Abstract

In today’s world due to rapid globalization and
technological advancement companies to have a competitive edge over its rivals
are looking for talent in the organization. Even though entrepreneurs own and
run the company intrapreneurs are the hidden champions who work within the
organization and help the organization to innovate and diversify which helps
the company to become a market leader. It is crucial that the companies harness
these talents and nurture them or if they are allowed to leave the company they
can turn into potential competitors. It has become an important aspect to study
the different methods that companies use to encourage and nourish the
intrapreneurial talents and the different methods adopted by them to retain
them in the organization.

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Introduction

 ‘Successful
adaptation of entrepreneurial attitudes and strategies inside a bureaucratic
organization’ (Agoada, 2013)

Intrapreneurship is the process of
giving credit to the employees who show entrepreneurial characteristics like
taking the risk and transforming the organization not just for profits but also
for the fulfilment of customers needs. Why is there an increasing need for intrapreneurs
today? To answer that we need to look at the transformation which took place in
markets all around the world. Through globalization and rapid technological
developments, the whole world has become a single integrated market or a global
village. The world is changing at a more rapid rate than ever before, to keep up
with the change companies need intrapreneurs who work within the company to
enter into new businesses and venture into new markets thus maintaining a
competitive edge over their rivals. Intrapreneurship done
well not only leads to promising and profitable new products and services- it
drives how innovation is done, and is a vehicle for company-wide
transformation.

 

Need for intrapreneurs

1)Innovation

There are three focal points for enterprise implementation of
innovation, namely, “capability”, “potential” and
“trend” of an enterprise. Among them, the potential of an enterprise
is an intermediate layer of innovation, the capability of an enterprise is a
basic layer of innovation, and the trend of an enterprise is a leading layer of
innovation.
Innovation in the enterprise is equivalent to the company’s
nutritional liquid. When the enterprise is extremely lacking from the
innovative nutrition, the business opportunities for vitality gradually
weakened, showing a slowly aging, and leading to the death of the enterprise. Innovation
is the highest threshold for ensuring the profitability of enterprises. That is
why there should be gradual innovation from within the enterprise, for such
type of innovation inrapreneurs who are familiar with the organization will take
the best course of action for the internal innovation within the enterprise.
Innovation is driven by both technology and demand. Enterprises
are generally willing to innovate in a market-driven manner. This seemingly
easy to grasp and risk-free, but the lever of value brought by innovation will
not be too large. The best innovation is to seek and try from a
technology-driven perspective, in which case the value of benefit is the
greatest. Of course, because the situation is so complicated, the innovation of
enterprises should not be formalized.

2) Faster ChangesDue to globalization, the changes in the market environment that enterprises are facing are not happening at a constant pace, but rather speeding up and requiring faster reaction times to face new changes. The ever-changing and unpredictable changes in customer needs, technological innovations and policy adjustments have put higher demands on enterprises. Changes can be both in internal environment or external environment. Internal environment includes organization structure, business strategy, human resource and organizational culture. External environment includes economic situation, technology, politics, laws and culture. With these rapid changes the enterprise should also adapt accordingly or they will be doomed to fail.3) Outsourcing

Outsourcing refers
to the use of external resources for the enterprise’s internal production and
management services. Advantages of outsourcing are avoidance of excessive
organizational expansion, profit improvement, cost reduction, capital can be
more efficient, not limited to the existing professional knowledge and skills
and business operations are more flexible. There is a
growing trend in companies all around the world to either outsource the
analytical and mundane jobs or a computer can do it that means that there is an
increasing demand for creative employees with new ideas. India and China have
become the leaders in the outsourcing market because of the cheap labor.

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