Full time entrepreneurship is not for everyone, especially those who may be risk-averse or want to explore other career endeavours. However, there is a great alternative that will allow you to have the best of both worlds if you have the entrepreneurial "bug," without all of the entrepreneurial risks.
The alternative is Intrapreneurship.
Unlike the market definition of intrapreneurship, I consider an intrapreneur to be a modern day angel investor. Although, I am a full-time founder & entrepreneur, I still have numerous intrapreneurial endeavors in industries that I do not want to divert my full time attention to, so I invest in other high-growth startups and proven founders.
Think of intrapreneurship as being one of the Sharks on Shark Tank or Dragons Den. Invest in something where you can add value, without adding another "job" to your hectic life. If you have multiple interests, beyond the workplace, and cannot think of quitting your job, then, here are three ways you can merge your entrepreneurial interests with your career.
Invest in startups that align with your interests .
One of the first concepts I invested in was beauty. I have always had a love for hair and makeup, but not enough to start over as a founder. So, I added a salon to my portfolio, where I can merge my experience as a retail business owner, with my love for hair and makeup, without the stress of starting another company. It worked out very well on all sides.
This is where your interests and gifts can connect with another founder, who needs your expertise. Invest in something that you are passionate about and find a founder who is equally as committed and looking to expand. Taking a role as a silent partner will allow you to add value for a specific term.
Take a seat on a corporate board.
The role of an intrapreneur within the corporate climate is to take specific leadership initiatives to increase the value of the company. Their input within a company is considered irreplaceable and invaluable. That is the same level of significance you can bring to other high growth companies.
Board membership is a great way to add your voice and insight to the growth of a company. You can search ExecRanks.com and Angel.co for board member opportunities that align with your entrepreneurial interests. It is also a powerful addition to your CV.
Invest in a proven founder.
Put your networking skills to the test and meet experienced founders. Start attending accelerators, such as Y Combinator and Backstage Accelerator, to network with emerging founders. Also, become more active on Linkedin and connect with other established founders. Lastly, you can create your own pitch competitions to encourage founders with concepts that align with your vision to apply and compete for your investment.
One contingency is to create terms and milestones for the investment. Disbursement agreements are imperative to investing in a pre-launch stage or new founder. Place restrictions and guidelines along the way to ensure that your consideration and advice are used wisely.