How to become a corporate entrepreneur

How to become a Corporate Entrepreneur

Becoming a corporate entrepreneur, or intrapreneur, involves a combination of mindset, education, experience, and strategic career choices. Here’s an overview of the pathway to the career:

High School Diploma or Equivalent
Complete your high school education or an equivalent qualification. High school education develops fundamental communication and math and organizational skills, and it lays the groundwork for further learning.

Bachelor’s Degree
While there is no single educational path to working in corporate entrepreneurship, certain degrees and courses provide the foundational knowledge needed for understanding business functions, market dynamics, and innovation processes. Common majors include:

• Business Administration – provides a broad understanding of business operations, management principles, and strategic thinking
• Entrepreneurship – equips students with the knowledge, skills, and mindset needed to start, manage, and grow new business ventures, and to identify market opportunities, develop viable business models, and navigate the complexities of launching and sustaining a business
• Marketing – focuses on understanding market trends, consumer behavior, and product development, which are crucial for innovation
• Engineering – offers technical expertise, especially useful for product innovation in tech-driven industries
• Economics or Finance – equips individuals with knowledge of financial modeling, market analysis, and economic trends, which can inform strategic decision-making

Develop an Entrepreneurial Mindset
Cultivate a mindset that is always looking for new opportunities, questioning the status quo, and thinking creatively about solutions. Understand that innovation often involves taking calculated risks and learning from failures.

Internships and Co-op Programs
Gaining practical experience through internships or co-op programs during your studies can provide valuable insights into how innovation happens within a corporate setting.

Relevant Work Experience

• Work in dynamic environments. Start your career in roles that encourage innovation, such as product development, marketing, R&D, or technology. Some companies have corporate venture arms or innovation hubs specifically designed to foster new business ideas. These are ideal places to hone your skills as a corporate entrepreneur. Experience in startups can also be valuable.
• Identify and connect with mentors who have experience in innovation or who hold leadership positions within the company. They can provide guidance, support, and insights and help you navigate the corporate landscape.
• Participate in innovation projects. Seek out opportunities within your current organization to work on projects that involve addressing unmet customer needs, inefficiencies, new product development, or entering new markets.
• Demonstrate the value of your ideas through pilot programs or MVPs (Minimum Viable Products). Success in these smaller projects can build credibility and support for larger initiatives.
• Track your success. Document the outcomes of your innovation projects, including any cost savings, revenue generation, or process improvements.

Build a Strong Skill Set
Develop core skills in areas such as business strategy, project management, product development, and market analysis. Strengthen soft skills like leadership, communication, problem-solving, and adaptability, which are crucial for driving innovation within a corporate setting. Depending on your area of focus, gain expertise in relevant technologies, data analysis, or digital tools.

Seek Leadership Roles
As you gain experience and demonstrate your ability to innovate, seek out leadership roles that allow you to drive larger innovation initiatives. Aim to position yourself as a strategic thinker within the company, contributing to discussions on the company’s future direction and innovation strategy.

Master’s Degree (Optional but Beneficial)
While not always required, a master’s degree can significantly enhance your qualifications. These are typical degree options for graduate students:

• Master of Business Administration (MBA) – An MBA is highly valued for corporate entrepreneurs, as it provides advanced knowledge in business strategy, leadership, and innovation management. Many MBA programs offer specializations in entrepreneurship, innovation, or corporate strategy.
• Master of Innovation Management or Entrepreneurship – focuses specifically on the skills and knowledge needed to drive innovation within organizations, including product development, creative problem-solving, and strategic innovation
• Master of Technology Management or Engineering Management (MEM) – ideal for those looking to innovate in tech-driven industries; combines technical knowledge with business management skills

Certifications and Professional Organizations
There are several certifications awarded by professional organizations that can be valuable for corporate entrepreneurs, helping them develop and validate skills relevant to innovation, entrepreneurship, and strategic management within a corporate environment:

• Project Management Professional (PMP)
  Issuing Organization – Project Management Institute (PMI)
  Focus – provides expertise in project management, including planning, execution, and monitoring of projects
  Benefits – essential for leading and managing innovation projects effectively within an organization
• Certified ScrumMaster (CSM)
  Issuing Organization – Scrum Alliance
  Focus – emphasizes agile project management and Scrum methodology, which are useful for managing iterative development processes
  Benefits – helps in implementing agile practices for innovation and product development
• Lean Six Sigma Certification
  Issuing Organization – various organizations, including the International Association for Six Sigma Certification (IASSC) and the American Society for Quality (ASQ)
  Focus – focuses on process improvement and efficiency using Lean and Six Sigma methodologies
  Benefits – valuable for process innovation and improving operational efficiency within a company
• Certified Innovation Leader (CIL)
  Issuing Organization – Innovation Management Institute
  Focus – covers skills related to leading innovation initiatives and managing innovation processes
  Benefits – demonstrates expertise in fostering and managing innovation within an organization
• Design Thinking Certification
  Issuing Organization – various organizations, including IDEO U and the Stanford d. school at Stanford University, a place where people use design to develop their own creative potential and make positive change
  Focus – teaches design thinking methodology for creative problem-solving and user-centered innovation
  Benefits – useful for developing innovative solutions and products by focusing on customer needs and creative solutions
• Certified Innovation Specialist
  Issuing Organization – Studycert, a world leader in professional certifications, specializing in key areas such as technology, agility, innovation, and management
  Focus – provides knowledge and skills for driving innovation within corporate environments
  Benefits - demonstrates expertise in managing and executing corporate innovation strategies
• Entrepreneurship Certification
  Issuing Organization – various universities and online platforms (e.g., Coursera, edX)
  Focus – covers essential entrepreneurial skills, including business strategy, venture creation, and market analysis
  Benefits - provides a strong foundation in entrepreneurship principles, which can be applied within a corporate context
• Business Model Navigator
  Issuing Organization – Business Model Navigator Institute
  Focus – specializes in business model innovation and transformation
  Benefits – useful for rethinking and innovating business models within corporate settings in various industries
• Strategic Management Certification
  Issuing Organization – various institutions and business schools
  Focus – emphasizes strategic planning, execution, and management
  Benefits – helps in aligning innovation projects with broader corporate strategies
• Corporate Venture Builder Certification
  Issuing Organization – various institutions and training providers
  Focus – focuses on building and managing new ventures within a corporate structure
  Benefits – provides skills for creating and scaling new business units or startups within a larger organization

Along with the certifying bodies referenced above, the following organizations also offer resources, access to industry research, and networking and professional development opportunities:

• Intrapreneurship Institute
• Global Innovation Management Institute
• Association for Corporate Growth (ACG)
• Design Management Institute (DMI) \
• National Association of Corporate Directors (NACD)
• Startup Grind

Continuing Education and Networking
Innovation is a fast-evolving field, so staying updated with the latest trends, technologies, and methodologies is crucial. Engaging in continuous learning through workshops, webinars, and industry conferences can help you stay ahead.

Connect and build relationships with colleagues across different departments, as innovation often requires cross-functional collaboration.

Stay Resilient and Persistent
Innovating within a large organization can be challenging, with potential resistance from various stakeholders. Stay resilient, adapt to feedback, and persist in pushing your ideas forward. Be patient. Building a career as a corporate entrepreneur takes time. Success comes from consistently delivering value.