What Is Intrapreneurship? Know the Difference with Entrepreneurship

Intrapreneurship and entrepreneurship have similar traits. In these similar traits, there comes creativity, insight and zeal etc. That’s why we can use these two terms interchangeably. On the other hand, these two terms have some differences too. As an entrepreneur, you will have to start a new business by taking a considerable amount of risk. He takes these risks with the hope of returns and rewards from this business. An entrepreneur is an important person in society because he introduces new products and services. On the other hand, an intrapreneur is an employee in an organization. The organization pays remuneration to him based on the success of the business unit.

What is Entrepreneurship?

An entrepreneur has to conceive an idea to start a new business. He has to take all the risks from launching the products to fulfil the demands of the customers. While working as an entrepreneur, you will have to initiate and innovate the new concept. The entrepreneurs have to recognize and utilize the opportunities. For the success of the business, they have to arrange and coordinate the resources. In these resources, there comes man, material and machine etc. The entrepreneurs have to take suitable actions along with facing risks and uncertainties. Moreover, he has to add value to the products and services. While working as an entrepreneur, you are responsible for the loss or profit of the business. Instead of the competitors, he tries to lead the market.

What is Intrapreneurship?

An intrapreneur has to work just like an entrepreneur within the boundaries of an organization. Anyhow, he has to work as an employee within a large organization. While working as an employee within a large organization, he has to show creativity and innovation to bring improvements in the products and services of a company. They believe in change and they don’t have fear of failure in life. Along with discovering new ideas, they are ready to take new risks. As a result, they are looking for opportunities that can provide benefits to the organizations. No doubt, their job is challenging. After getting success, they get appreciation and rewards from the organization. To bring operational excellence, the organizations are focusing on intrapreneurship.

Differences between Entrepreneurship and Intrapreneurship:

There are differences between entrepreneurship and intrapreneurship. Here, we will discuss the most important differences.

Definition:

First of all, we can define these two terms in different ways. A dynamic process that we use to create incremental wealth is entrepreneurship. On the other hand, intrapreneurship is part of entrepreneurship. An intrapreneur has to work just like an entrepreneur within the organization. While working as an entrepreneur, he has to face some limitations.

Core Objective:

The entrepreneurs have to bring something new to the market. While introducing a new product or a service in the market, he has to focus on the socio-economic value of this product or service. On the other hand, in intrapreneurship, we have to work on the competitive strength of the organization. They also work on the market sustainability of the organization.

Risks:

If you are working as an entrepreneur, you are the owner of your business. That’s why you have to bear all types of risks. On the other hand, if you are working as an intrapreneur, you have to work for an organization. That’s why you have to bear moderate risks.

Motives:

According to a coursework writing firm, there are also differences between the primary motives of entrepreneurship and intrapreneurship. While working as an entrepreneur, we have to focus on innovation and financial gain. We can also include independence in the primary motives. On the other hand, if we are talking about intrapreneurs, we know that they have to work for the autonomy of an organization.

Activity:

In entrepreneurship, we have to work on the innovation of the products and services. Moreover, we have complete control over this process. That’s why we have direct and total participation in this process. On the other hand, in the case of intrapreneurship, we have to work for an organization. With the delegation of the authority, we can get complete control of the innovation process.

Decisions:

As an entrepreneur, you have to work independently on your dreams. Therefore, you have the authority to take independent decisions to fulfil your dreams. In the case of intrapreneurship, they have to work for an organization. While working for an organization, you have to work on collaborative dreams. Therefore, you will have to make collaborative decisions to execute these dreams.

Time Orientation:

In entrepreneurship, you are your boss. Therefore, you will never face time-bound problems. Anyhow, you will have to work hard day and night for the success of your business. On the other hand, in the case of intrapreneurship, you have to work under a boss. Therefore, you will have to follow the time limitations imposed by the organization.

Operation:

If you are working for the success of a business, you will have to operate it. In the case of entrepreneurship, you will have to execute the business outside of the organization. Its reason is that you are not working for an organization. On the other hand, in the case of intrapreneurship, you will have to operate the business within the organization. Its reason is that you will have to work for an organization.

Whom Serves:

If you are working as an entrepreneur, you will have to serve your customers and yourself. You will earn more profit by gaining more customers. On the other hand, if you are working as an intrapreneur, you will have to serve the organization and yourself. You will get paid by fulfilling the requirements of the organization.

Conclusion:

We have been noticing an increase in innovations for the last few decades. This thing is increasing the number of startup companies year on year. The main reason behind this phenomenon is that technology is increasing rapidly across the world. Due to the advancement in technology, we are also observing an increase in competition among the companies. Therefore, if you want to get success in the market, you will have to bring innovations in the market. Here, entrepreneurship and intrapreneurship both are playing major roles. An entrepreneur has to show innovative skills while working independently. On the other hand, an intrapreneur has to show innovative skills while working for an organization.

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