Its primary business segment isproducts related to aloe vera and coconut jelly, which accounted for nearly 90% of the company''''s revenuestructure in 2020 and 2021 Chung, 2023.. With the m
Introduction
The next study will concentrate on understanding business sizes, their impact on the economy, and a general understanding of intrapreneurship in corporate and governmental contexts Classifications and explanations with facts and statistics are offered to give the reader an accurate, educational, and up-to-date perspective on each topic After compiling the data and assessing the impact of company sizes at different levels, the author will give readers an unbiased perspective by contrasting the effects of SMEs and large firms Additionally, the author will examine the current challenges faced by intrapreneurship in both types of enterprises and offer solutions after examining and contrasting them in corporate and public organizations.
Business sizes have an impact on the economy
Company Introduction
G.C Food Joint Stock firm was founded as a limited liability firm with 243 workers G.C Food Joint Stock Company is a food processing and manufacturing company Its primary business segment is products related to aloe vera and coconut jelly, which accounted for nearly 90% of the company's revenue structure in 2020 and 2021 (Chung, 2023) Other agricultural products, livestock, and poultry are the next most important business segments With the mission of "Creating a happy world through providing a happy food chain," GC Food revitalizes and increases pricing in addition to giving customers confidence in clean agricultural products' use of aloe vera Products from GC Food are meeting the requirements ofFSSC 22,000, Global Gap, and USDA, and are increasingly becoming known to domestic customers as well as being exported to more than 20 nations worldwide (Anh, 2022) GC Food's export earnings in the first quarter of 2022 surpassed that of the previous year by 30% The company's two primary products are coconut jelly and aloe vera, and it has numerous export orders inked with Southeast Asian nations In the home market, GC Food supports retail through a variety of distribution networks and provides raw materials to significant F&B companies like Vinamilk and Nutifood (Anh, 2022).
Apart from its two primary offerings, Aloe vera and Coconut Jelly, GC Food also produces and distributes a range of premium fresh fruits, including cantaloupe, melon, grape, apple, guava, etc In addition, the organization is creating a system of swiftlet cottages and building a network of contemporary livestock farms with a variety of animal items, including goats, sheep, and cows GC Food is taking a vital and significant step by implementing circular agriculture and creating a green economy in the current climate of consumer concern over contaminated food (Anh, 2022).
The company has been bestowed with valuable prizes, such as Typical Rural Industrial Product of the highest level, for its daring inventing of mechanisms, forecasting new and groundbreaking technologies, and fostering the creative dynamism of the collective National, Best Agricultural Enterprise, Top 200 Vietnamese Gold Star, Young Red Star Entrepreneur, National Quality Product, Sustainable Brand, Top
100 Leading Brands in Vietnam, and so on The business intends to keep growing its material area shortly. Vietnamese aloe vera's value is raised for it to compete internationally by GC Food, which also develops regional brands and investigates product geographic indications GC Food has a special interest in and track record of successfully implementing the Sunshine & Wind farm circular agriculture concept, which addresses the conflict between environmental preservation and economic growth additional expansion that is sustainable GC Food has been reducing environmental pollution and assisting in the preservation of natural habitats (Anh, 2022).
The comparison of the firm’s contribution
With the mission of "Creating a happy world through providing a happy food chain," GC Food has improved and rejuvenated aloe vera plant value over the past 12 years in addition to giving consumers confidence in clean agricultural products Products from GC Food are increasingly gaining traction with local customers and are available in over 20 countries worldwide, satisfying criteria set by FSSC 22,000, Global Gap, and USDA GC Food has been a supplier for several years With a more than 50% market share, aloe vera and coconut jelly are the most popular ingredients in Vietnam Prominent brands like
Vinamilk and Nutifood are among the purchasing partners In addition, GC's aloe vera products are gaining popularity in about 20 regions with stringent quality standards, including Japan, Korea, andEurope (Dat, 2023).
