Intrepreneurship trends before they emerge into the market,

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Intrepreneurship is the act of acting like an entrepreneur in a large
business. The typical skillset of an intrepreneur is that they are highly
self-motivated, proactive and action oriented, this all means that they are
comfortable with taking the initiative even with the limitations the business
may have when they are on the search for a new innovative product. The main difference
between an intrepreneur and an entrepreneur is that an intrepreneur is
comfortable knowing that failure will not cost them personally whereas it will
for an entrepreneur because the business will captivate the loss arising from
failure. Intrepreneurs have many available characteristics, one of them is
where it allows growth within the business with the freedom of experimentation.
An intrepreneur will study all aspects an issue that has come up and they will
attempt to find out the best solution, for example this could be done by an
intrepreneur by increasing the businesses brand within their already allocated
target market.  Successful Intrepreneurs
are comfortable in any position while trying out new ideas trying to implement
them for the preferred results. Intrepreneurs are generally skilled in seeing
new emerging market trends before they emerge into the market, with this
information they will be able to come up with a strategy to help the business
stay ahead of competitors. Due to this Intrepreneurs could be classed as the
backbone and the driving force for planning out the future for the business (Investopedia, 2017) (Chron, 2017)

Intrepreneurship can help motivate people to achieve more within a
business because the prospect of a new business venture may build up their
morale to work harder and more efficiently. Organisations should have
regulations set in place to help motivate employees to be more innovative by
allowing them to work in the right working environment, there are many ways of encouraging
this, this could be done by encouraging new ideas, providing access to new
resources and supporting the trial and error effort. It also helps the
businesses stability economically, this is because when a business reassures
innovation or finds ways to improve operations and/or create new product lines.
The business will attempt to stay competitive towards their competitors by
adapting to changes in the market, this gives them a much better chance at
surviving in their market. Although shareholders are not innovative themselves
they will too share in the economic stability that has been provided by their Intrepreneurs.
If intrepreneurs were to not innovate they could lose their relevance in their target
market therefore leading to majorly scaling down operations due to a decrease
in demands and this could ultimately lead to the business going bankrupt. (Investopedia, 2017) (Bracey, 2017)

Intrepreneurship is highly beneficial to large companies as the intrepreneurial
mind-set within a large business will allow members of staff to bring their
passions to work, this will incentivise them to be more creative at work
allowing them to work harder and to their full potential. If the business is
willing to do this they will be prepared to take on the risks of failure and
the costs of bringing their employees ideas into fruition. If this is
successful and profits are made then they will be shared at an agreed rate between
the business and their employee, this aspect to intrepreneurship allows
businesses to keep their employees loyal knowing they may come up with a ground-breaking
idea to help their business prosper in the long run. (The Sydney Morning
Herald, 2017)

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It is evident that intrepreneurship can benefit businesses to help
motivate their employees to allow both the employees and the business to thrive
however it can be costly if the employees proceed to fail over and over again
because it can have an impact on the businesses overall reputation as well as
costing them a large amount of time and money.

Categories: Strategy


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