Becoming an entrepreneur in a corporation: what do you need to know at the start?

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In recent years there has been a trend in the business environment: once clear-cut boundaries between entrepreneurs and hired employees have been erased. In this article, we will find out what this is about, what is the specifics of entrepreneurial activity within corporations, and how an employee can start up his projects.

Companies for Entrepreneurs

The main reason for the diffusion between such seemingly different categories of people is the emergence of an entrehe company works in a competitive market. In this case, it has to look for non-trivial solutpreneurial environment within corporations. Why are some companies so actively developing it? Because in such an environment, those who work on products constantly keep their focus on their competitiveness and thus perform better at their jobs.

Of course, the environment doesn’t become entrepreneurial by itself, and it rarely depends on the individual executive. And although many places claim to welcome innovation and initiative, in practice this is not realized everywhere.

The following signs can help to determine whether a company encourages it:

  • The most objective and main sign – tions, unobvious opportunities, and ways to respond to market challenges, and entrepreneurial projects help in this.
  • An optional, but significant sign – the entrepreneurial environment is more often formed in companies that work in the B2C segment. When a company’s customers are other companies, it is easier to retain them: for them, the cost of switching from one supplier to another is usually higher than the possible benefits. If the company operates in the retail market, its customers do not need to switch to another product, unless it’s an ecosystem.
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Corporate Entrepreneurship: A Quick Guide

The right environment is the most important success factor for an entrepreneur. Vision alone is not enough, you need to have people around you who share your ideas, and it is easier to find them where there is a high concentration of entrepreneurs.

In these circumstances, you may encounter a quandary in the form of a lack of a supportive environment. Ideas that seem great to you may not be of interest to management or may seem petty and not worth devoting company resources to. The corporate system itself is designed to maintain the effectiveness of the current business model, so your initiatives may also seem overly bold. 

At the same time, competition forces corporations to evolve, and some of the entrepreneurial initiatives are encouraged.

It is precise because of the need to create an environment for entrepreneurs, particularly outside the core business loop, that some companies have begun to create special spaces where their employees work on their projects, sometimes together with external partners.

If you want to try to launch a startup internally, your next steps depend on whether the company has such a startup studio.

If there is:

  • Formulate a vision for your idea

Your vision should not be something abstract like “I want to make people’s lives better,” but a finished one, at the level of a ready-made business model. We ask our students to do this right away using a framework of nine elements: the target audience, its problems, the value proposition, the monetization model, and so on.

To describe the vision competently, you either need to have experience meeting the problem you’re going to solve or be an expert in the field.

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It is important not to go from scratch, but to first study what is already on the market to understand how others solve this problem and why some succeed and others do not. 

  • Take your vision to a gas pedal or startup studio

If your idea is approved, they will help you assemble a team for it and probably give you the necessary resources to start.If the idea takes off, you’ll have a variety of prospects: move from a full-time position to your stream, become part of a company’s product portfolio, become a co-owner, have an idea about getting your w2 online, make a profit-what kind, it depends on the specific company.

 If not:

  • Formulate a vision.

Actions are the same as in the first case.

  • Gather resources based on the vision

To do this, start pitching your idea to your colleagues. Of course, it’s easier to mobilize resources if the idea drives you. In this case, it will be easier to assemble a team willing to bear the extra burden without a guarantee of success. 

  • Once you have assembled your team, go to management and request the necessary resources for the first time

If you are not allocated any resources, and you don’t want to give up the project idea, calculate your efforts so that your main work does not suffer from the new project. Of course, if you have not run your projects before, at this stage it may be difficult for you, but all these skills can be learned from your own experience or specialized programs.

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