with innovations and allowing decision making.

3. Rewards/Reinforcement: Rewarding workers and encouraging them for ideas can help promote innovative behavior.

4. Time Availability: Giving workers less work provides more time for their working together and bringing up of new ideas