Rob Lancit, VP of Franchise Development at Stratus Building Solutions, is a seasoned entrepreneur with 30 years of franchising expertise.
Do you ever feel that the rate of technological advancements and innovation entering the marketplace is beginning to outpace your ability to keep up? Coupling this dilemma with the boom in emerging markets, the proliferation of AI, and an ever-increasing number of niche marketplaces is enough to make any executive’s head spin. And that’s before you factor in industry disruption. You may begin to feel as if your tried-and-true executive instincts are receding from view. And that feeling can be quite concerning because nobody wants to be at a disadvantage when it comes to solving complex business problems in today’s world.
An Intrapreneurial Approach To Business
Is it still practical to consider solutions to complex business problems from an analytical, logical or rational viewpoint? Or is now the right time for your management team to embrace a more entrepreneurial approach to problem-solving? With over three decades of serial entrepreneurship under my belt, I’m advocating for the latter. There’s even a definitive term for this innovative approach—intrapreneurship—an internal system in which employees are encouraged to apply their individual entrepreneurial skills to pursue innovative solutions to everyday problems.
Developing A Pioneering Spirit
If you’re looking to pinpoint the sea change in thinking that’s led to our current surge in entrepreneurship and entrepreneurial thinking in general, the Covid-19 pandemic makes an inviting target. Spurred on and fueled further by the “great resignation” period, which saw an average of 4 million Americans voluntarily quit their jobs for months and months on end, interest in startup ventures has skyrocketed. Since 2020, a record-breaking 16 million new business applications have been filed in the U.S. Suddenly, everyone was building a better mousetrap at the same time, as Americans were—and still are—enthralled with the prospect of entrepreneurial pursuits. Across all demographics, entrepreneurship continues its relentless advance across a full spectrum of industries. And, along with it, entrepreneurship’s pervasive can-do spirit, approach and attitude is now seeping into the very fabric of how we do business.
Advantages Of Applying An Intrapreneurial Approach To Business
In my line of work, we often refer to the entrepreneurial mindset—a cultivated approach that emphasizes and favors experimentation, agility, trial and error and continual learning. And when you apply this same mindset to problem-solving, you may figuratively tap into the same advantages that many successful startups enjoy in a more literal sense. What makes intrapreneurial problem-solving a valuable approach?
• It fosters out-of-the-box thinking, where creative solutions are meant to challenge conventional wisdom—a direct affront to the trite “we’ve always done it this way” approach.
• It prioritizes experimentation and actionable solutions over the hand-wringing brought about when every minute, data-based detail is overanalyzed.
• It actually encourages the taking of calculated risks—a means of “swinging for the fences” where new, innovative solutions are often discovered through trial and error.
• It is capable of accelerating progress that often leads to more unexpected and impactful outcomes.
Still Not A One-Size-Fits-All Solution
In all fairness, even entrepreneurial-minded individuals such as myself must admit that solving complex problems by applying an intrapreneurial approach isn’t a panacea. There are certain trades and economic sectors that don’t favor these methods, including highly regulated industries like finance and healthcare. And there are also certain sectors, most notably nonprofits and governmental agencies, where the greater social good and measurable impact outweigh cost-effectiveness and profitability. Bold risk-taking and innovative disruption rightfully face stiff headwinds when it comes to regulatory concerns, compliance and ultimately, consumer safety.
How To Foster Intrapreneurship In Your Organization
You simply can’t delve into complex problem-solving approaches without first having a thorough understanding of your customer’s needs. This is where the data, your feedback loops, market analysis and research come into play. This is the stable framework from which all solutions are based. Once this foundation has been established—and subsequently verified—then you can set out to determine ways to improve your business model and delivery methods and how to better serve your target audience. To foster a spirit of intrapreneurial thinking, consider the following:
• Establish an open, honest and transparent line of communication with all team members, in which each employee has the opportunity to feel seen, heard and valued. Empirical evidence reveals that entrepreneurial solutions often come from the most unlikely of places.
• Apply a team-based iterative approach that breaks larger problems down into smaller, more digestible ones. Then work to solve each individual challenge to discover a workable and lasting solution.
• Make progress by applying a bias toward action whenever possible. With entrepreneurial problem-solving, learning from your mistakes is simply part of the process.
• Train your team to be resilient, accepting and accountable to failures without fear of reprisal or retribution. Once this level of trust is established, the door is wide open for dynamic solutions to follow.
As with any approach to problem-solving, traditional or entrepreneurial, there should be a healthy balance between risk and reward. The entrepreneurial approach isn’t a license to pursue solutions with reckless abandonment. Building and training a team to apply intrapreneurial approaches to problem-solving requires patience, agility, adaptability and action-oriented thinking. Though it won’t happen overnight, the eventual successes you may discover can easily become impactful and lasting solutions.
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