Why your organisation needs corporate entrepreneurship training
Corporate entrepreneurship is widely accepted as an effective way of revitalising your organisation to improve its performance.
While it may sound like a new concept to some, it has actually been around since the 1970s.
The concept sees teams in an established organisation innovate to develop and manage a new and separate spin-off business that is created from an established parent organisation.
The concept of corporate entrepreneurship involves taking calculated risks to internally innovate – thus creating a new business or even industry to remain viable in a constantly changing environment.
McKinsey research shows that top-performing organisations in various industries divide their capital evenly between transforming their core businesses and developing new ones and there are several ways to lead your organisation to embrace corporate entrepreneurship.
Innovation in your organisation should include every aspect of the business, including products, processes, technology, and administration.
As a leader, you can take concrete steps to develop a workplace culture that embraces this concept by creating a more entrepreneurial environment in your organisation.
Some common challenges that leaders can expect stem from company culture itself, as organisations generally struggle to adapt to uncertainty.
For example, starting on a newly launched business may come with a certain degree of experimentation due to a lack of solid market data.
Ideally, this process should take place by forming a consensus with senior management with regards to objectives and visions on the new business direction.
Clear top-to-bottom communication is essential to build support and prevent internal stakeholders from regarding corporate entrepreneurship as a drain or threat to the organisation’s established operations.
Some organisations struggle with innovation as they can be too used to a more established or fixed way of doing business.
More often than not, managers may create barriers that limit aspiring entrepreneurial ventures because of their inability to pivot quickly and steer their teams to embrace a new direction.
Additionally, limited resources can also be prohibitive as businesses tend to invest in known markets with high financial returns. So as innovation and new businesses come with a certain level of risk, funding can be hard to come by.
Organisations that are already struggling with resources will find it harder to innovate to start a new business and this can impact the overall response towards innovation in your organisation.
As challenges and constraints are to be expected, organisations should provide training for its people to not only improve the workplace culture but also to equip their people with the skills and tools to thrive in a constantly evolving business landscape.
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Provide your leaders the right corporate entrepreneurship training
Corporate entrepreneurship training is important to organisations, now more so than ever due to the rapid transformation businesses are forced to undergo due to the recent pandemic.
There are many courses on corporate entrepreneurship designed for those interested in learning how to innovate and apply entrepreneurship principles in the corporate setting.
In fact, if your junior and middle managers are predominantly risk-averse, corporate entrepreneurship training can help drive your leaders to step out of their comfort zone and move towards an increased level of corporate enterprising.
Among others, your leaders will develop knowledge on how to steer through the barriers to creating, developing, and sustaining innovative new businesses or initiatives within the organisation.
Corporate entrepreneurship training will also help your leaders discover the tools and best practices, for identifying and developing the entrepreneurial opportunities, building business models, creating strategies for leading innovation, and financing innovation.