Choosing to begin a new business inside your existing company

by Shiela Smith on Friday 24 February 2012, 12:14 PM | Category: Intrapreneurs| View: 1778 views

Established companies often are looking for fresh ideas or fresh perspective. Growing breeds of intrapreneurs are deciding to address this by starting brand new companies within their existing jobs. Resource for this article: Intrapreneurship gaining speed in rough economy

The definition

For those who have started a branch within a business or started a new business entirely with support from another one, then you have experienced intrapreneurship. This has become increasingly more popular as a person can do anything from handing off an idea for a company to implement to implementing the idea themselves. The intrapreneur is generally in charge of the whole sector of the business themselves. It is a safer was of entrepreneurship.

Try it out

When you have an excellent idea that fits in with the business you are currently working for, then you have a chance at intrapreneurship. Put together a presentation of your idea, such as a detailed business plan. Consist of in your proposal how your idea works within your current company's target demographic, business plan or eventual goals. Bear in mind business owners often have more reasons to shoot down an idea or not invest in something brand new, so you need to present a very solid idea to your bosses. Intrapreneurship has a long history, from 3M to Lockheed Martin. Some businesses have very intrapreneur-friendly environment, such as Google. Other companies will have to be talked into intrapreneurship, which should start with little, well-planned steps.

Becoming an intrapreneur can help cut down on the number of cash advances you need to take to finance a business.

Remember funding

You may be trying out intrapreneurship in order to help the company succeed better if you truly care over it. You may also think that you and your co-workers may simply benefit from the new project. A person might be interested in intrapreneurship for any reasons.

Forgetting about finances might be a serious mistake. The financial part of the project is what will persuade the company to let you or not let you pursue the idea. Make sure you make it clear what you want to get out of the project and what all projected costs are going to be. Make sure you point out where the risk lies, more with the business or the individual, and then how the person taking the risk will be compensated for that risk. This is an important part that you should never forget.


Fortune Management


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