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Enterprations Weekly Strategy, Number 1 April, 2017

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Enterprations Weekly Strategy, Number 1 April, 2017

  1. 1. ...advancing business Enterprations Weekly Strategy How to find and Recognise Intrapreneurs In Nigeria www.enterprations.com What do they want?
  2. 2. 2 April 2017 Enterprations Weekly Strategy SevenTraitsofNigerian Intrapreneurs ntrapreneurs have been found and still be searching for they put aside ego and don't fear failure. “Nobody succeeds in developed and developing countries. They in a silo. Whatever we venture personal, professional, {Intrapreneurs} are continuously managed by philanthropic, political, or private we must remember theIinnovative leaders. Their {Intrapreneurs} impacts are people involved in and essential to our success,” explains really felt on the value of assets, the value of total incomes Faisal Hoque, a serial entrepreneur, Fast Company andthevalueofprofits contributor, and co-author of the new book Everything "Intrapreneurs are key drivers of growth in companies large Connects. and small," Chirag Kulkarni, CEO of C&M Group, said in Trait 4: Audacious. Demonstrate natural leadership. This an interview with Inc. "If you are looking for individuals has been helping most of the professionals in moving ahead with corporate experience for your start-up, intrapreneurs with a promising new approach when others might be more are the ones to hire because they understand corporate cautious. Managers and business leaders need to recognise upheavals, but will still be driven and motivated to work this and capitalise on it towards choosing leaders for towards growing your company." In this regard, we dedicated teams for new products or services development. sampled views of 20 working class professionals in Lagos It has been documented that transformational leadership is to understand their intrapreneurial spirits. Our study reveals positively related to entrepreneurial behaviour only when seven distinctive behaviours and how they want their psychological empowerment is high, whereas transactional employers to recognise their contributions. They are leadership has a negative relationship with entrepreneurial discussedherefromthehighesttotheleast. behaviour. Trait 1: Enthusiastic. Most of the employees are willing Trait 5: Futuristic. Vividly describes how things could be and ready to learning skills in line with the roles and tasks inthefutureandwhatis neededtogetus there.Thisis oneof assigned to them. What this connotes is that managers and the core attributes of employees who believe in the corporate leaders should have specific techniques and company's strategic visions and missions. Sampled strategies of understanding what every employee wants in professionals have the ability to predict what will or might termsofnew knowledgeandskillsacquisition. happen in the future, concerned with the future or planning Trait 2: Supportive. Many employees have the ability of for the future and quick in noticing, understanding, or encouraging others to take the initiative for their own ideas. judgingthingsaccurately. Businesses need to recognise this as soon as possible. To Trait 6: Coordinating. Having understood that teamwork effectively identify this, Erik Jensen, in his write up on is crucial for business in taking on new challenges and intrapreneurship, emphasizes four essential building perform strategic tasks, get people to rally together to meet blocks of intrapreneurship for corporate innovation. These a challenge is one of the behaviours of the professionals. include knowing employees inside out, framing the Managers need to know the elements of effective teamwork business problem, understanding risk tolerance, instilling and help employees in building and maintaining high- ownership in team's dedicated to new ideas and getting out performanceteams. of the way. Companies like Adobe, Royal Bank of Canada, Trait 7: Making workplace better. They are creating an 3M, and Lockheed Martin are getting it right by crafting environment where people get excited about making their programmes with four essential building blocks of improvements. This indicates that innovation alone is not intrapreneurship. enough. They are setting context appropriate for Trait 3: Inspiring. The professionals are exalting others to developing innovative products or services. In specific think about their work in new and stimulating ways. They terms, they are making frantic efforts towards having the are getting their follow employees to think creatively, rightpeople,therightprocesses,andtherightenvironment. challenge the status quo and keeping everyday operations running efficiently. Inspiring others has been their norm, Moving ahead with a promising new approach when others might be more cautious. Managers and business leaders need to recognise this and capitalise on it towards choosing leaders for dedicated teams for new products or services
