According to the Oxford dictionary an intrapreneur is ‘a manager within a company who promotes innovative product development and marketing.’ But what does that actually mean?
The need for property and PropTech sectors to innovate to stay ahead means we’re seeing a major shift in the people needed to lead this change as the industry evolves and grows. As managers are required to be entrepreneurial in approach more and more, the need for intrapreneurs within organisations has spiked.
Entrepreneurs vs Intrapreneurs
The characteristic drive for an entrepreneur is their motivation and energy to create, with a desire to leave a mark and make a difference, not money. In the majority of instances, the reward is the innovation itself. However, an intrapreneur is employed and accountable to their employers and the company’s shareholders.
This strategic direction is underpinned by a desired commercial outcome, set by others in some shape or other, be that entering a new market or diversifying a product range. Intrapreneurs look for results and recognition.
Entrepreneurs and intrapreneurs vary in their level of focus. Whereas an entrepreneur envisions a company from start to finish, an intrapreneur has a much broader vision for an established company. Because the intrapreneur works on solving bigger issues within the business, they typically have more directly applicable skills for given tasks and takes more risks within the context of the job.
Just as an entrepreneur starts a company as a means of providing a good or service, intrapreneurs seek policies, technologies and applications that will help increase a company’s productivity.
Similar to how entrepreneurs experiment, an intrapreneur possesses the freedom and autonomy for professional growth. An intrapreneur has the independence to examine and understand trends necessary for planning the company’s future. Intrapreneurs analyse their findings and determine methods for staying ahead of their competitors, and what the businesses next move should be.
Over time, Intrapreneurs become a company’s executive leaders. They guide and move the business forward and rise to the top as they understand the business from all levels. A company should recognize and promote successful intrapreneurs so the business can succeed and grow. When intrapreneurs work at solving problems, they foster the growth of other talented intrapreneurs and integrate processes for the greater good of the entire company.
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