This company aims to account for about 15-20% of the aloe vera market in Korea and Japan in the next three years This is enough to create a position that has a good influence on the purchasing needs of manufacturers in these two countries G.C Food holds more than 8% market share in Korea and more than 9% in Japan Currently, Thailand is the largest supplier in these two markets with a market share of about 40% According to Mr Nguyen Van Thu - Chairman of G.C Food Joint Stock Company (G.C Food - GCF), Thai products have modern production technology so they are still slightly better in product diversity Their output is large and thanks to the development of the supporting industry, especially packaging, the selling price is about 10-15% lower than Vietnamese products (Dat, 2023).
G.C Food's pre-tax profit for the first half of the year was just VND 17 billion, down 36% from the same time the previous year due to a steep decline in the supply of aloe vera leaves According to G.C Food Joint Stock Company's second quarter report, net sales for the first half of the year were 235 billion VND, which represents a 15% growth over the same time in 2022 But the pre-tax earnings for the first half of the year dropped by 36% to 17 billion dong The cause is that last year's rains and flooding had a significant negative impact on the aloe vera growing region As a result, from about 300 hectares to roughly 100 hectares, the planting area was reduced Of these, storms badly destroyed 80 hectares of aloe vera, causing a scarcity of supplies for the company throughout the first half of the year To assist farmers in re-cultivation, the company also aggressively raised the buying price of aloe vera leaves from 2,500VND per kg to 4,600 VND, a 76% increase over the same period last year (Dat, 2023).
Figure 2: GC Food's business results (Dat, 2023)
Impacts to economy
International: Apart from these two conventional markets, GCF intends to extend its reach into Europe,
China, and the Middle East This company's first market focus will be Eastern Europe, a region having usage patterns for aloe vera that are comparable to those in Asia If this market is successful, it will account for 15-20% of overall income between 2023 and 2025 Mr Nguyen Van Thu claims that the busiest months for export orders are April and May (Ngoc, 2023) This time, the business is increasing production to meet the schedule, expecting to generate a revenue of $3–5 million USD and an output of 2,000–3,000 tons G.C Food pledges to buy aloe vera leaves with the aforementioned potential for a garden purchase price of roughly 1,500 VND per kg Each home can earn at least 300 million VND per hectare annually if it is well-maintained (Ha, 2023).
Domestic: In the domestic market, GC Food provides input materials for major F&B industry players such as Vinamilk, and Nutifood, while promoting retail with many distribution systems GC Food will continue to invest in expanding raw material areas; proactively buy land and rent land to grow raw materials to meet part of production activities, and continue to maintain the "performance" of the leading enterprise in producing and exporting aloe vera The total initial planned area is 30 hectares, it is expected to expand to 200 hectares by 2024 and to 500 hectares by 2026 to master and develop the raw material area to meet the needs of production and sustainable development of the aloe vera raw material area international standard (Anh, 2022) GC Food plans to cooperate with several foreign companies for intensive processing, aiming to establish a beverage factory specializing in aloe vera to serve export and contribute to expanding the company's product portfolio GC Food shortly (Suong, 2023).
Regional: GC Food plans to expand the aloe vera growing area to 500 hectares by 2025 to increase output to 40,000-45,000 tons of finished products per year GC Food will focus on restoring aloe vera growing areas towards green, sustainable raw material areas and continue to promote coconut jelly business activities (Dat, 2023).
Local: The business intends to keep growing its raw material areas soon G'C Food aims to be self- sufficient in 30% of the aloe vera raw material area this year, building a beverage factory in Ninh Thuan with the orientation of 70-80% of output for export Apart from creating native brands, GC Food also investigates product geographical indicators, which helps elevate the worth of Vietnamese aloe vera to a global standard (An, 2023).
Recommendations
Orchard et al (2018) research indicates that they will consider developing creative architectures forSMEs Initially, they advise executives to decide to reevaluate the rules about time availability, discretionary work, and organizational boundaries To start thinking about what they can do instead of what they are doing, to consider what changes no matter how small may improve the area they work in, and to feel that their suggestions are appreciated and embraced, it would be a good idea to get the opinions of the workforce.
