Intrapreneurs †Why big businesses value the entrepreneurial mindset

The financial crisis proved that even the biggest companies are not immune to failure, while the recent success of start-ups like Uber, Airbnb, and Snapchat has demonstrated the value of  entrepreneurship and the creation of what is becoming known as the â€Å"shared economy†. You might think that having an entrepreneurial outlook could preclude you from working with a big, established business, but is no longer the case. Companies of all sizes are recognizing the value of ‘intrapreneurs’ people with an appetite to do things differently and a talent for coming up with fresh ideas, who can put their innovations to use within a business. [Tweet Companies of all sizes are recognizing the value of ‘intrapreneurs’.] Joanne Lawrence, Professor of Global Business and Society at Hult, says: â€Å"Many of today’s multinationals began in garages, but sustaining that entrepreneurial spirit often gets lost along the way the larger the companies become. The more astute organizations seek individuals with an entrepreneurial mindset who challenge the company’s status quo way of thinking.† The business case for intrapreneurship Provided they are given the right environment in which to flourish, intrapreneurs can be extremely valuable to a company, regardless of its size or the industry in which it operates. Stagnation is one of the biggest threats to any ambitious firm. It is a risk that can be addressed by creating a culture that encourages workers to be bold, taking inventive approaches to problems and constantly questioning the status quo. This is where intrapreneurs come in. An employee with the right outlook can help an organization derive greater value from its resources by using them in new, imaginative ways. Not every idea will be a success, but those that do work can help a business progress to the next level. If you have the entrepreneurial spirit, you could find a niche in the world of big business through an ability to see opportunity where others see adversity. Being able to turn challenges into promising prospects is a rare and valuable skill, one that forward-thinking firms will be willing to pay for. [Tweet If you have the entrepreneurial spirit, you could find a niche in the world of big business.] An increasing number of senior figures and decision makers within businesses are recognizing the benefits of nurturing rather than inhibiting entrepreneurship. Over half (58 percent) of managers are very or extremely willing to support Generation Y employees (those born since the early 1980s) who have aspirations to pursue business opportunities, according to a  2013 study  by Millennial Branding and American Express. 40 percent of workers in this age group said they would be very or extremely interested in setting up new ventures. This suggests that there is currently an interest – from both sides of the equation – in ambitious young business professionals exercising their entrepreneurial muscles within existing companies. A recent panel event at Hults London campus with two very different types of business leaders demonstrated the value of collaboration between those  with an entrepreneurial mindset and those with corporate expertise. As Rene Carayol of the Inspired Leaders Network,  writing about the event  in Business Reporter: Growing economies, industries, and expanding businesses require both. The socially-driven intrapreneur Professor Joanne Lawrence points to the shift in focus for growth opportunities from the developed world to emerging markets and highlights the important role socially-driven intraprenuers are playing in this: â€Å"As the developed world grows older and its markets saturated, companies are looking increasingly to the developing world for new business opportunities and talent. There are three models emerging: the social entrepreneur, public-private partnerships, and increasingly, the socially-driven ‘intrapreneur’. [Tweet Companies are looking increasingly to the developing world for new business opportunities.] â€Å"These in-house corporate pathfinders seek innovative solutions that meet the very specific needs of the billions of people at the base of pyramid, such as unstable income, intermittent energy sources, and minimal to non-existent infrastructure.† Benefits for the intrapreneur Developing new ideas, ventures, and projects within a business can be as exciting as the more conventional form of autonomous entrepreneurship, and it offers some significant benefits for the individual. Firstly, its a much safer option. Traditional entrepreneurship inevitably brings a degree of risk, particularly if you are investing your own financial resources (not to mention time, emotion, and hard work) into the venture. Intrapreneurship combines the security and financial stability of regular employment, with the freedom and sense of creating something new that comes with starting your own business. It can also provide extremely useful experience if you want to launch an enterprise of your own in future. This can be a particularly fulfilling option when there is full support for the concept from the highest levels of the business. In order to get the most value from intrapreneurship, companies need to give their people the time and resources to develop ideas, and be open to change. And with the backing of a multinational behind your idea, you can see your initiatives have a big impact, as Professor Lawrence puts it: â€Å"For the intrapreneur, working for a multinational enables them to leverage the resources, skills, and reach of the corporation to scale their ideas, enabling them to have a major impact quickly.† Another potential benefit of being an intrapreneur is workplace culture. A dynamic and collaborative workplace can provide the sort of inspiration that can sometimes be difficult to muster if you are mainly working alone, with all the responsibility resting on your shoulders. Career development that makes a difference Leading initiatives from within a company can also help you steadily improve your skills in different areas of business. Rather than taking on challenges like marketing, product development, and  social media  strategies all at once, you can focus on specialized projects and expand your skill set gradually. Intrapreneurship can prove hugely advantageous, for the business, the individual, and society as a whole. Professor Lawrence summarizes the huge impact entrepreneurs are already having on developing markets: â€Å"The ‘out-of-the box’ results have been revolutionary: from providing access to clean water, affordable energy and nutritious food to designing health saving devices that operate in hostile environments to training new workers and creating jobs, these efforts create value for both business and society, and resonate increasingly with a new generation of business managers who believes in the power of business to change lives by creating a more inclusive economy,† Make the most of what your career has to offer with a Masters in International Business from Hult. To learn more, take a look at our blog From NYC to NGO: Around the world with a Hult MBA, or give your employability a huge boost with an MBA in international business. Download a brochure or get in touch today to find out how Hult can help you to explore everything about the business world, the future, and yourself. Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .