4 Steps For Intrapreneurs To Succeed In A Corporate World

Hello friends, this is our 2nd part of Intrapreneurs Week Series and today we define how intrapreneurs carry out their designated work amidst the race of delivering objectives under curtailed time and resources. It’s a great piece of study for all intrapreneurs, entrepreneurs and corporate guys.

In today’s ‘Age of Innovation,’ there are certainly competitive pressures and financial incentives for corporations to innovate faster than the competition. So, here four steps defined by experts to development success:

Begin by idea and research assumptions: It is, without a doubt, more difficult to prove the existence of a market than it is to start developing a product. That reality makes proving assumptions before development even more vital. Like scientists, begin with a strong hypothesis and then test it with different groups of people to try and disprove the theory. In doing so, startups

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and intrapreneurs can validate, alter or refute the perceived pain point, and help determine market size and revenue potential.

Define the value proposition: According to Forbes, “developing strong value propositions not only makes it easier to connect with target audiences but it establishes a foundation upon which a company’s marketing and sales activities can be built upon.” Equipped with market research and validated assumptions, you can objectively define a value proposition. When completed, the value proposition should, in detail, address:

1) What your company or product does,

2) What the value or benefits are and

3) Why it stands apart from everything else in the market.

Launch a marketing initiative: Believe it or not, marketing should begin before a single line of code is written. While we’ve shown the downsides of building a product before building an audience, many companies have found success with a lean startup and traction marketing approach to development. Rather than launching to an untested market, successful corporate innovators can build their product offering and audience concurrently. Intrapreneurs that stay back on marketing until a product is finished may have unintentionally made failure more likely, as the product will launch without any awareness, demand or initial sales.

Focus on a minimum viable product: Corporate innovators are often under pressure to deliver a close to perfect product on the first try. But the far more effective strategy, as recommended in the Lean Startup Methodology, focuses on building an MVP and iterating the product based on user feedback. With assumptions validated and the value proposition defined, the product development team has a strong roadmap for essential workflows, features and functionality to build.

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Once assumptions are validated and the value proposition is defined, the product development process doesn’t need to take months or years but only 90-120 days to complete an MVP.

All the above mentioned steps work in tandem in a product development cycle whose stages are:

Introduction Stage Growth Stage Maturity Stage Decline Stage

Critical to being ready for innovation is demonstrating values and commitment that are in line with progress. Organizations need to adopt a mindset that not only tolerates, but celebrates risk and failure. To create context for innovation, you not only need space, but also time. Organizations with successful intrapreneurs show they value innovation by providing the time and mental space for it.

 

(References: specialupdated.online, classy.org)

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