Is Your Practice Set for Intrapreneurship?

The term Intrapreneurship refers to the employee’s initiative and ability to behave and act as an entrepreneur within the company. It is based on the propensity that employees have to innovate and come up with new creative solutions that can close a gap, create a solution, or discover and seize the opportunity to benefit and grow. Moreover, employees can come up with ideas to solve a problem or relief from a constraint that the business is having and that is preventing it from profiting and growing.

Some scholars and entrepreneurs argue that intrapreneurs are self-motivated. This is partly true intrapreneurship enables the employee to innovate but needs to be effected and enabled by the employer. Even though sometimes intrapreneurs may be under a lot of pressure by the company to achieve and come up with winning solutions. However, unlike entrepreneurs, they rarely face outsized risks that entrepreneurs face. Moreover, they have access to the company’s resources and capabilities from day one just at the inception of their idea.

The greatest examples of successful intrapreneurship stories come from giant companies like Google, 3M, Sony, and Corning Incorporated. All those gigantic companies have put in place a corporate setting that fostered creativity and rewarded innovation. Businesses don’t need to be huge to foster creativity. These settings and spirit can be enabled in any Optometry practice. Associate optometrists and staff can pursue their projects that help them become innovators and intrapreneurs who explore ideas, risks, and rewards within the established Optometry practice structure.

To enable and encourage intrapreneurship within Optometry practices, practice owners themselves, need to first encourage and support the spirit of creativity. Second, they need to reassure that the failure of an idea will not sentence or stigmatize the associate optometrist or the staff responsible for the idea.

Ernest & Young pointed out six corporate strategies that are behind the most triumphant intrapreneurship efforts.

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