Intrapreneurship Final

From: Clarifying the intrapreneurship concept - Bostjan Antonic and Robert D. Hisrich.

"intrapreneurship is more precisely defined by referring to emergent behavioral intentions and behaviors that are related to departures from customary ways of doing business in existing organizations".

Gatekeeper

A senior corporate executive whose idea and opinions carry a real weight and whose primary task is to support NewCo by controlling access to it and barring access if necessary.

Lernaean Hydra

A serpent-like creature with poisonous blood that terrorized the surrounding countryside. Killing the Hydra became Hercules' second labor and he advanced on its lair with flaming arrows drawn.

Disadvantages of Delaying NewCO's Launch

Access to people and equipment that will advance the project is delayed Access to greater funding and abundant resources is delayed Key CoreCo groups have little opportunity to engage with NewCo or offer support People who hear negative rumors maybe become naysayers Unrealistic expectations regarding what can be achieved by NewCo can develop Potential external partners may pass on the project because they perceive it is not a CoreCo priority Agreements with potential clients may be delayed because the innovation appears insignificant and not a CoreCo commitment Feedback is unavailable from large volumes of customers, which is required for learning and validation CoreCo's interest wanes, leading to less support, delays, and extended timelines Limited resources lead to limited learning opportunities Internal perceptions arise that this is someone's pet project and a waste of time

intrapreneur.

According to Labor Two from the book, a business that confuses innovation with intrapreneurship will mistake an innovator for an or a...

leading themselves, leading others, growing businesses, growing teams, working with people, leading the charge. Individualistic people make order out of chaos, and they want to achieve the highest possible position as this person is on top of that level. In short words, to lead and direct others.

According to one of the PIAV Assessments: during this course an individualistic person is motivated by...

Dominant or Influencer.

According to the BASP, a person who chats before getting to the point is a...

" S '' Steadiness: likes contacts and produces activity in a favorable environment. Introverted, people oriented, indirect, possessive, geared to trust, non-emotional.

According to the BSAP Assessment, an idiosyncrasy of a person who is steady is...

An NI (Nascent Intrapreneurs) is an individual in the process of setting up a new venture for his or her employer. Trying to start a new venture, but does so independently outside of the borders of an existing organization.

According to the Tietz and Parker article an NI is a what?

First Law of Business Success. S is Success, Q is Quality Strategic Plan, R is Resources, FE is Flawless Execution, F is Function of, A is Acceptance, I is Iteration

According to the book, S = F (Q, A, R, I) + FE is called what?

R4 Factor, CoreCo's CFM (Corporate Force Multipliers)

According to the book, engineering and R&D distribution and finance and accounting are all things that the enterprise can leverage from the parent company. They are called...

6th Step: Generate short-term wins - Highlight first NewCol sales and other milestones and celebrate often.

According to the book, one of Kotter's eight step change management model steps is to generate short term wins, which relates to the enterprise having to...

Do not be hands-off, Do not duplicate business functions, Do not assume, Do not go too low, and Distinct does not mean isolated.

According to the book, one of the 5 pitfalls that the sponsor and the intrapreneur must be on the lookout for would be what?

The role of gatekeeper are:

Aid the intrapreneur in vetting CoreCo departments that wish to "help with" NewCo. Verify that functional assistance offered by CoreCo is actually necessary. Make sure that groups granted access commit to adapting or inventing new business processes as required by NewCom. Ensure that the sponsor and other senior executives allow NewCo to modify its strategic plan or execution as it adapts to lessons learned from its market. Intervene with fellow CoreCo executives if resistance, sabotage, or inadequate support is perceived. Work with the sponsor to spot and avoid potential for failure. Be on the lookout for signs NewCo is isolating itself from CorecO. Coach NewCO's leadership team.

An Intrapreneur

An employee within an organization who sees needs and/or wants in the marketplace or the organization itself and develops innovative ideas or projects to address those needs/wants.

have greater control over the launch and give themselves time to fine tune the product as they see fit. Can also do a hard launch at a later date if needed.

An enterprise may do a soft launch in order to...

CoreCo

An existing corporation or a division, business, or organization within a corporation.

strive to have every investment bring a greater return in time and/or resources.

An individual who is considered utilitarian according to our PIAV Assessments will...

Build a plan that incorporates "Doomsday" scenarios, change in the market. Have a strategy to address them. A succession plan is necessary for a smooth transition.

From Crisis Management Video: What should your plan include when your organization is getting ready for something unexpected?

realistic

From Goldberg Video: When creating a plan for an enterprise, you must be...

Step 1- understand that people may get to the same goals by different means & different reasons. Step 2- keep your vision and mission in mind while also having flexibility. Step 3- treat everyone ethically and morally to foster a culture that reflects both. Step 4- build consensus by dealing with individuals in ways that motivate them. Step 5- know yours and your organization's SWOT analysis (Strength, Weaknesses, Opportunities, and Threat). Build a successful culture that will motivate others to manifest a moral intrapreneurial spirit

From Goldberg Video: the steps to build a successful culture are...

get there, your mission

Goldberg Video: To achieve an enterprise's organization's vision, it needs a step by step roadmap to ________. According to our powerpoint, that roadmap is ___________.

The PIAV Assessment. PIAV stands for: P = Personal, I = Interest, A = Attitudes, V = values. This assessment helps you to identify your core attitudes. This is what moves you to action.

What is the assessment that we used to figure out the motivation?

Creativity

What is the trait that Joshua Mitra Lavra says in his video that we all possess and can use?

An intraprise is when employees work together to create something new within a company.

Which of these can be classified as an intraprise?

