Some launch an intrapreneurial project because they want to collaborate over a project that they can really call their own. Others launch it because they see a great opportunity to capitalize on within an existing business. Regardless of the reasons as to why you want to be an Intrapreneur, here are five steps that are going to get you to think outside the box and help pinpoint your intrapreneurial idea.
Do you know Your Passion?
The hard worker in you already knows you’ll be spending many hours on this project, so why not enjoy as much of it as possible? Why not turn your passion (a hobby, an activity, even an item) into a business project? Starting a project based on your passion will not only increase your chances of success, but you’ll be all the more inspired to dig into different strategies to optimize it too. That being said – don’t just claim something as your passion and act –take some time to reflect on your idea. Is it temporary? How long have you had this passion of yours? How knowledgeable are you about it? Knowledgeable enough to turn it into a company or social business? Don’t be afraid to challenge yourself with these questions, it is a long-term investment you’re making after all.
If you don’t know your passion– find it! Use this as your ultimate excuse to explore, to try new things, meet new people, attend networking events…the list goes on! At this particular stage in your thought process, the opportunities for exploration are endless.
Can your idea be inspired by an existing business?
Maybe you’re already part of a family business or maybe you’re working for an enterprise (and you seriously love your job). Either way, this is a good opportunity for you to evaluate the resources and opportunities already in your network. This type of initiative can benefit you as the intrapreneur, since you’ll be the one bringing it to the table – hey, more credit to you! This type of idea will also benefit the parent company as you’ve now presented them with an Intrapreneurial idea that will allow them to grow as a company. You’ve given them a chance to upgrade.
Remember that even if you’re inspired by your surroundings – passion for your idea must still be your driving factor.
Same Product. New Market.
Reflection time. Cue in the scary music. Just kidding. This will be fun I promise. It’ll take some thinking on your part of course, but in this case it may be easier than you realize because (here’s the fun part), …the product or service already exists.
Yeah you read right.
It could very well be that your parent company has an existing product or service that just needs a jolt, a twist, it needs a dose of you, so that it can be marketed to an entirely new clientele. A clientele that would have otherwise not even given the core business a second thought – until you came in. Your intrapreneurial venture could be to lead a new division of the business offering that product of service to an entirely new market.
Oh, and remember, just because the product or service already exists, it doesn’t mean that the idea isn’t yours – you will be able to tap into existing resources, but require a whole new level of planning and execution to maximize the product of service’s potential in this new market – and that is all on you!
The Market wants More
Take a moment to think about your thought process when you’re in the midst of purchasing a new product or service. Most likely you’re considering both how much you need the product and, how much you really want it. You’re giving yourself a list of reasons of why you should purchase that new car that comes in just-perfect colour, those new shoes with the comfy insoles, that waterproof speaker …You get the idea. And odds are, your customers think the same way.
The key here is to find out what your customers need more of. Consider your (and their) thought process when purchasing a product. What new product or service can you offer them to make their life even just a little bit better? This answer may need a little more digging – and that’s a good thing! Start by forming a hypothesis. Example…
My customer needs a waterproof speaker
While that’s a great idea, you want to maximize success by making sure that this product is something the market needs and wants. Now’s your time to connect with the market – pass out surveys, talk to experts, ask around in your network, bounce off ideas with trusted peers or existing clients – do whatever it takes to get you the answer you’re looking for. A bonus? You’re getting all the more familiar with the market, a familiarity you can use to your advantage when it’s time to commercialize your product.
An inevitable fact here: there will be challenges that you’ll face as an intrapreneur. This is a good thing as challenges will allow your project to grow. Don’t be afraid of challenges but rather, prepare for them! Write a list of challenges and possible scenarios that you think you might face throughout your project. Got them all down?
Great, now jot down solutions for them as well. This will allow you to thoroughly reflect and even come up with immediate ideas that can help prevent the challenge in question. In doing so, you will already have had exposure, so, when you are faced with a challenge – you’re already at an advantage to find a fast solution.
Ready to Begin
Maybe your wheels are turning, maybe you feel super inspired – or maybe you’re still in deep processing mode. Either way, your drive to find an idea, your desire to be an Intrapreneur is what made you click on this article on the first place. Cliché: you clicking on this post happened for a reason. You’re now ready to start working towards your Intrapreneurial Idea, all while keeping these tips in mind.
Want to learn even more about how to refine your idea? Click HERE.