The UK’s economic growth could be boosted if large firms adopted the entrepreneurial spirit that drives so much value in start-ups and small firms, according to new research from the Chartered Institute for Personnel and Development.
In a report entitled Entrepreneurial spirit driving growth, it says that by encouraging a culture of ‘intrapreneurialism’ [encouraging new ideas] big businesses could help their employees adopt entrepreneurial behaviours that foster innovation and growth.
CIPD research shows that 37% of employees would welcome the opportunity to take on an ‘intrapreneurial’ role within their organisation, but just 12% of organisations encourage and facilitate such behaviour. The CIPD says that given that the UK’s entrepreneurs have grown sales by an estimated 20% year on year and that SMEs contribute 52% of private sector gross value added to the UK economy, employers of all shapes and sizes should consider what they could gain by adopting a more entrepreneurial approach to business – be that by allowing intrapreneurs to thrive within their organisations or mirroring some of the other people management practices successful growing businesses tend to adopt.
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According to the CIPD’s Claire McCartney, author of the report, the top five secrets to success are: having a genuine desire to make a sustainable difference to the local community and beyond and instilling these values throughout an organisations; not being limited by size, resource or money; deliberate co-creation with customers and drawing on customer ideas; putting an emphasis on employee innovation; not being afraid of failure.
Claire McCartney, Research Advisor at the CIPD, says: “There’s no doubt that a successful business depends on innovative ideas and sound market strategy, but this report shows that good people management is crucial to the long term success of any business. As start-up companies grow, it can be easy for the entrepreneurial spirit that made it so successful in the first place to wane, but the companies we’ve spoken to have proven that even the largest organisations can retain an innovative edge if they pay close attention to attracting, retaining, engaging and developing the right talent to live and breathe the values of the founders.”