Second, they advise SMEs to reevaluate the worth and goals of their operations to generate more creative output and feedback Annual employee reviews are frequently used to target and measure creative cognition, idea production, and activity on an individual basis Workers of any role may be asked to submit a set number of ideas annually that will improve their department's productivity or function, lead to new product development, or improve customer service Considering that a lack of funds may be detrimental to a small business's ability to grow, these practically free workplace modifications may also be seen as a means of supporting a culture that fosters an entrepreneurial spirit and improves the ability and leadership abilities of the small business owner These days, such abilities encompass not just knowledge, comprehension, and utilization of the past, but also close examination, grasping, connecting, and action Action for novelty, action for change, action for distinction, and action for the business's existence and sustainability.
In the end, they think that by making the effort to investigate, "when you hire a pair of hands you will get a free brain" that may be used Business executives said, upon presenting the analytical data's findings,that our understanding of employee attitudes was crucial in assisting them in reevaluating their operational priorities and business operations As a result, they are happy to have contributed value to the companies that trusted us with their opinions and took the time to assist them.
Enhancing intrapreneurship in both public and corporate org
Importance of intrapreneurship in both public and corporate org
3.1.1 The definition and importance of intrapreneurship a Definition of intrapreneurship
The term intrapreneurship refers to a structure that allows an employee to function like an entrepreneur within a company or other organization People who take the initiative to explore an innovative product or service are known as intrapreneurs They are self-motivated, proactive, and action-oriented individuals.individual intrapreneur understands that while the company bears the losses associated with failure, it does not have the same personal costs as it does for individual entrepreneurs However, they usually take on less risk than entrepreneurs because their company is supporting them, which allows them to experiment and explore new ideas—even if they don't work out right away (Kenton, 2010). b The importance of intrapreneurship
An intrapreneur is a person who fosters innovation and growth within the company with the ultimate objective of advancing the development and enhancement of the enterprise through the creation of new revenue streams, increased productivity, or the acceptance of novel challenges Intrapreneurs and entrepreneurs have a similar focus on creativity, but intrapreneurs can also take advantage of the resources that come with their jobs However, because their business provides for them, they typically assume less risk than entrepreneurs, which allows them to try new ideas and take risks—even if they don't pan out right away (Davis, 1999).
First off, intrapreneurship encourages employees to put in a lot of effort and grow while being engaged. Intrapreneurship provides a way to assign employees important and hard tasks Their energy and persistence may inspire others to become involved and attempt new things Employee engagement and enthusiasm for their work will grow when they are given the freedom to pursue their innovative ideas. Happier workers will be more productive, which will increase workers' awareness of their tasks They will grow, and the organization will too (Hiwarkar, et al., 2019).
Second, intrapreneurship facilitates businesses' ability to adapt to and successfully manage change. Accelerating adaptable transformation is essential in the rapidly evolving business world of today. Companies can capitalize on emerging market opportunities by recognizing changes in the industry and providing internal entrepreneurs with insights into successful innovation Businesses should streamline processes and use cutting-edge technologies to help them generate higher financial returns, increase productivity, and quickly anticipate market upheavals so they may proactively navigate and position themselves to achieve long-term success (Hiwarkar, et al., 2019).
And last, intrapreneurship helps businesses attract and retain startup executives By giving their employees access to creative and experimental work environments, businesses can attract and retain top talent. Employees feel inspired and empowered to accomplish their goals because intrapreneurs are driven people who thrive in an environment that values initiative and originality As a result, they will often give the organization their best and be loyal to it (Hiwarkar, et al., 2019).
3.1.2 The definition of public and corporate organisations a Public organisations
The area of the economy that is owned, run, and governed by government organizations is known as the public sector It offers general public services including law enforcement, national defence, transit infrastructure, public transportation, educational institutions, and health care that support social well- being The public sector does not aim to turn a profit on its services, in contrast to the private sector They will help the community and improve society through governmental policies and initiatives, which will benefit the general public Public intrapreneurs will increase investments in society and modify resource policies in response to social innovation by encouraging community involvement to bring about innovative change (Krugman, 2022).
