What is the difference between entrepreneurship and intrapreneurship
The main difference between an Entrepreneur and an Intrapreneur is that an Intrapreneur is an employee, and an Entrepreneur is the founder who designs, launches, and manages a new business, which almost always starts out as a small business.
Both are leaders that create and innovate.
An entrepreneur runs their own company. They have complete freedom and responsibility. An intrapreneur is responsible for innovating within an existing organization. Yes, intrapreneurship is less risky, but it also comes with less autonomy.
It is the process of creating something new of value by devoting necessary time and effort, bearing the accompanying financial, psychic and social risks and receiving the resulting rewards of financial gains, personal satisfaction, and independence.
Entrepreneurs increase national wealth, create job opportunities, and prosper human civilization.
Who are some of the Entrepreneurs that inspire us?
- Professor Yunus (social impact)
- Oprah (media)
- Steve Jobs (tech)
- Giorgio Armani (fashion)
- Brian Chesky (sharing economy/accommodation)
What is an Intrapreneur?
An intrapreneur on the other hand is an individual who works on developing new ideas and products within the confines of the business that they already work at. Intrapreneurs include any person within the company that applies entrepreneurial skills, vision, and forward thinking into the role that they have in the company. One of the big benefits of becoming an intrapreneur is that it allows you to form new ideas, products, and business goals without taking on the risks that come with starting a new business as an entrepreneur, such as no income, limited team, lack of time, unpredictable future etc
Is Intrapreneur a Job Title?
No, an intrapreneur can be anyone from an intern to the vice president of the company.
Successful intrapreneurs will foster innovation in the company that they work for. In most cases, an intrapreneur will be given full control over the project that they are working on even though the project is usually designed to have a significant impact on the company itself. Many individuals who begin as intrapreneurs will eventually develop into entrepreneurs once they decide to leave the company that they work at and form their own business.
Who are the Intrapreneurs that inspire us?
- Ken Kutaragi, creator of PlayStation at Sony
- Brothers Lars and Jens Eilstrup Rasmussen, creators of Google Maps
- Jim Delligatti, create the Big Mac early Ray Kroc franchise/McDonalds
- Paul Buchheit, the creator of Gmail
As we can see entrepreneurs are individuals who design, launch, and manage a new business, which almost always starts out as a small business. Individuals who create and launch a business take on the majority of the risks associated with developing a business. However, they will also reap most of the rewards. Entrepreneurs who can successfully bring a business to the market are considered to be innovators. These individuals will regularly develop new ideas, services, goods, and businesses.
What are the shared traits between entrepreneur and intrapreneur
Both entrepreneurs and intrapreneurs have a drive to innovate whenever possible, which is why there are many shared traits between them. These shared traits include:
- Emotional Intelligence
When it comes to leadership, both entrepreneurs and intrapreneurs must have strong and effective leadership skills if they want to turn their idea into a successful product, business, or company change.
In order to obtain any kind of success as an entrepreneur or intrapreneur, both of these types of individuals should have high Emotional Intelligence to be able to motivate other people to work towards the same goal.
If you want to be able to get others on board with your approach, your management, emotional intelligence and leadership skills must be top notch. Positive feedback, communication, motivation, and creativity are all essential traits if you want your ideas to be successful.
As for adaptability, this is a critical element of being successful as an entrepreneur or intrapreneur. No matter how great your idea is or how effective you are at managing a team, the life of an entrepreneur or intrapreneur is filled with challenges and roadblocks that can threaten to derail all of your business goals and objectives. Even the best strategies encounter problems, which is why entrepreneurs and intrapreneurs will need to know how to adapt.
Should I Be An Entrepreneur or Intrapreneur?
If you’re trying to decide whether you want to be an entrepreneur or intrapreneur, both of these roles have their advantages.
If you are great at networking, know how to solve problems, and have the time needed to run a company, you may find it more interesting to be an entrepreneur. This role should provide you with freedom to create any product or business that comes to mind. However, it’s important that you know a lot about the market that you want to enter if you wish to become an entrepreneur.
If you have the skills that come with being an entrepreneur and want to be able to form new ideas and products, it may be easier for you to become an intrapreneur. People who have ideas on how to make the company that they work for run more efficiently and be more successful may be suited to being an intrapreneur. Keep in mind that you won’t get complete credit for your ideas when working as an intrapreneur.
Yes, here at Academy of Entrepreneurs we offer courses to develop you into an entrepreneur and intrapreneurs. Contact us today to find out more.
Can an intrapreneur become an entrepreneur and can an entrepreneur become an intrapreneur?
Absolutely yes!!! And it is a very common transition.
Most intrapreneurs eventually become an entrepreneur
And any entrepreneurs when they exit their business, join large companies as intrapreneurs.
The most important is for you to take the step and #BossYourFuture everyday!
Resources for Securing New Clients During the COVID-19 Slowdown
Why is Emotional Intelligence important for entrepreneurs?