Your Business Doesn’t Need More Ideas — It Needs Intrapreneurs to Execute Them

For decades, the word “entrepreneurial” has been almost exclusively reserved for business owners who chase lofty ideas and put their personal finances on the line. That image, popularized by icons like Steve Jobs and Richard Branson, shaped how we defined entrepreneurial behavior: ownership equals entrepreneurship.

But that definition is outdated. And I would argue that today every entrepreneur needs an intrapreneur — or maybe even a few.

What’s an intrapreneur?

The term “intrapreneur” describes entrepreneurial behavior inside established organizations by high-performing individuals and executives. They have lots of the same characteristics as the business owner. They innovate at scale. They manage stakeholder ecosystems. They balance agility with governance. That is not lesser entrepreneurship; it’s evolved entrepreneurship.

So why is it so important to have these individuals on staff and retain them?

Simple, the entrepreneur can’t do it all. I know I thought I could, but without key intrapreneurs on staff, it was tough to keep up with all the changes in my industry. And let’s face it, all industries are changing dramatically. Can the entrepreneur be an expert at everything?  Can we be the only ones expected to:

• Identify new revenue streams
• Lead transformation initiatives
• Disrupt our own products before competitors do
• Take calculated risks on innovation
• Build new markets inside existing organizations

That’s a tall order.  And even if you can do it, it is exhausting. But if you identify and nurture individuals — intrapreneurs — it is a whole lot easier.  An executive leading digital transformation, launching a new product division or entering an emerging market is doing what entrepreneurs have always done — spot opportunity, mobilize the company’s resources and assume risk. The only difference between a business owner and a highly performing professional is that the capital may be corporate rather than personal.

What makes you an intrapreneur?

Truthfully, not every high performer is an intrapreneur. Here are some critical traits to look for.

Vision: Does the individual have the ability to see beyond current constraints or challenges? Can they imagine what could be, not just what is? Their vision should build on what the entrepreneur has built and be aligned.

Risk tolerance: While the individual is not risking their personal dollars, they are still risking their reputation and career trajectory. Are they thrilled by appropriate risk and the potential rewards?  Do they want to step beyond their everyday work and jump head-on into new initiatives? Or are they resistant to change?

Resourcefulness: Can these individuals navigate the bureaucracy, budgets and competing priorities at your company? Do they love to be resourceful and leverage what sometimes are limited resources? Do they want to be rewarded for their creativity? Do they bring out the best in the rest of the staff and encourage them to be creative?

Decisiveness during uncertainty: As entrepreneurs we know there is no perfect time to make a decision. Markets shift. Data is often incomplete. Can you trust your intrapreneur to be decisive when they need to be? Live with uncertainty and make complex decisions? Or do they hesitate and wait for things to be perfect? Do they regularly defer to you or argue their case for a decision? Are they a “yes” person? 

Ownership mentality: Does the individual think like an owner, feel like an owner and act like an owner. This is an easy one to assess. Watch to see if they like you are willing to do what is takes. Do they, like you, put in the effort? Do they care about the product and service? Do they treat customers the way you do? Do they make your life easier?

All these characteristics are important. They show that the individual is committed to you, the entrepreneur who is leading the company, and that they have found a great place to build a career. It is important to note that it may take some time for individuals to fully develop their intrapreneurial spirit, but you should see glimmers of it right away. Just as entrepreneurs can be spotted early on, these individuals have a passion for what they do. They are lifelong learners and are simply curious about all things related to the profession.

How intrapreneurs drive growth — plus one cautionary tale

Over the years, I have had employees with long tenures. Some were intrapreneurs, and some were not. Those who were not still contributed, but they did not move the organization forward. We need these people, but they are not the ones that I would elevate or reward lavishly.

The intrapreneurs were far more valuable. They, like me, were constantly curious. They would come to me with ideas about new technology we should consider. One researched a way to sell some of our stock video on a third-party platform and get recurring revenue. Best of all, they gave me a sounding board for new initiatives and freed me up to do higher-value work. They also took it upon themselves to mentor newer employees and shared what they knew to help them achieve more.

Growth is essential for every business. Risk is part of doing business. If you have individuals who are not afraid to take a risk, are resourceful, act like owners and have that intrapreneurial spirit, then you have partners who will help move your organization forward. I rewarded my intrapreneurs with phantom stock for their efforts and suggest that is a way to fuel passion for the business. Some intrapreneurs may progress and be good candidates for future owners of your business.

That leads me to one note of caution.

While intrapreneurs are extremely valuable, and every entrepreneur can benefit from having them on staff, there are some very real differences. The biggest one is the financial risk. I learned this firsthand when I was considering selling my business. I had an intrapreneur who I believed would be ideal as the new leader. I had the individual working with my CPA team and turned more and more of the decision-making over. In the end, while the individual was a great intrapreneur, they could not make the big leap to entrepreneur. The financial risk was too overwhelming.

Bottom line: I believe every entrepreneur can benefit from having a few intrapreneurs on staff. Look and see if they are waiting in the wings to be discovered and nurtured.