We all have heard of the term entrepreneur or entrepreneurship. It’s not new, but what about intrapreneurship? And before you doubt if such a term even exists, yes, it does. Maybe some of you have already heard of it and used it interchangeably with entrepreneurship. However, these are two different things entirely. There are some similarities, but the differences are significant.
So, today, this blog will be detailing all the differences and similarities between the two.One thing that we feel is important to mention even before we start the blog is the similarity of the need for a good internet connection for both. Whether you are an entrepreneur or an intrapreneur, you need access to a reasonable internet connection to be able to do your job.
The key here is to look for a connection that is not only reliable and affordable but has a ton of good deals and reviews. And of course, it should be in your area too. For example, if you are located somewhere near the West Coast in California, Oregon, or Washington, you could check out “TDS internet providers in my area”to find the right TDS Internet deals and more.
Who is an Entrepreneur?
An entrepreneur is a person that starts a new business or venture based on his idea of something different or unique. The term is usually associated with the person when they are going solo and using their own resources, skills, and money for the venture. Naturally, this means that they will also be bearing all the risk, which is extremely risky.
Most people confuse the concept of an entrepreneur by calling anyone starting a business an entrepreneur. However, that’s not true. An entrepreneur brings a completely new idea to the table, or they will bring an improvement to an existing idea and fulfill the needs of the society or community.
Basically, an entrepreneur is someone who:
- Establishes a startup company or business.
- Recognizes and utilizes opportunities in the market.
- Innovates a new product or service.
- Arranges resources like man, machine, material, and more.
- Understands and accepts the risk and uncertainties.
- Adds value to a product or service.
- Comes up withunique innovations.
Who is an Intrapreneur?
An intrapreneur is a person that is pretty much the same as an entrepreneur, except that they are somewhat bound by their company or organization. An employee in the company that has some level of creative freedom and the authority to redesign any processes and change or transform them into a successful product or service identifies as an intrapreneur.
They look for opportunities around them in their companies and improve the processes and different aspects of any service or product. Since they are doing this within the company, and mostly for the company as well, they do not have to bear the risk, at least not entirely. This also means that their actions might be limited, and they might not have complete authority over implementing their ideas.
To summarize, an intrapreneur is a person who:
- Identifies opportunities in the organization’s workflow, products, and services.
- Innovates and improves performance and profitability.
- Use resources of the company accordingly to reduce any wastage.
- Does not take huge risks as the company is also involved.
- Looks for a competitive advantage against others.
Differences between Entrepreneurship and Intrapreneurship
While you must have already figured out some differences between the two, let’s take a look at these in more detail.
|An entrepreneur takes an intuitive approach.||An intrapreneur takes a restorative approach.|
|An entrepreneur is independent.||An intrapreneur is dependent on the company.|
|An entrepreneur creates a leading position for themselves in the market.||An intrapreneur changes or improves the existing organizational culture, product, etc.|
|The pay-off from a successful idea will go to the entrepreneur themselves.||The pay-off from a successful idea will mostly go to the company.|
|The entrepreneur will raise capital by themselves.||An intrapreneur will receive capital from the company.|
Similarities between Entrepreneurship and Intrapreneurship
After going through the differences, let’s look at the similarities.
Intrapreneurs and entrepreneurs, alike, are super intelligent. After all, you can’t really identify as either, if you don’t have a certain level of intelligence or thinking ability. For both of these things, you need to be able to identify opportunities and risks. How will anyone capitalize on a good opportunity otherwise?It is also necessary to use the right tools and skills once you have identified an opportunity.
Entrepreneurs and intrapreneurshave to get used to failure and learn to spring back every time from any roadblocks or mistakes. Being an innovator means that you learn from your mistakes and do better the next time. There is no use dwelling on the past but learning from the past is very essential for people like that.
When we talk about adaptability, we also mean in terms of technological advancements and other changes. If we were to take an example, the simplest one we can use is how businesses have been digitalized since 2020 due to COIVD. Even though the conditions are not as severe anymore, it was still a major advantage as it increases one’s customer base.
Strong leadership is important to be able to guide and make others see your vision of success. Whether you are an entrepreneur or an intrapreneur, you need to stay motivated and encourage your team members as well to keep the flow and the vibe.
So, There You Have It!
You now know the difference between intrapreneurship and entrepreneurship. We’re pretty sure that you won’t interchange the two anymore. They may sound familiar, but hopefully, you will remember what each word means. You can also identify yourself, or the people around you!