Larger businesses can achieve greater growth if they adopt the entrepreneurial spirit shown by small enterprises, it has been claimed.
According to the Chartered Institute of Personnel and Development (CIPD), firms can get more out of their people if they encourage a culture of intrapreneurialism - where employees are persuaded to be innovative at work.
The HR body explained that intrapreneurs usually work in larger organisations where they are tasked with developing new ideas and concepts, much in the same way a self-employed entrepreneur would.
Research conducted by the CIPD found that 37 per cent of employees would welcome the opportunity to take on an intrapreneurial role within their organisation.
However, the study found that just 12 per cent of companies actively encourage and facilitate such behaviour.
As such, the CIPD is urging employers to consider what they could gain by adopting a more entrepreneurial approach to business - both by focusing on innovation and mirroring some of the management practices adopted by fast-growing small firms.
Claire McCartney, research advisor at the CIPD, said there is "no doubt" that a successful business depends on innovative ideas and sound market strategy.
"But this report shows that good people management is crucial to the long term success of any business," she claimed.
"As start-up companies grow, it can be easy for the entrepreneurial spirit that made it so successful in the first place to wane, but the companies we’ve spoken to have proven that even the largest organisations can retain an innovative edge if they pay close attention to attracting, retaining, engaging and developing the right talent to live and breathe the values of the founders."
Holly Tucker, co-founder of online marketplace notonthehighstreet.com, claimed that large businesses can benefit in a major way from embracing intrapreneurialism.
She explained that after starting her company in 2006, the owners recruited people who shared their vision and values.
"They were completely aligned to where we saw ourselves and the business going," Ms Tucker stated.
"We’re incredibly successful because of the quality of our workforce - our employees have space to grow professionally in a nurturing environment and develop their passion for innovation, driving our business forward."
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Posted by Jenny Arthur