Did you get confused between entrepreneurs and intrapreneurs, too? I came across the term intrapreneur the other day. I questioned if it was a misspelling of entrepreneur or if it was a new term. So, I performed some research and discovered that these are incredibly similar yet different terms.
Entrepreneurs and intrapreneurs both have similar qualities; however, an entrepreneur owns and controls their firm, whilst an intrapreneur is a company employee who is in charge of innovation and development in the company or a department within a company.
Key Differences Between Entrepreneur and Intrapreneur
Entrepreneur Vs Intrapreneur
Do you want to learn more about it? Here is a quick rundown on the difference between entrepreneurs and intrapreneurs.
Who is an entrepreneur?
An entrepreneur creates, manages, and expands a new enterprise with innovative thinking, willingly accepting all duties, risks, and benefits. Entrepreneurs create employment opportunities in the marketplace. They play a critical role in the development and improvement of lifestyle.
- They should be able to select the most qualified applicant to handle the appropriate tasks.
- They need to build a solid professional network.
- One must earn their clients’ trust by providing excellent service.
- They have to be a competent communicator to attract investors and stakeholders to invest in their company.
- One must be risk-takers because bringing fresh, challenging ideas to market and facing failures takes fortitude.
- They must be financial and business management savvy.
- One of the benefits of being an entrepreneur is that you are your boss. No one will get in the way of your decisions or ideas.
- You are the exclusive owner of the profit and credit for your work.
- One will get the opportunity to meet new people and develop new skills.
- You can plan your day any way you like.
- To keep track of everything, you’ll need to multitask.
- There is tremendous effort and tension.
- You must accept responsibility for your mistakes and losses.
- It might be a difficult task to satisfy clients and meet their requests.
- You must learn about business management and technicalities all by yourself, which can be exhausting and time-consuming.
Who is an intrapreneur?
An employee who leverages their entrepreneurial qualities and skills for the benefit of the company and themselves is known as an intrapreneur. They have total authority in refining existing products and brainstorming new ones within the organization. They are even allowed to start and lead new projects on occasion.
- With their excellent leadership skills, they must know how to inspire and support their team members even in failures and stressful situations.
- They must have effective communication skills to effectively communicate their thoughts and persuade their superiors.
- They should understand how to handle situations in a stressful environment.
- Intrapreneurs are self-driven, enthusiastic, and inventive.
- Risk analysis and project management should be familiar to them.
- To derive new unique ideas, individuals must first be imaginative and bold.
- Intrapreneurs can improve their leadership and cognitive abilities.
- They can maximize their potential while the organization learns new views. They have the freedom to participate in decision-making and not risk their money.
- The company’s growth is accelerated by intrapreneurs. It is a win-win situation for both businesses and intrapreneurs.
- One significant downside of being an intrapreneur is that your supervisors may decline your ideas and resources out of fear of failure.
- You may have to work with employees that don’t want to follow your lead.
- Corporate politics might pose a serious threat to your job security.
- You are only entitled to a percentage of the profit and acknowledgment.
- If your ideas fail and cause significant financial loss, you may lose your job.
Key Differences Between Entrepreneur and Intrapreneur
|Entrepreneur||Basis of comparison||Intrapreneurs|
|Create and expand their own businesses||Definition||Use their abilities to help other companies develop and launch new ventures|
|To bring something innovative in the market||Vision||To increase the brand value of the company in the market|
|Independent to make decisions||Dependency||Seek approval from their superiors|
|Bears all the failure and financial losses||Risks||Taken by the owner of the company|
|Gather by them||Resources||Given by company|
|Raised by them||Funds||Provided by company|
|Received by them||Benefits||Received by company|
|Flexible as per convenience||Working hours||Scheduled by company|
- Entrepreneurs start and grow their businesses, whereas intrapreneurs use their abilities to help other companies develop and launch new ventures.
- Entrepreneurs are in charge of making all of the company’s decisions, but intrapreneurs must seek approval from their superiors.
- Mainly Entrepreneurs face the danger of failure and financial loss; intrapreneurs, on the other hand, do not have to worry about losing money if they fail.
- Entrepreneurs must obtain funds and gather resources on their own, whereas intrapreneurs have everything given for them by the organization.
- Entrepreneurs receive all of the benefits and credit for their achievement, whereas intrapreneurs are paid by the corporation.
Entrepreneurs and intrapreneurs both want to create something new and have a significant impact on the company’s brand in the marketplace. Also, we can say that the perks of being an entrepreneur are the drawbacks of being an intrapreneur, and vice versa. As the number of entrepreneurs in the market grows, current businesses are promoting intrapreneurship within their organizations to stay competitive. So there are numerous opportunities for folks who have entrepreneurial skills but do not want to incur the risks that come with the business.