So you want to build your own business, make all your own decisions, and reap the rewards. You could be like everyone else that impulsively quits their job. Even better you could do it to “pursue your passion.” Look… I’m not hating. I’m just here to provide more information and perspective to the budding entrepreneur.
Let’s talk today about three roles in business and their importance to the company at large. Their differences lie in compensation, decision making, and the ability to express and implement new ideas. Introducing…
The Employee, the Intrapreneur, and the Entrepreneur.
This role is rigid. Do this, do that, and we’ll pay you X. An employee may even be fortunate enough to have a bonus structure or “uncapped earning potential.” This is more for senior positions where performance and team efficiency matters. The challenge with the employee is that their efforts are only compensated by what the organization is willing to pay that person. This isn’t inherently wrong, as certain life situations do call for a steady paycheck, but it does hinder the “budding entrepreneur” from feeling actualized; both intellectually and financially.
What is an intrapreneur? Courtesy of Investopedia “An intrapreneur is an employee who is tasked with developing an innovative idea or project within a company. The intrapreneur may not face the outside risks or reap the outside rewards of an entrepreneur. However, the intrapreneur has access to the resources and capabilities of an established company.”
The intrapreneur role allows an entrepreneur to express her creative spirit and may be paid according to the production in that role. Let’s look at an example. Within an organization, there are roles that are more established i.e. inside sales rep, engineer, operations manager, etc… but there are also roles within organizations that call for innovation, new products, new services, and new stuff in general.
The budding entrepreneur feels good in this environment. She gets to impact change through new ideas and added value to the organization. If lucky, she may even be compensated on how well these new endeavors go!
An entrepreneur takes all the risk. Luckily, the entrepreneur also reaps most of the benefits. Their compensation has a direct correlation to the effectivity of the organization, so it’s in their best interest to market and innovate its products better than everyone else. This is the most actualized role for a budding entrepreneur. It’s the seasoned veteran who’s been beaten and bruised until they understand how to make it all work; building an organization that grows and makes a profit. It’s the role that everyone wants to be. It’s also the role most publicized. Guys like Steve Jobs, Elon Musk, Richard Branson make look fun!
I write today for at least two reasons.
First, to shine a light on an alternative for budding entrepreneurs. Second, to probe organizations to create environments that can attract and retain entrepreneurs.
An Alternative for Entrepreneurs
If you’re a budding entrepreneur the easiest way to your own freedom is to quit your day job and pursue your best interest. This advice works for some, but I’m not sure how healthy it is for your life and those around you. This type of jump can cause lots of bumps in the road… financially, emotionally, and maybe even physically! You don’t have to go through this unnecessary stress.
I’d encourage all budding entrepreneurs to look for roles where they are compensated based on their production, where there’s strong leadership, and where their ideas can be expressed or even backed financially! This may mean switching roles within your organization. It may also mean speaking to management to create more of this where you already are. Lastly, it may mean seeking other employment! Intrapreneurial roles do exist, so don’t hate “having a job” just because your disenfranchised where you are now.
This alternative can save lots of pain financially and emotionally. Working for someone else does have it’s perks. Learning from high-quality leadership will save you time, stress, and money down the road when you do start your own business. Learning the basics in business from somebody else (on their dollar) will serve you well moving forward.
For Organizations wanting to Retain and Attract Top Talent
This information is equally as important for companies who’d like to build environments that attract and retain entrepreneurially spirited individuals. A company can retain an entrepreneur for the lifetime of its business if it can solve her problems. She needs to feel compensated based on productivity. She also needs freedom to express new ideas. Lastly, she’s looking for leadership that’s constantly growing; both personally and professionally.
That’s it for today… thanks for visiting my special space on the web! Like always… If you found this information valuable today… I ask you to share this information. Click the icons below to share on FB, Twitter, Linked In, etc. I will be creating much more content like this!
Inspired by: The E Myth – Michael Gerber, Talent Magnet – Attract and Retain Top Talent, and my own experiences…