Who are corporate entrepreneurs? Corporate Entrepreneurs are the engines of growth within an organization. As opposed to entrepreneurs who drive their own start-up ventures, they are situated within the company to accelerate new business growth, products, services or new process.
Despite the platform that both these entrepreneurs operate from, they are similar in nature and personality. When it comes to the process, it is quite different to be an entrepreneur in a corporate realm. Just like there are upsides and downsides of being a self-driven entrepreneur, there are few benefits and setbacks for the corporate entrepreneur as well. Here they are:
- Availability of Resources –
One important thing that many start-ups lack is money or capital. In majority of cases when starting a business within a business, a corporate entrepreneur has a lot more resources at their disposal.
- Basic Set-up
Setting up a website is a big task in itself and takes a lot of time and effort. This is a big advantage for corporate entrepreneurs who most of the times have already a basic website set-up and technical know-how.
- Brand Recognition
We all know how important name recognition is in the industry. For a corporate business starter this is passed down to them just like that and if utilized correctly, it can be a major advantage. Otherwise, it takes years of hard work and success to acquire strong brand recognition.
- Sales Force
The corporate entrepreneur will probably have a business development or sales support team to drive the sales for them. They might already have potential contacts with targeted companies or potential consumers, thus shortening the sales cycle for the new initiative. This is a luxury that small start-ups cannot afford right away.
- Communicating the Idea
The corporate entrepreneur has to work really hard to come up with a solid plan and convince the top management to allocate resources towards their idea. They have to show extreme creativity and possess active soft skills to convince the management.
- Job Security
There is always an element of risk involved when starting something new. If their plan fails to execute as expected, then it can backfire on the corporate entrepreneur who has to take the blame. There are chances that they might also lose their job and be asked to leave. If this happens it can be difficult for the entrepreneur to find a new job and explain the reasons as to why their plan did not meet success.
Being a corporate entrepreneur has its own set of advantages and disadvantages like any other profession. However, they have an important role to play in the organization’s organic growth. Unlock the entrepreneur in you by taking up courses related to entrepreneurship and become a leader that generates the growth of the business.