Looking to Grow Your Business? You’ve Probably Already Got the Right Person for the Job

By Paul Crowe

When the first Blackberry phone was released in 2002, suddenly workers had access to emails on the go, and almost overnight, the business world was turned upside down. Five years after that, thanks to the innovative team at Apple, the first iPhone came out. Today, 81% of American adults own smartphones, and our lives—both at work and at home—look completely different.

Of the Fortune 500 companies that were around in 1955, only about 10% still exist. Advancing technology has opened countless business opportunities, but it also means businesses have to evolve constantly and can’t afford to get complacent. Back to the iPhone for a moment—though Steve Jobs usually gets the credit for its invention, the truth is a little more complicated.

Jobs didn't even know about the project when it first started, and he wasn’t overly excited about the idea of developing a cell phone. Luckily, his colleagues convinced him, and then Jobs backed that team of intrapreneurs—his employees who were using entrepreneurial skills to innovate from within the company—to keep going.

The success of the iPhone can be pegged in large part to intrapreneurship, and so can many other innovations, including Post-it Notes, the Facebook like button, and Sony PlayStation. For corporations thinking of building a team of renegades to come up with big ideas and challenge the status quo, an entrepreneur may be the wrong person for the job. Instead, companies should support intrapreneurs to follow passion projects and take risks.

Today’s employment environment looks a lot different than it did a few decades ago. Many tech jobs no longer require a computer science degree anymore, given that developers can be self-taught and companies have started teaming up with universities to train students, after realizing that schools aren’t keeping up-to-date with the necessary skills.

Many employees will stay at a company only for a few years before moving on, and despite assumptions that the gig economy is built out of desperation, only about 20% of freelancers would actually prefer to be in a full-time salaried position.

This isn’t necessarily a bad thing. Sure, it means workers might be less loyal than they were 50 years ago, but it also means they’re looking to get the most out of a job in the time they have and are willing to work hard to gather experience and bolster their resumes.

They’re also often willing to take bigger risks, and for businesses that can be a boon. Harnessing these characteristics can give any company, no matter its size, the opportunity to be flexible and agile, and nurture the same type of creativity that allows startups to see things differently and beat out incumbents.

Entrepreneurs vs. intrapreneurs

Entrepreneurs work on their own or with a small team to start new businesses; intrapreneurs use entrepreneurial skills while working within an already-established organization. Both roles share some important characteristics. They both need to bring creativity and enthusiasm to their jobs, to adapt quickly, have excellent problem-solving skills, and the ability to envision projects and see them through to completion.

But there are some key differences, too, and those aren’t just about whether someone is inside or outside a company.

Entrepreneurs are typically used to working on their own—nearly 80% of small businesses don’t have any employees. They tend to move quickly with an idea, which means they can “fail fast.” Around 20% of small businesses don’t even survive a year, and only about half make it past the five-year mark. This means entrepreneurs are used to breaking down an idea or product quickly when it doesn’t work and building something new.

Entrepreneurs also tend to rebel against business norms, and that can spell trouble. In established businesses, there isn’t an option to stop earning while creating a new product. It’s essential to balance change with a continuation of the status quo, and moving too quickly or drastically can lead to disaster.

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On the other end of the spectrum, intrapreneurs are more likely to enjoy working collaboratively with team members and other departments. Intrapreneurs are risk-takers, too, but they are more likely to do so within a framework. Where entrepreneurs are used to looking for capital, intrapreneurs will work within an allocated budget. They break the rules and push back against bureaucracy—which is essential for innovation—but they know the rules they’re breaking and will do so in a calculated way, without blowing up the whole business.

Intrapreneurship has been the cornerstone of innovation in Silicon Valley for some time. Facebook famously holds hackathons, and Google has the “20% Project,” which encourages employees to spend 20% of their time on personal projects related to the company.

But intrapreneurship is popping up more and more outside of the tech field. Kellogg's recently joined the startup-led healthy breakfast market, with a product called joyböl. The smoothie bowl is the brainchild of a company employee. Other companies, including cosmetics giant L'Oreal and the Royal Bank of Canada, have invested in organizations like Founders Factory and Highline Beta to build and fund new ventures.

Nurturing intrapreneurs

The good news is you probably already have intrapreneurs within your organization. Now you have to identify and nurture them. Look for people who have shown they are ambitious and passionate about their work, eager to learn, and self-motivated. Rather than trying to stop people from running side hustles, look at these projects as signs of enthusiasm and hard work.

Where entrepreneurs are in constant survival mode and hungry for the next break, the risk in working with intrapreneurs is that they may be less driven. Research has found, though, that job satisfaction isn’t linked to income. For intrapreneurs, this is especially true—they are fundamentally motivated by the excitement of innovating.

For this reason, dangling a bonus in front of them won’t necessarily elicit their best performance. You need to set up an environment that supports their creativity, which means seeking out a diverse staff, providing them with resources, and allowing space for them to play with ideas without fear of failure.

And remember—one person alone can’t change everything. It’s up to your company leadership to create a culture where creativity and innovation thrive.

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