Public intrapreneurship has its characteristics Firstly, cooperation and cohesion Public sector intrapreneurs will inevitably have to work in tandem with other public organizations, non-governmental organizations, and governmental authorities Therefore, to ensure that their ideas are well-informed and effective, public intrapreneurs must collaborate As a result, public intrapreneurs are challenged to find novel solutions to difficult problems and improve the calibre of public services like ending poverty, granting access to education, and strengthening community bonds Thirdly, to effectively address complex social concerns, public intrapreneurs will need to take risks by developing new projects and ideas in addition to existing ones (Krugman, 2022).
For example: Telecom company Viettel is a public company Founded in 1989, Viettel is a Ministry of National Defense-run subsidiary of Viettel Military Telecommunications Group.
Following 34 years of growth, Viettel has achieved significant milestones and a strong market position,both in terms of market share and consumer preference, in the telecommunications industry The company specializes in providing long-distance phone services both domestically and abroad, as well as fixed phone services and mobile phone services with over 20 million subscribers Telecom Vietnam is currently the leading provider of mobile phone services in Vietnam, having invested in ten foreign nations on three continents: Asia, America, and Africa In addition, Viettel provides a wide range of business services, such as WiFi, virtual servers, cloud storage, electronic contracts, social insurance declarations, and electronic invoices (vietteltelecom, 2023) Most importantly, Viettel has successfully encouraged employees' inherent creativity and passion through the intrapreneurship strategy Within the confines of the existing organizational structure, companies allow their employees to generate new ideas and take on internal roles.
First of all, Viettel has created an environment at work where employees are free to express their thoughts.According to the Government Electronic Newspaper (2023), Viettel is always willing to offer advice,suggest activities for everyone to participate in, and intervene to assist in solving issues Viettel also demonstrates care and empathy for its employees, highlighting one of its core values "Creativity is vitality" as one of its core values Because of this, every worker at Viettel is aware of the company's work culture and uses this knowledge to give customers the best products and services available Furthermore, Viettel offers its employees the chance to put their ideas to the test in real-world situations in addition to fostering a creative work atmosphere The Viettel Digital Talent initiative was developed, according to the Government Electronic Newspaper (2023), to enable students to work on business challenges early and take on real-world duties as soon as they graduate After the program, the best candidates will be selected to formally sign a working contract with Viettel, enabling them to both take part in future projects that will benefit Vietnam (baochinhphu, 2023) Viettel's commitment to giving staff members a platform to demonstrate their abilities and put their ideas to use is demonstrated by the manner it encourages innovation and useful application Additionally, Viettel provides its employees with the chance to enrol in professional development courses, which enhances their ability to take on new projects and helps them become better project managers (baochinhphu, 2023). b Corporate organization
Corporate intrapreneurship involves promoting and changing an organization's business conduct and procedures Employees are inspired and encouraged to assume entrepreneurial responsibilities in a creative environment and contribute to the growth and development of the business Corporate intrapreneurship offers employees who work for the businesses it starts both employee autonomy and growth prospects Intrapreneurship is a strategy that can help an organization grow economically and is considered essential to a business's drive for innovation Because intrapreneurship is advantageous to the business as a whole, employers usually encourage it (Kenton, 2023).
One of the best commercial aspects of corporate intrapreneurship is the application of innovative ideas that promote the objectives of the corporation and its employees Transparent allocation of rewards follows.
The corporation and the intrapreneur will share equally in the rewards of an inside effort.
Intrapreneurs would eventually be given freedom by the company and recognized as venture capitalists after successfully implementing innovative solutions (Kenton, 2022).
