Talented professionals often want to challenge the status quo. Many people are interested in leaving their employers to create their own startups. Entrepreneurship can be a great option for many people, but the odds of success are slim.

Fortunately, there are other ways that people can drive new visions without leaving their employers.

What is Intrapreneurship?

An employee can start a new business or venture within their organization. The company finances the venture and retains the profits. This process is known as intrapreneurship. There are a couple of benefits to intrapreneurship:

• You maintain the financial stability of a regular paycheck.
• You have the support of your coworkers.
• You can take advantage of your company’s resources rather than looking for venture capitalists for a startup.
• A successful venture can make you look good to your employers.
• You can improve your company’s reputation, which can make it more worthwhile to work with them.

Intrapreneurship can be a great way to bring your vision to life without leaving your day job. You may want to consider asking your employer if you can start a new venture within the company.

Downsides of Starting a Venture Within an Organization

Intrapreneurship can be a helpful way to bring revolutionary products to the market. However, there are a number of risks and drawbacks to starting a venture for your current employer. Make sure you consider these concerns before you become an intrapreneur:

• You may have a hard time balancing your regular obligations with the work needed to start a new business.
• You may not receive the recognition that you deserve.
• Your employer may not be very forgiving if your venture loses them money.
• You may have a hard time getting the rest of the organization to buy into your project if it deviates from the organization’s mission or brand.

You will need to address these challenges if you plan to start a venture within your organization. Make sure that you have a clear plan to bring your project to life.

Tips for Becoming an Intrapreneur

Starting a successful project within your company can make or break your career. Here are some ways that you can improve your odds of success:

• Don’t try to do everything by yourself. There are plenty of other talented employees that can help.
• Use your company’s resources carefully. You want to add value to your organization, not be a financial drain on it.
• Make sure that your project is in line with your company’s vision.
• Have a clear plan to justify the project to your employer. They will probably want to see a business plan before they decide to invest in it.

Every venture needs a clear plan to succeed. Make sure that you have a solid plan for your project and have real data to show that it will be successful. You will need to convince yourself that the project will be worthwhile before convincing your employer, because you will be vesting a large part of your career in it.

About the author: Kalen is a lifelong entrepreneur with an MBA from Clark University in Worcester, MA. He shares tips for other people interested in going to business school, such as pursuing an mba online in one year.

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This entry was posted on Tuesday, May 21st, 2013 at 9:01 am and is filed under Career, Internships. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.