Edsel

an automobile brand that ran from 1956 to 1960. It was shut down due to the lack of short projections

An intrapreneur

an employee within a corporation who combines entrepreneurial skills and concepts with leadership and change management skills and a strong understanding of how to leverage the corporation to position innovations in the marketplace as viable business that drive new sources of profit.

Mitigating the Family's risks

money, advance planning, family dialogue, proper insurance.

"Many years ago, I was working for an optical company. And I had a boss who was an accountant. We had two locations, and I gave him a suggestion. I said, I have an idea. Why don't we have a different way of selling eyewear? Why don't we sell eyewear at one low price, not charge anything extra for plastic frames, wire frames, tinted lenses, photochromic lenses, whatever the patient wanted. And I kind of spelled it out, and I wrote some things out for him. And he thought about it for a minute or two and he says, no, it'll never work. The margins aren't there. The structure of our business isn't there. And nah, I don't like it. I don't think we're going to make the profits that I'd like to make. OK, so my boss rejected my intrapreneurial idea. I wanted to start a new business, he didn't think it would work. So I figured, let me try this on my own. I found a location at 15th and Pine, which used to be the old electric factory ticket office, so I knew that my demographic, my market segment, my initial one, anyway, would know exactly where it is. Because my market segment was the same as my demographic, my age. And I turned around and advertised. I put a little ad in the Temple News, and I put an ad in the Daily Pennsylvanian. My first patient was a young lady from Cleveland, Ohio who was a student at Temple. So we had to call her physician. We got her prescription, and she put us on the way. Seven years later, I had 55 stores in 10 states and Puerto Rico. I had a full laboratory in Florida. I had a furniture company that made optical goods for ourselves, our stores, and other people. I had a wholesale company, I had a export import company, I had a number of different entities, and a real estate company, all owned by us by now. We had a number of people-- hundreds and hundreds of people working for us, over 600 people working for us, all because the fella who I was working for said no to this idea, which would have been the intrapreneurial success story for him and his entity. And I would have been working for him and building up his enterprise, and hopefully making a very nice living. The fact of the matter is, I started a new company and made a really nice living. It just goes to show you that you never know what can happen. If you present the right idea and the person's receptive, it could be a very successful enterprise. Or it could be an entrepreneurial success as well." - Daniel Goldberg

In Goldberg's video a true intrapreneurial story, Dr. Goldberg said: A True Intrapreneurial Story: How and why an intrapreneurial idea was rejected and then became a multi-million dollar business?

corporate buy-in.

In Labor Six (Avoiding the Materiality Minefield) in the book, avoiding the materiality minefield Irbay notes that transparency about enterprise's financial projections will lead to...

lost entirely in business.

In her video, Jade Armstrong notes that two thirds of employees feel that their ideas are...

CoreCo's

In labor 11 from the book, the threat of the corporate immune system, Irbay notes that ___________ assessment directly influences the parent company's immune response.

Advantages of Delaying NewCO's Launch

Innovations can be validated and refined with little interference More time to verify if the product or service will achieve buy-in from CoreCo's executive leadership team Early support can be sought within key CoreCo groups, which will help sell the idea later on Work environment is open and collaborative rather than threatening Formal financial objectives and business goals can be faced another day Strong ability to control the message and prevent information leaks Creation of a cohesive team environment and sense of excitement Maximizes learning, leading to a better understanding of the investment requirements if the innovation becomes a NewCo More MVP iterations lead to more validation, and more marketing tasks can be completed Flexibility can be maintained in how the work is carried out CoreCo has more time to identify and evaluate potential candidates for the role of intrapreneur

Posted notes

It was created in the company 3M. An employee was trying to make an ultra-strong adhesive and accidentally made a weaker adhesive

embracing failure.

Jade Armstrong in her TED-Ex video states that intrapreneur should be: solution driven, collaborative, creating a sharing culture, sharing their ideas, and...

succession plan

Necessary for a smooth transition in a family owned business. Have it done way before you need it.

brainstorm, be non-judgemental, honest about strengths and weaknesses, keep information flowing, and study the market.

One of the easiest ways to find intrapreneurial opportunities is to schedule time to...

physical to digital and ended up losing a lot of their business.

Per Joshua Metro Lovra video, Kodak and Blockbuster lost a track of time when the market went from...

Person with a dominant behavior

Someone who likes short, curt, blunt, to the points, thoughts, communications, and so forth. Adapting your approach to reach. Example: Goldberg acts as an instructor. Adaptive behavior is dominant.

An Intrapreneur

Someone who organizes and executes the activities that are necessary to monetize an innovation and turn it into profitable and sustainable business with a corporate environment.

selecting the intrapreneur, setting the business objectives, and approving the budgets. Enterprise's sponsor is all responsible for creating a safe environment where errors can be discussed and resulting discoveries can be shared.

The enterprise's sponsor is responsible for...

make sure the family understands each person's role. Figure out who succeeds in the family business hierarchy. And leave nothing to chance by filling out specific legal documents. Mitigating the Family's risks is money, advance planning, family dialogue, proper insurance.

To mitigate a family owned businesses risk, the organization should have to...

Motivation outlook of a utilitarian person

Utility and what is useful in life. Highest and best usage of their resources (i.e. time, money, and people).

make sure everyone knows where everything is because assets are what keeps the company together (whether it's your inventory, your buildings, your most important asset, your people) and where they are & how they're functioning. Do a SWOT analysis of the family members in your enterprise. Set up mentoring/coaching sessions so everyone knows each others' skills.

What do you need to know about your company's assets? (What's the thing that will tell you your company's asset). In other words, to understand your company's assets you should...

SWOT= Strengths, Weaknesses, Opportunities, and Threats

What is not an ingredient of SWOT analysis?