Entrepreneurs and intrapreneurs undoubtedly have a lot in common. To be both, you have to exhibit insight, zeal, passion, and creativity. Perhaps this is the reason that both are often used interchangeably. In fact, not many people know what entrepreneurship is. But once you dig deep into the comparison of entrepreneur vs. intrapreneur, you realize that actually, a significant difference exists between the two.
Entrepreneurs are visionaries, people who take considerable risks to operate their businesses. They look for new opportunities and techniques to take their business to the next level.
Intrapreneurs, on the other hand, are employees who work for an organization and are paid to run and make a particular business unit a success. There’s a lot more that you should know about entrepreneur vs. intrapreneur to understand which category you belong to.
Entrepreneur Vs. Intrapreneur: An Introduction
To put it in simple words, entrepreneurs are people who come up with an idea and start a new venture. They push boundaries and take risks to make their idea a reality. Entrepreneurs have a lot on their plates. They innovate a fresh concept, endeavor to make the most of available opportunities, and take necessary actions.
As an entrepreneur, you have to face many risks and uncertainties. You have to make many decisions and take full accountability for the profits and losses of your company. Yes, it takes quite a lot to be an entrepreneur, which is why the world hasn’t seen too many people like Jeff Bezos and Elon Musk around.
And now, let’s talk a bit about intrapreneur. Yes, an intrapreneur is quite like an entrepreneur. However, the primary difference is that the intrapreneur has to remain confined within the boundaries of an organization.
Intrapreneurs are employees of a large organization. Yes, they have full authority to showcase their creativity and innovation, but ultimately they are responsible for a particular business unit.
Intrapreneurs, too, have to take charge. They don’t hesitate to take risks either. However, they have to perform their responsibilities using the resources provided by their organization.
People are not really at fault if they confuse the two terms. After all, entrepreneurs and intrapreneurs are similar in many ways. Both are driven by their passion and zeal. Both are open to innovation and risks. Yes, they share quite a lot of traits.
One cannot become an entrepreneur or an intrapreneur until he has impressive leadership skills. After all, both these people have to exhibit leadership to make their product a success. Hence, they are motivated and focused on their goal.
Entrepreneurs and intrapreneurs have to lead a team. They have to manage others to reach their goal. And this wouldn’t be possible without management and leadership qualities.
To be a successful entrepreneur or intrapreneur, you have to be adaptable. You might have an excellent idea and have everything going in your favor. However, your journey most likely includes turbulence. You will face many roadblocks along the way, which can threaten all your plans. You have to adapt to these changing situations and come up with counter strategies to pave your way forward.
And lastly, both entrepreneurs and intrapreneurs have to be intelligent. Intelligence does not only mean knowing the skills and tools that can help your business. It’s also about recognizing opportunities and taking appropriate steps at the right time.
Intelligence without vision won’t get you far, whether you are an intrapreneur or an entrepreneur. Remember, Bill Gates became the success that he is because he realized at the right time that the internet was the future. So if you want to join the ranks of successful entrepreneurs or intrapreneurs, you have to put your vision and intelligence to good use.
The Primary Differences
So far, you might find uncanny similarities between the two terms. You must be confused about why entrepreneur vs. intrapreneur is such a big deal. To understand this, you have to be clear about the differences between the two.
- For starters, entrepreneurs establish a new business. They work on a fresh concept and work to make it a reality. Intrapreneurs are part of an organization where they are allowed to showcase their innovation and creativity for a particular unit.
- Entrepreneurs have to come up with their own resources, whereas intrapreneurs use the resources provided to them by the organization.
- An entrepreneur has to arrange capital for his business idea. Intrapreneurs don’t really have to manage the finances as this is taken care of by the organization.
- An entrepreneur is responsible for the fate of his company. He is not answerable to anyone else for his decisions. Intrapreneurs cannot make independent decisions since they work for a company.
- The entrepreneur has to face the consequences of all his steps. While intrapreneurs too take risks, in their case, it’s the company that faces the brunt of it all.
Entrepreneur Vs. Intrapreneur: Choosing Your Side
There has been a noticeable increase in the number of entrepreneurs stepping into the field in the past few years. And that’s because people have now realized the importance of innovation. All you have to do is take a look at the number of startup companies that opened in the last year to understand how the business world has changed.
But the thing is, not everyone has the heart to handle it all alone. Managing finances, arranging resources, and spending all your time looking for fresh prospects can be draining. If you want to avoid all this yet find means to show your innovation to the business world, intrapreneurship is for you. However, if you want to be your own boss, entrepreneurship is your true calling!