  3. 3. 3 April 2017 Enterprations Weekly Strategy What do they want Favourable Innovation Climate it is about taking certain decisions, and Technical Excellence unable to influence corporate level Incentives. Many professionals are decision making. Giving them e x p e r i e n c i n g u n f a v o u r a b l e uninterrupted time to address innovation climate and/or lack of problems in small and highly technical excellence incentives. It functioning teams could be a great seems that businesses are yet to chance to creatively problem solve realise that attitude of employees without the pressure of worrying towards intrapreneurship could be about corporate hierarchy or easily observed through creativity oversight, which tends to stifle and innovation. As hinted by i n n o v a t i v e e x c h a n g e s . InnovationTools.com, the right Intrapreneurialism thrives when incentives can be giving innovators thrives companies demonstrate a high the time and space required, giving level of commitment to employee them a chance to be creative and bold, involvementindecisionmaking. and providing the right mix of diverse Being appreciated. Employees want people on the innovation teams, and recognition or reward for a job well f o s t e r i n g c o n n e c t i o n s a n d done. They want any extra effort to be relationship. appreciated especially when their Motivation and Emotional hard work results in something great Balance. Their creativity and for the business. According to an innovation are being impeded article in Forbes, the top three reasons because of low of motivation, people listed for leaving their jobs emotional exhaustion, and burnout. were disliking their boss, a lack of They can only think critically and be empowerment and feeling frustration creative when managers motivate over internal politics. Businesses also them and ensure emotional balance. need to be wary of these reasons. Emotions are tied to everything E x p e c t a n c y m o d e l f o r employees need to do while forces entrepreneurial behaviour has make like instincts, drives, needs, us understand that the level to which incentives, the thoughts among others an employee perceives a direct direct future behaviour which relationship between the effort he/she constitute motivation elements. puts forth, and successful Motivation could be intrinsic or performance on the employee's extrinsic. According to Mallow the appraisal and evaluation system, to highest level of motivation comes which he or she perceives a direct from the need for self-actualisation relationship between a good which is a state of self-fulfillment performance appraisal and rewards where people realize their highest and whether the company is offering potentialintheirown uniqueway. the right reward are critical in Participative decision-making developingintrapreneurshipspirits. style. They are having problem when They can only think critically and be creative when managers motivate them and ensure emotional balance. The Building Blocks of Emotional Intelligence/ Emotional Balance The ability to accurately perceive, appraiseandexpressemotion. The ability to access or generate feelings on demand when they can facilitate understanding of oneself or anotherperson. The ability to understand emotions and the knowledge that derives from them. The ability to regulate emotions to promote emotional and intellectual growth. Each of these building blocks helps develop the particular skills that together form our emotionalintelligence. The biggest corporate blocks to innovation Silo mentality: Optimization of functional activities supersedes o p t i m i z a t i o n o f c o m p a n y performance. Risk aversion: The existing b u s i n e s s m o d e l i n h i b i t s consideration and implementation of alternativemodels. D y s f u n c t i o n a l p ro c e s s e s : Organization structures undermine the capacity to successfully manage cross-functionalbusiness processes. Conformity: The organization rewards those who contribute to the existing model, at the expense of thosewho donotfitthemodel. Fatalism: The business does not believe it can significantly affect its future. Stubbornness: The organization would rather suffer losses to competitionthancannibalizeitself. VictorFernandes,Natura
  4. 4. telecommunication industry lack appropriate strategies to Intrapreneurship: Companies that support intrapreneurship activities despite having strategies of retaining employees who exhibitedembraceitthrive entrepreneurialbehaviours.There are benefits and demerits of creating intrapreneurship culture, but the benefits are more than the StrategicActionsminuses. Google is one of the companies benefiting from Nigerian companies need to foster internal entrepreneurial intrapreneurship to foster innovation and employee programmes to compete in a faster and more innovative empowerment. In Nigeria, evidence has shown that there manner. Apart from this, Intrapreneurs remain the engines is a link between strategic intrapreneurship practice and of growth in the present recession as the uncertainty of banks innovation in Nigeria most importantly in Access what the future holds and how to create competitive Bank, Eco Bank, First Bank of Nigeria, Guaranty Trust advantages increase everyday. Having internal incubator Bank (GTB), United Bank of Africa (UBA), and Zenith programme will go a long way of producing the right Bank situated in Lagos State whereas companies in Intrapreneursinordertosurvivetherecessioneffects. Contact F15, Lagos City Mall, Onikan, Lagos State www.enterprations.com info@enterprations.com +2348141374490 April 2017 Enterprations Weekly Strategy4

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