Differences Between Entrepreneurship and Intrapreneurship: Entrepreneurship and intrapreneurship have certain similarities but differ in terms of goals, objectives, and dangers. If you have fantastic company or product ideas and want to turn them into reality, you might wonder what the difference is between entrepreneurship and intrapreneurship.
An entrepreneur is someone who creates and launches a new company, which means they will be responsible for all of the benefits and dangers that come with running a company. An intrapreneur is a person who uses their entrepreneurial abilities to build and grow a new project within the firm where they already work, so avoiding most of those risks associated with operating a business as an entrepreneur.
While there are many parallels between entrepreneurs and intrapreneurs, knowing the distinctions should help you decide which job you want to pursue. When it comes to deciding what your next business move will be, there are specific perks for each function that you should consider. The following write-upd delves into the distinctions between entrepreneurship and intrapreneurship.
Recommended: Advantages and Disadvantages of being self employed
16 Major Differences Between Entrepreneurship and Intrapreneurship
1. Meaning: An entrepreneur is an individual who has a company or venture concept and is willing to take on a lot of risks in order to make the creative product more demanding, not only to make the product or service a reality.
On the other hand, an intrapreneur is a person who is an entrepreneur yet works within the confines of a company. The individual is a company employee who is in charge of bringing innovation and creativity to upcoming products, services, and projects. Furthermore, that individual is permitted to overhaul the methods, work flow, and system in order to turn them all into a profitable industry endeavor.
2. Personal Traits: An entrepreneur has the freedom to work and experiment with different things at the same time. There is no limit to one’s creativity here, and one may think beyond the box. The individual is disorganized and unable to maintain the discipline required for Conscientiousness. However, they must concentrate on their product. Extraversion is important for entrepreneurs since they must manage several tasks at once and communicate with others on a daily basis. As a result, they can keep an eye on their competitors.
Intrapreneurs, on the other hand, have their limits and face several challenges in obtaining clearance prior to implementing their ideas. He or she must be more accountable than an entrepreneur, yet there is no relationship between the enterprise’s success or failure. It is necessary to be self-disciplined and well-organized. An intrapreneur must be alert and continually on the lookout for feedback within the company. He must be energetic, and improvements must be prioritized.
3. Dependency: The Entrepreneur’s reliance is based on the commercial enterprise’s activities. Because he is the only boss, the entrepreneur is completely reliant on himself and never on others. However, an intrapreneur is dependent on the entrepreneur or owner of the company since he works for the corporation under the business’s set regulations and norms of behavior.
4. Core aim: An entrepreneur strives to develop products, services, and initiatives that are both socially and economically beneficial. The major motivation of the intrapreneur, on the other hand, is to increase competitive power. Maintain the commercial enterprise’s market’s long-term viability as well.
Also see: How to become a successful lawyer
5. Investment: It is entirely and only the duty of the Entrepreneur to obtain financing for new company industries and to produce funds for the firm.
Intrapreneur, on the other hand, has no problems managing the investment necessary for manufacturing and manufacture. Furthermore, the proprietor is solely responsible for obtaining finances to meet the business’s demands
6. Risk-taker: Despite the fact that they are both risk takers, the Entrepreneur is the greater one. Furthermore, they hire people based on their abilities and retain the company’s standing. The Entrepreneur bears the whole risk of the business, and he or she is responsible for 100% of the losses incurred.
On the other hand, the Intrapreneur faces less danger because he is risking the Entrepreneur’s money. They don’t have the same amount of power and independence as entrepreneurs, such as the ability to create their own team and leadership style. Because of their amount of liberty, they have demonstrated that they do not approach danger in the same way.
Recommended: Best countries to practice law around the world
7. Primary Motives: An Entrepreneur’s major goal is to be self-sufficient, satisfied with their work, and to earn some financial benefits, while an Intrapreneur’s goal is to progress and advance.
8. Network: You operate alone as an entrepreneur and have no network. It is your failure if the business fails. The Intrapreneur, on the other hand, is backed by a group of individuals who are constantly on his side. An intrapreneur isn’t the company’s owner, and he or she has never lost everything.
9. Vision: Just the Entrepreneur is a visionary, and he not only recognizes the risks associated with the business, but he also evaluates market difficulties that may arise in the future and have a negative influence on the business’s stability. He is always considering the company’s expansion.
The intrapreneur, on the other hand, solely considers the risk connected with the bounds of the firm, not the market as a whole.
Recommended: 10 Most Popular African Countries
10. Resources: The resource availability is quite straightforward and obvious. It is up to you as an entrepreneur to offer all of the resources required to run your firm efficiently. Resources necessitate investment, which is always the responsibility of the entrepreneur.
However, the intrapreneur must make effective use of resources for the production and operation of the company firm.
11. Responsibility: A business’s first and most important job is to project a professional and forward-thinking image in the marketplace. Intrapreneurship, on the other hand, aids in the incorporation of all innovation into goods, services, and various initiatives. The Intrapreneur has control for the revamping and progress of the company.
12. Supervision: To guarantee the smooth operation of the firm, the Entrepreneur is in charge of overall oversight. Furthermore, he ensures that all production-related tasks are carried out successfully and efficiently. However, the Intrapreneur is only responsible for the team and the inventive and sophisticated product creation.
Recommended: Best Law Firms in the World 2022
13. Decision-making: The ability to make judgments is connected with an entrepreneur, and he is the sole regulator of all laws and regulations.
However, the intrapreneur is not entitled to make any business decisions without first consulting with the organization’s owner.
14. Status: In the business, both the Entrepreneur and the Intrapreneur have various statuses. An entrepreneur is the proprietor of a company because he or she founded it on their own. However, the intrapreneur is only an employee of the company who is paid a wage. However, the firm is solely owned by the Entrepreneur.
15. Tasks: The Entrepreneur is responsible for all of the work irrespective of the company’s size, with no specific classification, job, or obligation allocated. The Intrapreneur, on the other hand, is solely concerned with the company’s overall goal and is only in charge of the major responsibilities.
Furthermore, the other members of the team will only be in charge of minor responsibilities such as manufacturing and protection.
Recommended: Most profitable skills to learn in 2022
16. Rewards: The Entrepreneur will choose whether or not he or she wants to talk to the staff about the new incentives and success prizes. However, by offering creative ideas that are profitable for the firm, an intrapreneur may gain plaudits from the owner.
In the previous several decades, it has been seen that the need for innovation has grown steadily, and people have begun to place greater emphasis on it. The world is changing at a breakneck pace as a result of technological advancements. It raises the stakes for numerous groups. So, if a company wants to develop by offering unique products and services, it must innovate.
Recommended: Cheapest Universities In Canada 2022
So, how do you distinguish between entrepreneurship and intrapreneurship? Entrepreneurs are motivated by the desire to create something new, whereas intrapreneurs are motivated by a desire to enhance something that already exists. Intrapreneurs are also less risk-averse than entrepreneurs, preferring to operate inside the limits of a larger organization rather than going it alone.
Finally, the primary distinction between entrepreneurship and intrapreneurship is that entrepreneurs are driven by opportunity, whereas intrapreneurs are driven by need. Entrepreneurship is the road to take if you want to create your own firm; however, intrapreneurship is the one to take if you want to make an impact within an existing organization.
Edeh Samuel Chukwuemeka, ACMC, is a lawyer and a certified mediator/conciliator in Nigeria. He is also a developer with knowledge in various programming languages. Samuel is determined to leverage his skills in technology, SEO, and legal practice to revolutionize the legal profession worldwide by creating web and mobile applications that simplify legal research. Sam is also passionate about educating and providing valuable information to people.