For example: One illustration of a corporate enterprise is FPT One of FPT Group's joint stock businesses is dedicated to delivering the best Internet and telecommunications services in Vietnam TheOnline Service Center, created by four people, and Vietnam's first intranet product, "VietnameseIntelligence - TTVN," provided the framework for the company's founding in 1997 It is believed that the product created the conditions for Vietnam's Internet to take off The organization has been in existence for more than 25 years, with about 8984 official staff members and about 316 transaction offices distributed among nearly 90 branches in 63 provinces and cities FPT wants to become the leading supplier of digital services in Vietnam and to spearhead the growth of the Internet by providing outstanding (FPTtelecom, 2023)
First and foremost, FPT’s internal entrepreneurial spirit has been demonstrated by the company's constant encouragement and support of workers' innovative efforts Man (2020) reports that FPT published two policies aimed at advancing innovative development, investment project management, and technology product research and development Projects are divided into two categories: A and B Type A projects are managed by the Group, and type B projects are the responsibility of the member companies By encouraging employees to pursue personal development and creative endeavours, this strategy aims to increase revenue and profit margins for the business The General Director of FPT, Nguyen Van Khoa, stated that "FPT always cherishes the creations of the F family."No matter how big or small, your works are valuable to the company, its member businesses, and you personally." (Man, 2020) This indicates that originality is always valued by the company Businesses constantly foster an environment that inspires, encourages, and supports their workers' entrepreneurial spirit.
Next, FPT creates incentive schemes like iKhien to motivate staff members to come up with new ideas and provide technological solutions that will enhance FPT operations Thanh (2020) reports that an FPT staff group introduced akaBot, a robot that can perform high-volume, repetitive operations in place of people It can save up to 70% on human resources and 90% on the time it takes to process jobs The project's product development and testing have been funded by the corporation, which has allowed it to reach a larger domestic and international audience while protecting copyright (Thanh, 2020) Employers continuously encourage and support their employees' development of new ideas, allowing them to launch their businesses inside the company Thus, rather than worrying about other issues, FPT employees may focus on product development and overcoming technological obstacles.
Lastly, FPT assists staff members in engaging in practical tasks so they may identify and understand client demands and recommend appropriate goods To better understand the needs and the unique ways that various markets operate, FPT Telecom (2022) claims that the company has put the team into practical work with customers and technological experience in important technology markets.
3.1.3 The differences and similarities of Public and Corporate organizations a The differences
Organizational Culture Put a priority on social welfare and public service Bureaucratic processes and compliance with certain regulations.
Extremely daring, fiercely competitive, and often inventive. Encourage flexible expansion and the investigation of cutting-edge trends.
Ideation Methods Community members, stakeholders, and the government must provide input in order to analyze societal issues and develop new ideas.
Common analysis themes include identifying business opportunities for expansion, getting client feedback, and performing market research and analysis.
Skill Development Make developing complex regulatory frameworks and promoting collaboration between different groups your top priorities.
Give particular attention to carrying out research in the fields of product development, market analysis, project management, and business strategy.
Initiatives are forced to prioritize the needs of the public when allocating resources due to financial restrictions.
Give particular attention to carrying out research in the fields of product development, market analysis, project management, and business strategy.
Organizational Culture Stress the company's core values and impart them to the upcoming generation
Prioritize fostering an entrepreneurial mindset and generating inspiration to of employees encourage originality and creativity.
Ideation Methods Create an environment where employees can freely share their opinions without fear of repercussions.
Invest in programs that provide staff members new skills to help them develop into better.
Benefits of intrapreneurship to the Public and Corporate organization
3.2.1 The benefits of intrapreneurship to the Public organization
Promote originality and creative problem-solving in public service: Intrapreneurship can support organizations' capacity to create innovative programs aimed at enhancing benefits and services for the community and its members Adopt and implement new legislation to advance social justice, economic development, and environmental sustainability (Hopper, 2023).
Address societal issues: When a crisis strikes, intrapreneurs are quick to come up with fresh ideas This demonstrates adaptability and the ability to deal with social issues while assisting in the effective handling of the situation Moreover, internal efforts have the potential to cultivate community relationships, facilitate citizen-government agency participation in addressing local concerns, and ensure the provision of public services that meet community needs (Hopper, 2023).
Collaboration across agencies: Intrapreneurs are crucial in fostering fruitful cross-agency projects involving multiple government agencies This includes enhancing agency collaboration and communication to better align processes and deliver public services (Hopper, 2023).
