While most small and medium-sized businesses (SMBs) probably started out as startups, they must remember their foundations for success by identifying employees with entrepreneurial DNA and duplicating a work environment that fosters an entrepreneurial spirit – otherwise known as intrapreneurship – within an organization . Intrapreneurship empowers employees to work as entrepreneurs and unleash their creativity to drive business success.

SMEs that create and nurture intrapreneurship programs are better positioned to meet the ongoing challenges of filling vacancies with the right people, as they have an internal source of great talent and become employers of choice for job seekers who want to work for companies that boost their entrepreneurial DNA and spirit.

Related: What Is “Intrapreneurship” and Why You Should Be One?

Intrapreneurship offers a win-win situation for SMBs by allowing employees and employers to benefit from improved professional performance and business growth, so it behooves SMB leaders to re-examine their keys to success to maintain an edge in a competitive , rapidly changing workforce and market. Below are four things to keep in mind for an effective intrapreneurship program.

Check out the mutual benefits

Intrapreneurship offers employees with an entrepreneurial mindset/drive the luxury of exploring their ideas in a safe environment with financial support, technical support and valuable resources – rather than going it alone – removing obstacles that can hinder their creativity.

Intrapreneurs are given the space to use their talents to solve a problem, create a new product or improve processes in a company they know. It is rewarding, encourages professional growth and propels a company to unbridled success. Mutually beneficial relationships built on intrapreneurship opportunities can lead to long-term employees who advance within a company, paving the way for others to follow in their footsteps while enabling a company to grow.

Related: 6 steps to turning your employees into intrapreneurs

Identify employees and applicants

Entrepreneurs are typically described as motivated, proactive leaders who think outside the box and take risks to make a difference in their industry. Leaders must identify employees with entrepreneurial DNA and encourage them to use their skills to innovate and create positive change for a company. Managers can usually identify team members with the right characteristics, or a personality/skills test can be administered to identify candidates internally and externally.

Hiring efforts should include desirable qualities in job descriptions to boost the talent pool for intrapreneurship programs. With a still tight labor market and potential layoffs in some industries, workers could decide to go the entrepreneurial route; however, intrapreneurship can be a differentiator for job seekers offering a great alternative.

Cherish work environment

One of the critical success factors for entrepreneurial endeavors and SMEs is continuous evolution, as companies that become complacent are left behind in today’s fast paced environment. With change now a given, it is critical for leaders to create and nurture an environment that encourages innovation, creativity and new thinking – an environment where intrapreneurs feel free to voice their opinions, propose solutions and to take risks.

For example, managers should be encouraged to structure their meetings to solicit input from all employees, enabling collaboration and creating excitement that leads to different perspectives and fresh ideas. They should not be penalized for failure, but encouraged to fail quickly so that they are not inhibited from coming up with the next big idea.

When intrapreneurs have the support to express their interests to management, the possibilities are endless and it can also be contagious and encourage others to do the same. An open, supportive work environment that allows intrapreneurs to flourish is necessary for an effective intrapreneurship program.

Recognize achievements

While intrapreneurs are usually fulfilled by the freedom they have to innovate, create, and help a company grow, leaders should acknowledge their innovative contributions with verbal praise. This can be achieved through formal and informal approaches, such as acknowledgment at company/team meetings, verbal praise on the intranet, and a simple pat and thank you from managers and colleagues as intrapreneurs go about their daily business.

When intrapreneurs gain recognition for their ideas, it encourages them to find more and more ways to make a difference to a company. When leaders recognize intrapreneurs, they highlight the valuable role intrapreneurship plays within a company and encourage other employees to think outside the box and present their ideas to management.

As SME leaders continue to explore new ways to stay competitive and drive business success, leveraging entrepreneurial DNA within their workforce and supporting an environment that encourages innovation and change through intrapreneurship initiatives is one of the key drivers. approaches that are already in their wheelhouse and that make a difference in the course of their business. Intrapreneurship also provides a rewarding experience for SME leaders as they support and grow the next wave of intrapreneurs who follow in their footsteps to drive change.