The digital business world nowadays is so information-oriented and change-intensive, designing or reinventing business models is all about foreseeing and applying emerging trends, that’s where you win the competitive advantage.
For large enterprises, practicing intrapreneurship is about taking bold initiatives to create new business models by fusing fresh energy, and generating new revenue streams. Here are three challenges facing business leaders to take entrepreneur activities and rejuvenate their business to get digital ready.
First, emerging businesses usually lack hard data: It takes a lot of risks to start up a new business. Besides a narrative story, hard data is also important to improve the success rate of a new venture. That’s particularly true when the business offers cutting-edge products or when their technologies aren't widely diffused in the marketplace. A viable business model is analytical and quantitative, adding all critical pieces which are needed for accelerating validation of facts about new business ideas, benefits and shortcomings, applications, and competing technologies, and focusing attention on how all the elements of the business system fit into a working whole seamlessly.
More specifically, tuning viable business models via quantitative and qualitative lens is about clarifying related elements, structures, and constraints, becoming successful at both creating new forms of value and delivering and capturing from its existing forms. Calculates the potential value, cost of emerging businesses in a normal/best/worst scenario, in the near/mid/long future, and creates a multidimensional prioritization roadmap. So the management can get a clearer picture of a new business model from cost, transparency, innovation, and maturity lens.
Second, new businesses require innovation, innovation requires fresh ideas, and fresh ideas require mavericks: Open-minded intrapreneur leaders are in demand because practicing intrapreneurship means enterprise should go smarter and flexible, with the culture of risk awareness and tolerance to convert a problem into an opportunity. But many leaders and professionals are trapped by conventional thinking. Creativity in the corporate world has a lot to do with fostering a creative environment to disrupt outdated mindsets, systems, processes, cultures, business models, or practices.
In reality, many legacy businesses come with a legacy mindset, the old way to do things, lack the important elements to spark innovation, vision, passion, and progression. Silo self-perpetuates when leadership or culture has some serious issues to encourage change and innovation. In the organizational setting, embracing change requires the change of mindset at every level and gains a good understanding that things cannot stay the same. So, it’s important for leaders to ask tough questions, channel energy, enthusiasm, and ideas, empower change agents for driving innovation proactively.
The third challenge is the poor fit between new businesses and old systems: Overly restrictive hierarchy, incohesive structure, or functional segmentation often create barriers that surface between different departments within a company and limit the pace of boosting their new business. When systems are dysfunctional, silo thinking or bureaucracy is propagating. It’s important that business leaders show objectivity and humility to realize that some of their systems and processes are out of date, they need to keep consolidating, modernizing, and optimizing for adapting to changes, reinventing business and developing new business ventures.
To strike the right balance of “keeping the lights on" and enforcing intrapreneurship, an organization that has a lightweight process which allows creativity and innovation to flow, get protected, channeled and nurtured will succeed more often than an organization that does not have such a process. By leveraging emerging digital platforms and technologies, businesses can be more effective in executing innovative ideas, relying less on silo functions, and more on cross-functional collaboration and innovation.
The digital business world nowadays is so information-oriented and change-intensive, designing or reinventing business models is all about foreseeing and applying emerging trends - that’s where you win the competitive advantage. By overcoming above intrapreneurship challenges, enterprises can ride on emerging trends, promote and sustain organizational performance, and renew corporate competitiveness confidently.
First, emerging businesses usually lack hard data: It takes a lot of risks to start up a new business. Besides a narrative story, hard data is also important to improve the success rate of a new venture. That’s particularly true when the business offers cutting-edge products or when their technologies aren't widely diffused in the marketplace. A viable business model is analytical and quantitative, adding all critical pieces which are needed for accelerating validation of facts about new business ideas, benefits and shortcomings, applications, and competing technologies, and focusing attention on how all the elements of the business system fit into a working whole seamlessly.
More specifically, tuning viable business models via quantitative and qualitative lens is about clarifying related elements, structures, and constraints, becoming successful at both creating new forms of value and delivering and capturing from its existing forms. Calculates the potential value, cost of emerging businesses in a normal/best/worst scenario, in the near/mid/long future, and creates a multidimensional prioritization roadmap. So the management can get a clearer picture of a new business model from cost, transparency, innovation, and maturity lens.
Second, new businesses require innovation, innovation requires fresh ideas, and fresh ideas require mavericks: Open-minded intrapreneur leaders are in demand because practicing intrapreneurship means enterprise should go smarter and flexible, with the culture of risk awareness and tolerance to convert a problem into an opportunity. But many leaders and professionals are trapped by conventional thinking. Creativity in the corporate world has a lot to do with fostering a creative environment to disrupt outdated mindsets, systems, processes, cultures, business models, or practices.
In reality, many legacy businesses come with a legacy mindset, the old way to do things, lack the important elements to spark innovation, vision, passion, and progression. Silo self-perpetuates when leadership or culture has some serious issues to encourage change and innovation. In the organizational setting, embracing change requires the change of mindset at every level and gains a good understanding that things cannot stay the same. So, it’s important for leaders to ask tough questions, channel energy, enthusiasm, and ideas, empower change agents for driving innovation proactively.
The third challenge is the poor fit between new businesses and old systems: Overly restrictive hierarchy, incohesive structure, or functional segmentation often create barriers that surface between different departments within a company and limit the pace of boosting their new business. When systems are dysfunctional, silo thinking or bureaucracy is propagating. It’s important that business leaders show objectivity and humility to realize that some of their systems and processes are out of date, they need to keep consolidating, modernizing, and optimizing for adapting to changes, reinventing business and developing new business ventures.
To strike the right balance of “keeping the lights on" and enforcing intrapreneurship, an organization that has a lightweight process which allows creativity and innovation to flow, get protected, channeled and nurtured will succeed more often than an organization that does not have such a process. By leveraging emerging digital platforms and technologies, businesses can be more effective in executing innovative ideas, relying less on silo functions, and more on cross-functional collaboration and innovation.
The digital business world nowadays is so information-oriented and change-intensive, designing or reinventing business models is all about foreseeing and applying emerging trends - that’s where you win the competitive advantage. By overcoming above intrapreneurship challenges, enterprises can ride on emerging trends, promote and sustain organizational performance, and renew corporate competitiveness confidently.
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