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C (i) Explain, using an example, the term intrapreneurship - Leaving Cert Business - Question 4 C
Question 4 C
C (i) Explain, using an example, the term intrapreneurship. C (ii) Illustrate two benefits of intrapreneurship for a business.
Worked Solution & Example Answer:C (i) Explain, using an example, the term intrapreneurship - Leaving Cert Business - Question 4 C
Step 1
Explain, using an example, the term intrapreneurship.
Answer
Intrapreneurship refers to the practice of fostering entrepreneurial activity within an existing organization. Essentially, it allows employees to act like entrepreneurs while benefiting from the resources and support of the larger business. An example of intrapreneurship can be seen with a worker at Google who developed the idea for Google Maps. This employee was given the freedom and resources to innovate within the company, leading to the creation of a significant product that enhanced Google's service offerings.
Step 2
Illustrate two benefits of intrapreneurship for a business.
Answer
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Increased Sales - New Products/Markets Identified: Intrapreneurship enables businesses to develop new products or services, ultimately leading to expanded markets and increased revenue. For example, an employee at Sony initiated the development of a gaming console, resulting in the creation of what is now known as 'The Playstation'. This innovation significantly increased Sony's sales and market presence.
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Reduced Costs - Improved Efficiencies/Increased Productivity: Intrapreneurial activities can lead to improved processes within a business, resulting in cost reductions and enhanced productivity. Companies like Cadbury have seen benefits through intrapreneurial innovations that streamline operations and reduce expenses, allowing for better resource management.