For example: To stop the COVID-19 pandemic, Viettel has advocated for the digital transformation of corporate governance and implemented several technologies According to Dai (2021), the COVID-19 pandemic has resulted in a decrease in mobile subscriptions as individuals are cutting back on their SIM card usage and telecommunications usage Among the problems brought on by this are call errors To solve this issue, Viettel is focusing on establishing infrastructure, improving network quality, putting automatic control technology into place, self-optimizing call quality, looking into the underlying causes of failures, and providing answers for 70 per cent of bad calls/sessions with 85–90% accuracy Consequently, there were ten times fewer dropped and poor calls Furthermore, thanks to technology applications, 95% of consumers may now take care of and fulfil their requests without going to a transaction store (Dai, 2021) In addition, the pandemic's effects prompted the government to impose quarantine restrictions, which hampered people's and companies' ability to move around and transport goods When Viettel Post realized this, they deployed automated robots to help save 91% of labour, reduce postal connection times by up to 6 hours, and digitally transform with farmers through the Voso.vn commerce platform to effectively ship 3 tons of lychee to Germany The successful introduction of high-quality agricultural products into the EU by the nation's e-commerce sector marked a noteworthy achievement (Dai, 2021).Viettel aims to strengthen links between the general public and public corporations and increase public confidence in public institutions by demonstrating its responsibilities and responsiveness to social concerns Thanks to its clever and creative actions, Viettel, the only Vietnamese firm on this list, is ranked 137th in the world As far as telecom companies go, Viettel is the largest in Asia and the fourteenth largest globally According to Brand Finance, Viettel's sustainability is worth an estimated USD 1.05 billion (Nguyen, 2023).
3.2.2 The benefits of intrapreneurship to the Corporate organization
Create and create new techniques: Intrapreneurs can encourage innovative and creative thinking among staff members to produce game-changing new product development ideas by providing a variety of solution trials and opportunities for employees to express their creativity and vision Creating new products could create waves in the market and bring in more money for the business Businesses get a bigger competitive edge when they stand out from competitors Afterwards, by looking into and identifying supply chain inefficiencies, business owners can create new tactics and apply them to the production process to improve overall operational efficacy As a result, businesses today have a higher competitive edge (Hopper, 2023).
Boost talent retention: Intrapreneurs constantly encourage employees' innate motivation and allow them to supervise and implement projects, which raises output and creates an environment where employees can demonstrate their skills and creativity Employee commitment and loyalty will increase if their ideas are accepted and supported by the company As a result, there is less staff turnover and more job satisfaction (Hopper, 2023).
Agile and flexible decision-making: Intrapreneurs play a critical role in helping businesses respond swiftly and nimbly to changes in the market By adopting an entrepreneurial mindset, businesses can foster a culture where individuals are taught and encouraged to exchange ideas and come up with flexible solutions to issues Internal entrepreneurs can assist businesses in reaching all customer segments and optimizing growth opportunities by starting projects to expand markets and diversify product offerings (Hopper, 2023).
For example: FPT offers policies that encourage employee creativity and help recruit and retain top personnel According to An (2020) account, corporations have enforced two regulations and a set of guidelines entitled "Encouraging Innovation Development" and "Managing Investment Projects, research and development of technology products" in addition to providing the environment and conditions required for the development of creativity growth It also provides individuals with good opportunities to get paid significantly for the innovative work they do for FPT An innovation is recognized when a solution is completed and effectively applied as a finished good, software program, or useful tool The author group will also be acknowledged and awarded at the FPT level under the iKhien program and will be considered for investment for commercialization, following the regulations on the management of investment projects, research, and development of technology goods This policy not only fosters creativity but also increases the percentage of revenue and profit from products in the company's revenue structure and management, which helps FPT attract and retain top talent Employees are encouraged to contribute to the development of Made by FPT technology products (An, 2020) Through the implementation of initiatives that FPT enterprises may support, the company has become the leading technical group in Vietnam This demonstrates how intrapreneurship benefits FPT by fostering internal talent development, boosting morale, retaining talented staff members, and achieving the company's overall objectives.
The issues of intrapreneurship in the Public and Corporate Organizations
These days, businesses place a strong emphasis on fostering entrepreneurship Nonetheless, there are a few unique difficulties that intrapreneurs dealing with government agencies must overcome.
