FIVE SUPER STEROIDS FOR YOUR CORPORATE ENTREPRENEURSHIP INITIATIVE
Super steroids to use while landscaping your corporate entrepreneurship initiative
While landscaping your corporate entrepreneurship initiative might be the most critical step in the process. Meanwhile, you want to ensure various elements to map out the success factors that will eventually be defining the outcome of your initiative. We believe there are 5 key elements, we call it Super Steroids that will increase your ROI by 1o0%.
The first super steroid – Structure. Identify your goal and objectives, what do you want to achieve, how do you want to do it, do you have the right structure that compliments your corporate culture, how do you balance corporate red tapes and adopt entrepreneurial spirit.
People 1st Ideas 2nd
The second super steroid – People. If you think having a million dollar idea is the most important thing, you are absolutely wrong. You need to identify the goal as to what kind of ideas you want to implement or develop in your company, are they incremental, differentiated or disruptive? No matter what your ideas are, they will not work without having the right people, the right team. We look at the intrapreneurship DNAs in people to identify strength and put cross-functional teams together to compliment each other in order increase success rate.
The third super steroid – guidance. Many of you might want to do it yourself, you attend conferences, you learn about lean methodologies, design thinking and all that jazz. You are hired by your company to roll out the corporate entrepreneurship programs. If you have had a dip in the startup world, you probably have a better understanding on what it takes. If you have purely only worked in a corporate setting, you need to identify the key factors that is pivotal or detrimental to the success of your program.
Do not be afraid or hesitate to use a partner, engage someone external, someone who does it day-in day-out to help corporates implement corporate entrepreneurship, to scale and design a successful blueprint for your company according to your goals.
The fourth super steroid – Development fund. A fund that is set aside for the development of the business ideas. Do not rely on your intrapreneurs to know how to set up a landing pages, launch google adwords, online surveys, etc. These might sound like easy jobs but they are often daunting and time consuming. The fund aims to help teams with their idea development and are often spent on developing clickable apps, web development, marketing, design work, or prototyping. Set aside a budget that can support your teams during your intrapreneurship programs.
The last super steroid – Scale! The scalability in this matter is to make your initiative self-sustainable, cultural changing. At the end of the day, it takes time and effort to transform corporate culture into an entrepreneurial one. Why, you might be disrupted if you don’t, by a thousand of cuts. You could start with one business unit, gain traction and scale to more business units. This also make sure your initial risks are handled and management are more prepared mentally, before taking a deep dive. The initial success is very important to make sure you are given the room to scale in a long run.
We hope you take back some of the pills and apply them to your corporate entrepreneurship initiative. Ultimately, the five super steroids should help increase your ROI by 100%, improve the longevity of your corporate entrepreneurship initiative. The journey also help your company retain and up-skill talent. The most important thing is the launch new successful businesses that generates new streams of revenue.