Entrepreneurs and intrapreneurs undoubtedly have a lot in common. To be both, you must be discerning, zealous, passionate, and creative. Perhaps this is the reason both are often used interchangeably. In fact, few people know what entrepreneurship is. But once you delve into the comparison between entrepreneur and intrapreneur, you will realize that there is actually a significant difference between the two.
Entrepreneurs are visionaries, people who take significant risks in running their businesses. They are looking for new opportunities and methods to take their business to the next level.
Intrapreneurs, on the other hand, are employees who work in an organization and are paid to run a particular business unit and succeed. You need to know a lot more about the entrepreneur and intrapreneur to understand which category you belong to.
Table of Contents
Entrepreneur vs. Intrapreneur Introduction
You won’t be able to understand the comparison between entrepreneur and intrapreneur until you know exactly what the two terms mean. So let’s start with definitions.
Simply put, entrepreneurs are people who come up with an idea and start a new venture. They push boundaries and take risks to bring their idea to life. Entrepreneurs have many concerns. They introduce a fresh concept, try to maximize the opportunities available and take the necessary actions.
As an entrepreneur, you must face many risks and uncertainties. You have to make many decisions and take full responsibility for the profits and losses of your company. Yes, it takes a lot to be an entrepreneur, which is why the world hasn’t seen too many people like Jeff Bezos and Elon Musk.
Now let’s talk a little about the intrapreneur. Yes, an intrapreneur is very much like an entrepreneur. However, the main difference is that the intrapreneur must remain within the organization.
Intrapreneurs are employees of a large organization. Yes, they have every right to showcase their creativity and innovation, but ultimately they are responsible for a specific business unit.
Domestic entrepreneurs must also take responsibility. They are also not afraid to take risks. However, they must carry out their duties using the resources provided by their organization.
similarity
People are not to blame if they confuse these two terms. After all, entrepreneurs and intrapreneurs are similar in many ways. Both are driven by passion and zeal. Both are open to innovation and risk. Yes, they have quite a lot in common.
You cannot become an entrepreneur or intrapreneur until he has impressive leadership qualities. After all, both of these people need to show leadership if their product is to be successful. Hence, they are motivated and focused on their goal.
Entrepreneurs and intrapreneurs should lead the team. They must manage others in order to achieve their goal. And this would not have been possible without managerial and leadership qualities.
To be a successful entrepreneur or intrapreneur, you must be able to adapt. You may have a great idea and everything will work out in your favor. However, your journey is most likely due to turbulence. Along the way, you will encounter many obstacles that can jeopardize all your plans. You must adapt to these changing situations and come up with counter-strategies to forge your way forward.
And finally, both entrepreneurs and intrapreneurs need to be smart. Intelligence means more than just knowing the skills and tools that can help your business. It is also about recognizing opportunities and taking appropriate action at the right time.
Intelligence without vision won’t get you far, whether you’re an intrapreneur or an entrepreneur. Remember, Bill Gates was successful because he realized at the right time that the Internet was the future. Therefore, if you want to join the ranks of successful entrepreneurs or intrapreneurs, you must put your vision and intelligence to good use.
Main differences
So far, you could find an uncanny similarity between the two terms. You must be baffled as to why entrepreneur vs intrapreneur matters so much. To understand this, you must have a clear understanding of the differences between them.
- For starters, entrepreneurs open a new business. They are working on a new concept and working to bring it to life. In-house entrepreneurs are part of an organization where they are allowed to showcase their innovation and creativity for a specific division.
- Entrepreneurs must come up with their own resources, while intrapreneurs use resources provided to them by the organization.
- An entrepreneur must organize capital for his business idea. Internal entrepreneurs don’t really need to manage finances as the organization takes care of it.
- The entrepreneur is responsible for the fate of his company. He does not answer to anyone for his decisions. Internal entrepreneurs cannot make independent decisions because they work for the company.
- An entrepreneur has to face the consequences of every step he takes. While intrapreneurs also take risks, in their case, the brunt of it all falls on the company.
Entrepreneur vs. Intrapreneur: choosing your side
Over the past few years, there has been a marked increase in the number of entrepreneurs entering the market. And this is because people have now realized the importance of innovation. All you have to do is look at the number of startups that have opened in the past year to understand how the business world has changed.
But the fact is that not everyone has the courage to cope with everything alone. Managing finances, organizing resources, and spending all your time looking for new clients can be exhausting. If you want to avoid all this but find the means show your innovation for the business world intrapreneurship for you. However, if you want to be your own boss, entrepreneurship is your true calling!