The first barrier is the complexity and rigour of rules and regulations Intrapreneurs working for public companies are subject to strict laws Initiatives that require government approval become more complex and take longer to complete A protracted project approval process may inadvertently hinder businesses' capacity to capitalize on market opportunities (Manimala, et al., 2006) The next barrier is capitalism and red tape This is a common procedure in organizations in the public sector Intrapreneurs find it difficult to implement their ideas and inventions due to established protocols and hierarchies Because of this,intrapreneurs' autonomy is curtailed, which inhibits their ability to think creatively while employed by government organizations (Manimala, et al., 2006) The third barrier is a fear of taking a chance The perception of risk attached to the project ideas put forth by intrapreneurs may impede the innovation process in public businesses When projects are rejected and not supported, their incentive to work is reduced To get over this opposition, innovative change proposals must highlight their value proposition and entrepreneurial spirit This will encourage the adoption of the recommendations and help to cultivate advocates for novel concepts The fourth barrier is a lack of resources, which encompasses both monetary and public sector resource constraints Internal entrepreneurs encounter greater challenges in advancing their projects when their organization is unable to secure the necessary funding and support (Manimala, et al., 2006) The final barrier is the dynamic political environment that results in changes to policies.
Intrapreneurs may face difficulties that cause unanticipated project alterations that push back their plans and goals when there are frequent leadership changes Therefore, to maintain operational stability and create strong connections with stakeholders in a changing environment, internal entrepreneurs must continually be prepared to respond to changes in politics (Manimala, et al., 2006). b Corporate organization
The challenges faced by intrapreneurs in the public and private sectors are comparable The biggest problem they usually encounter is a lack of funds Private companies hold their cash, thus they must continuously evaluate new projects carefully before investing Due to a lack of funds, internal entrepreneurs' ideas will be restricted during project execution Although their funding sources are more limited, private businesses have an advantage over public corporations in that their projects are not limited by political restrictions imposed by the government Many intrapreneurship innovation ideas are consequently limited since businesses prioritize demands and initiatives with the greatest investment potential (Augusto, et al., 2012).
Furthermore, private enterprises may be impacted by risks associated with human resource management.Intrapreneurs within the organization have to compete with one another to gain resources and get management to notice their ideas and projects They must therefore always take advantage of any opportunity to expand as much as they can The final issue is the short-term focus Corporate organizations often target shareholder value and short-term advantages for initiatives to yield significant profits Leaders and intrapreneurs may become tense since new projects usually need time and resource commitments As a result, these challenges might make it harder for entrepreneurs to put their ideas into practice (Augusto, et al., 2012).
Recommendations
Encouraging the spirit of entrepreneurship in both public and corporate organizations is crucial to the overall development objective of the company Here are some ideas for nurturing and improving the entrepreneurial spirit.
First and foremost, businesses ought to provide an environment that encourages internal innovation and entrepreneurship, enabling all staff members to come up with fresh concepts and test them out in the real world (Jeffrey, et al., 1999) Companies should also promote open communication among personnel and management so that ideas can be freely discussed, evaluated, and accepted Subsequently, businesses need to give internal entrepreneurs enough resources to implement their ideas and avoid unnecessary conflicts within the organization Money, time, and the support of the company's subject matter specialists are among the resources needed Thirdly, it's critical to set up a quick project approval procedure By keeping initiatives from losing their uniqueness due to overly complex approval processes, it improves project viability According to Jeffrey et al (1999), the utilization of unbiased standards for the evaluation and appreciation of internal entrepreneurs' accomplishments and contributions enhances the mental motivation of project participants and establishes the foundation for their future contributions.
Conclusion
This research examined a variety of company sizes, their implications for the economy, and the features of intrapreneurship in both public and private sector businesses With thorough explanations supported by data and facts, each topic is divided into digestible portions The author made a comparison between the impact of small and medium-sized enterprises (SMEs) and large companies Following a thorough examination and comparison of intrapreneurship in both corporate and public settings, the author examined the current issues surrounding intrapreneurship and offered potential solutions.
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