For leaders, encouraging people to think like entrepreneurs is key to maintaining a competitive edge. This tool lists 34 ways to help people in your organization think creatively and become in-house entrepreneurs – or ‘intrapreneurs.’
1. Be confident! Erase all fears of failure. Fear is the innovation killer.
2. Organize teams of coworkers to track the competition and have each team focus on one product or service niche. Hold quarterly update meetings for all teams.
3. Hire business management consultants to track competitive trends on a regular basis. Ask employees to report findings in an accurate way. Remind him that his tas is to motivate people to work hard.
4. Regularly ask people: ‘If we could provide any additional product or service, what would it be?’
5. Send your staff to trade fairs and exhibits and create a regular brainstorming session where people will report the high points of the trade fair. To develop a sense of camaraderie, make certain that all employees attend.
6. Form a planning team of creative thinkers.Include them in planning innovations and ideas to your products and services in a month’s time.
7. Carry out a well-structured focus group among your customers. Examine new products from competitors as well as your own.
8. Place a comments box on your website. Offer a trip to Bora Bora as a reward for the best idea.
9. Formulate goals on entering joint venture with other companies.
10. Develop employee interaction via brainstorming sessions, ask them the things they think the company does well. Ask them to do more of it.
11. Invite employees to speak up on everything they believe the organization is not doing well. Ask them what they would do to change it. Implement the most worthwhile suggestions right away.
12. Set objectives and performance standards for innovation. E.g. each manager will be responsible for creating something that adds value to the company each month.
13. Develop an internal business venture planning department where employees are encouraged to submit plans and ideas.
14. Provide incentives for the most productive employees.
15. Implement a company wide incentive program for new and innovative ideas.
16. Prioritize the importance of innovation in your company’s hiring standards.
17. Ask department heads to join in scenario planning. Make sure they answer the question: ‘What would we do if our two largest competitors merged…’
18. Be a professional in licensing new technology.
19. Start a new team laser-focused on getting new customers. Ask your people to find new customers each day.
20. Observe the latest trends in the field of research and development.
21. Form an advisory board consisting of people whom you’d most like to buy your products or services. Work had, don’t sleep until they purchase from you.
22. Formulate a job rotation program so that employees can have a feel about the other divisions in the company.
23. Create an intern program to groom untapped talent from local universities. Collaborate with them: Students work in your company, employees work in their school.
24. Host a strategy meeting off hours committed to innovation. Conduct it in a place where there are no chairs and tell people to decorate the place.
25. Praise the positive developments!
26. Let it be known that a sense of humor, fun, and play is welcome. Create a fun environment for people to work in.
27. Promote innovations in company journals.
28. Acquaint yourself with business people. Let them know you want to acquire an organization in the same market and with the same entrepreneur spirit as you. If nothing is achievable, wait 6 months. rerun the whole step-by-step procedure.
29. Start a regular training session in creative thinking.
30. Communicate to your employees that failure is part of the learning process and it’s just okay to fail sometimes. Then tell them again.
31. Institute a special holiday program for your team.
32. Conduct a yearly in-house innovation exhibit.
33. Identify inventors in the community with whom your company would like to form a relationship. Set up an innovator relations team.
34. Hold a party where people come dressed up like their favorite inventors. Give small tokens.
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