Photo AI
Explain, using an example, the term intrapreneurship - Leaving Cert Business - Question C - 2022
Question C
Explain, using an example, the term intrapreneurship. Illustrate two benefits of intrapreneurship for a business.
Worked Solution & Example Answer:Explain, using an example, the term intrapreneurship - Leaving Cert Business - Question C - 2022
Step 1
Explain, using an example, the term intrapreneurship.
Answer
Intrapreneurship refers to the practice of promoting innovation and entrepreneurial skills within a company. An intrapreneur is an employee who behaves like an entrepreneur while working within an established company. They have the freedom to come up with new ideas and take risks but have the support and resources of the organization.
For example, a worker at Google named Brian Acton came up with the idea of developing Gmail. His entrepreneurial spirit, backed by Google's resources, allowed him to successfully create a product that transformed email communication.
Step 2
Illustrate two benefits of intrapreneurship for a business.
Answer
-
Increased Sales - New Products/Markets identified: Intrapreneurship leads to the development of new products and services. For instance, an employee at Sony may innovate a gaming console, which becomes known as 'The PlayStation.' This enhances the company's sales and profit margins.
-
Reduced Costs - Improved Efficiencies/Productivity: Intrapreneurs often introduce new processes that enhance productivity and reduce costs. For example, an employee at Cadbury might create a packaging improvement that lowers expenses, contributing positively to the company's bottom line.