When times are hard, it is only second nature to run and hide. To take time to introspect on us and on our lives. Why? Because, given the economic challenges being faced, stirring trouble by recommending new ideas, new approaches in a time when heads are being counted for axing.
However, we would argue that this is the time for companies to look at disrupting the market, identifying ways to win market share when the competition may be doing its share of navel-gazing.
B-net has recently published a few excellent stories for inspiration on how to Unleash your Inner Intrapreneur. When setting off on this path to change, there are a number of key ingredients:
Imagine this were your business, you were setting up from scratch. So you need to have a clear idea of:
- The customers you are servicing
- Why they would buy your product and not your competition’s
- What the business model is and revenue streams
- What is the investment to achieve the desired revenues required
Whilst you are doing this, it is critical to unleash your personal PR plan:
- Build a network of sponsors: do not be afraid to ask for advice before asking for resources
- Build a team of enthusiastic volunteers
All entrepreneurs, me included, have gone down the “world domination” route, seeing our product or service everywhere, knowing our offering is the next best thing since sliced bread. What happens, though, when you express too much, too soon? What happened the last time someone said to you “You have to go see this film!” It did not live up to your expectations? Correct?
Influence with humility
We invite you to consider asking important sponsors for their advice rather than go in with the sales pitch. Let them buy into the process by becoming your advisors or mentors. Seek their experience to guide you, particularly through the political minefield of the organisation.
Keep going and learn, fast
Be prepared to be rebuffed, as not everyone will see your vision in the way you see it. You will always face the “not invented here” or “this is not the way we do things” argumentation. If someone did not embrace your vision, consider why. Rather than reject them, ask yourself what you could have done differently, or said differently, to have won them over.
Be creative, consider alternatives
It is not easy to express the importance of being flexible, being creative about your path. I know from very painful experience that when your mind is set on something, it is hard to consider other alternatives to your plan. I urge you to take them on board.
In my case of entrepreneurial folly, I needed, wanted, desired a retail outlet in London’s most expensive area, Mayfair. A retail space that was a reflection of my brand and offered a controlled, multi-sensory experience. In my mind, there were definite ways to meet the cash-flow required to sustain that investment. However, I learnt the hard way that projections are but numbers. They are not reality. I now wished I had had someone to reign me in and advise me of alternatives. Perhaps there were those critics around me, but perhaps I chose not to listen. When I had to declare the business voluntarily insolvent and practically lost everything I owned, I realised where my shortfalls were.
So, for budding intrapreneurs, innovating in the corporate world is challenging, as you do not have free reign. But you do have those around you who can help you by modifying, revisiting and reviewing your plans, as well as building your network of supporters and sponsors. Take it from a risk-taker: it is better to move cautiously than too quickly. In the first instance you have time to assess your developments; in the latter, you are over the edge quickly and then it is too late to turn around.
