Intrapreneurship comprises innovation, creativity, and taking risks within an organization. Therefore, an intrapreneur is a person employed by the company and remunerated for their innovative and creative contributions towards the financial success of the company. He/she is always looking for prospects that will benefit the company. An intrapreneurship plan is a policy adopted by a company that seeks to create a favorable environment for employees to pursue creative ways of doing things and come up with new ideas within the company (Desouza, 2011).
The vision of the idea is to establish a prosperous and thriving system that encourages and supports creativity, innovation and risk taking among employees in the organization that enhances the companys ability to achieve and surpass set goals aimed at economic opulence. The intrapreneurship plans mission is commitment to providing employees with an auspicious environment that gauges ingenuity through creation and implementation of policies that not only adhere to set corporate laws but are compatible with global standards in organization operations.
Companies are incorporating intrapreneurship practices and Coca-Cola should not be an exception. Coca-Colas business action which entails looking into corporate policy, corporate social responsibility, environmental issues and consumer protection is an innovative idea. It seeks to boost sales and make profit in the following ways. Firstly, through consumer protection, Coca-Cola should ensure that they fulfill and protect consumer rights by producing quality and standardized goods. They should also refrain from bad pricing techniques and false advertisement. When consumers are happy, it will result to more sales.
Secondly, undertaking corporate social responsibility programs to give back to the society is another intrapreneurial practice that will benefit Coca-Cola. There are many programs Coca-Cola can be a part of. They include; ethical labor practices ensuring employees are well remunerated and have good working conditions, providing employment opportunities to the locals and protecting the environment while running their day to day operations. Protecting the environment should be a primary goal to Coca-Cola because it will benefit both the company and society.
Coca-Colas approach to corporate policy, corporate social responsibility and consumer protection has benefits to the companys return on investment. Firstly, good corporate policies and transparency when implementing them is a sure way of guaranteeing achievement of firms objectives and plans. Every companys primary objective is to maximize profits while minimizing costs simultaneously (Haller, 2014). Investors will be more interested in a company whose corporate policy is clear, precise and realistic. Coca-Cola should therefore motivate their team to work towards achieving their corporate policy and this will in turn lead to increased productivity and sales hence return on the investments made.
Additionally, corporate social responsibility will enable Coca-Cola to create and preserve a good image of themselves to the customers, investors, competitors and the society. At the same time, it will give them an upper hand over their competitors because more investors will be interested in investing and more consumers will purchase their products. This will boost sales and it will result to more returns on the investments made.
Moreover, consumer protection against all forms of malpractices likes hoarding, false advertisement and over pricing will give consumers confidence in the company (Desouza, 2011). Coca-Colas products will be peoples favorite hence boosting sales and in the long run increase returns on the investments.
For a company to change, it needs intrapreneurs that will steer the company into creating better ways of running its day to day operations. Coca-Cola should therefore strive to create an environment where intraprenuers can flourish. Multinational companies undertake organizational change and product rebranding as forms of intraprenuership. There are various resources needed for intrapreneurship to be successful in a company. Firstly, Coca-Cola Company has to have inspired personnel who are well equipped with skills and abilities to be able to carry out the operations efficiently. Moreover, they should be creative and have insights that will hasten their work. The company should also encourage their employees to present any creative ideas and be voices of action (Haller, 2014).
Secondly, Coca-Cola Company should also use financial means to foster innovation and creativity within the company. They can achieve this through offering bonuses to employees who come up with excellent ideas. Another way is through holding seminars and interactive forums where employees interact with other employees from other companies and exchange ideas through networking (Haller, 2014).
Thirdly, Coca-Cola Company should have resources like free data connection where employees can access the internet because it is one of the main sources of creativity. Another strategy is to engage employees in team building activities. They should also adopt an office lay out that facilitates interaction among employees. Such an office lay out will ensure free flow of information among employees hence exchange of ideas and in the long run facilitate intrapreneurial spirit (Desouza, 2011).
Building an alliance within a company is always hard when implementing intrapreneurship. Therefore Coca-Cola should assess interdepartmental and interorganizational relationships. There are many ways of fostering interdepartmental relationships and creativity within the company. One of the ways is to encourage competition among departments and conducting performance reviews (Haller, 2014). This strategy will keep every employee on their feet trying to come up with great ideas that will be of benefit to the company. Moreover, they can encourage rotation in departments in order for employees to interact. Interaction can be a source of great ideas. Additionally, Coca-Cola can come up with a team of inter-departmental imagineers and challenge them to create new ideas that will upgrade the companys products.
Intrapreneurship can be enhanced through inter-organizational relationships. Coca-Cola Company can arrange end parties and brainstorming forums where they invite employees from other companies. It works more like an exchange programme whereby employees from different organizations share and exchange ideas. It is a good strategy especially where a company wants to be ahead of their competitors. Through good inter-organizational relationships, companies can borrow good practices from other organizations that are performing well in the market (Haller, 2014).
In conclusion, it is safe to say that the intrapreneurial spirit helps to support creativity and innovation and discover opportunities that can help solve challenges of operating in this dynamic world. Companies are taking advantage of the creativity and passion of their employees who are becoming more dynamic and swift. Clearly, the adoption of creativity and innovation can be fruitful across all departments within an organization. Intrapreneurship is a contagious practice that should be adopted in companies that are seeking to expand their business, rebrand products and increase sales. Adoption of intrapreneurship increases revenues and raises profits in the short run and long run. Consequently, a company that practices intrapreneurship tends to have a good corporate image (Haller, 2014).
Desouza, K. C. (2011). Intrapreneurship: Managing Ideas Within Your Organization. Rotman-UTP Publishing.
Haller, H. E. (2014). Intraprenuership: Ignite Innovation. Silver Eagle Press.
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