ENTREPRENEURSHIP AS AN EFFECTIVE FORM OF DEVELOPMENT INNOVATIVE ACTIVITIES: APPLICATION FEATURES AND IMPLEMENTATION MECHANISMS

Abstract

In modern business conditions, business entities, in order to remain successful, are forced to respond quickly to challenges and changes in the external environment. As practice shows, internal entrepreneurship is capable of revitalizing business and adapting it to new environmental requirements and threats. It is what makes growth possible by making change acceptable. At the same time, it helps businesses innovate, improve internal productivity, manage cash flow and stay ahead of the competition. Nurturing internal entrepreneurs leads to continuous organizational development. In particular, the involvement, empowerment of employees, job autonomy and the appropriate reward system allow employees to create innovative ideas and use innovative opportunities that strengthen the long-term strategic effectiveness of business entities. Intrapreneurship is extremely human-oriented. In the process of generating and implementing their own ideas, intrapreneurs develop new skills, progress and change. At the same time, they achieve the main goal – they get recognition and a sense of satisfaction. In many ways, intrapreneurship is easier for an individual than entrepreneurship because it has the support of an existing organization. Intrapreneurs use the experience and various resources of the enterprise. At the same time, they fully experience freedom and flexibility in work, do not worry about risks or rewards. It is important for a business entity to stimulate and support the development of intrapreneurship. Otherwise, innovations will not take place regularly and efficiently, and therefore the company risks losing its position in the market. For the successful formation and development of intrapreneurship, the management of the enterprise needs to provide support and stimulation of its introduction. Such support should be carried out regularly, and not be of a one-time nature. At the same time, it should be comprehensive, i.e. provide for the implementation of various measures.