Is an Entrepreneur Different from an Intrapreneur?

This is a very common question that might confuse many. “Is an Entrepreneur different from an Intrapreneur?”
In short, an Entrepreneur runs an organization by creating and managing it independently by taking significant financial risks. On the other hand, An Intrapreneur is the one who functions within the organization that has been built by an entrepreneur by using the resources and potential to grow the business by driving new projects or initiatives. Generally, intrapreneurs take less financial risk. However, both Entrepreneurs and Intrapreneurs require entrepreneurial thinking to identify opportunities and convert them into actual business.

There is much more to understand about entrepreneurship and intrapreneurship, In this blog post, we will explore both concepts in depth.

What is an Entrepreneur?

An entrepreneur is a person who builds an organization by creating and managing it independently. An entrepreneur can build an organization with some unique and original idea that competes in an open blue ocean of competition. Or they can build an organization on existing ideas or concepts but have to compete fiercely in the red ocean of the market.

Entrepreneurship depends on the inherent risk that a founder or a group of founders take on while starting their business. If it goes according to plan, entrepreneurship will return handsome rewards for the efforts and dedication of entrepreneurs. And if it fails, entrepreneurs can laden themselves with massive debts.

Also Read : Learning The Important Functions of Financial Management

What are Intrapreneur?

An intrapreneur is an employee working in an organization, who is given some roles and responsibilities that help in the company’s future growth. The intrapreneur's organization bears all the costs and potential consequences, while an entrepreneur would personally shoulder those burdens.

Also Read: Top 7 Specializations of MBA for high paying Jobs in 2024

Differences between Entrepreneur and Intrapreneur

Similarities between Entrepreneurs and Intrapreneurs

• Persistence:- Entrepreneurs and Intrapreneurs must be persistent in every job they do. Their persistence will take the organization to greater heights. Clearing the barriers to digital transformation is a meticulous task. Fundamentally people do not very often change. Entrepreneurs and Intrapreneurs never give up, they always keep on scrutinizing the work, they were on until now. When they are stuck in between any task they get the bit between their teeth and keep on grinding the task by taking their heads down and in the end, their persistence rewards them.
• Leadership: A good leader can always win a war against the big enemy by keeping his army united, disciplined, and dedicated. The leadership quality in an Entrepreneur and Intrapreneur keeps the team enthusiastic and motivated to complete the task together. It may be the task of the company, but it’s the team whose combined and dedicated efforts are very much required to fruition.
  There is 5Ps principles that signs a great leader:
  Personal Attributes
  Position
  Purpose
  Process
  Product
   
• Adaptability: Adaptability is a crucial trait for both entrepreneurs and intrapreneurs, enabling them to dive into dynamic business landscapes. Entrepreneurs and Intrapreneurs with the adaptable characteristic possess the ability to swiftly respond to changing circumstances, innovate in the face of challenges, and embrace new opportunities. Their flexibility and open-mindedness allow them to important strategies, incorporate feedback, and navigate uncertainties with resilience.
• Innovation: Entrepreneurs and Intrapreneurs must be blessed with creative and innovative minds that ultimately help an organization to achieve its goals within time period. They should be able to think out of the box to bring new ideas by analyzing macroenvironmental factors that affect their business positively.

Advantages of Being Entrepreneur

• Flexibility: Entrepreneurship allows individuals to get out of traditional 9-to-5 office routine. Entrepreneurship grants people not to bound to anyone and work flexibility as per their own schedules.
• Ownership: Being an entrepreneur, one get 100% ownership of an organization where number of intraprenuer works. Entrepreneurs are responsible for founding and managing an organization.
• Thrilling Experience: If waking froom bed of knowing that you’re not bound to predefined 9-to-5 daily office routine grind. And no one you have to report at the end of the day. You will be the final authority in decision making for an organization. Running your own business offers a wide range of experiences, eliminating the monotony of a typical 9-to-5 routine. Rest assured, the predictability of a mundane workday will be a thing of the past!

Advantages of Being Intrapreneur

• Stability: Being an intrapreneur, there will be a bit more stability in lives. As intrapreneurs get paid in exchange of their services every month. As organizations are responsible for providing resources to intrapreneurs, and they are not responsible for thinking about investments. They are just responsible for roles and responsibilities given to them to elevate an organization to greater heights.
• Low Risk: An intrapreneur also sheltered under the umbrella of an organization they working within from the inherent risks such as new projects, finances, and ventures bring. Intrepreneurs always have a luxury to change organization in search of personal growth.
• Perks, Leverage, and Salary: Although the level of freedom and financial rewards may not be as extensive for you as of others enjoying several advantages, opportunities, and competitive salaries. An intrapreneur who achieves success becomes an invaluable asset to a company, as their innovative ideas have the potential to generate billions of dollars in revenue.

Also Read: Advantages & Disadvantages of AI: update Guide 2024