Starting a business is no easy feat, but for many individuals, the desire to create something innovative, unique, and successful outweighs the risk. However, not everyone who wants to create a business wants to be an entrepreneur. Some prefer to work within an existing organization, where they can use their creativity, skills, and innovative ideas to drive change and growth. Today, we discover the differences between entrepreneur and intrapreneur, their roles, and how they contribute to the success of a business.
What is an Entrepreneur?
An entrepreneur is a person who starts their own business or takes an existing business and turns it into a successful venture. Entrepreneurs are known for their risk-taking abilities, creativity, and vision.
They are often the driving force behind a business, responsible for creating new products, finding new markets, and growing the company’s revenue.
Entrepreneurs are not afraid to take calculated risks and often invest their own money to fund their ideas. They also have the ability to attract investors to help fund their business.
What is an Intrapreneur?
An intrapreneur is a person who works within an existing organization but acts like an entrepreneur. They have the same innovative spirit, creative mindset, and risk-taking abilities as entrepreneurs, but they apply these skills within the framework of an established business.
Intrapreneurs identify opportunities for growth and innovation within the organization and take the lead in implementing new products, services, or processes.
They are the change agents within an organization and are responsible for driving growth and creating value.
Differences between Entrepreneur and Intrapreneur:
- Ownership: The most significant difference between an entrepreneur and an intrapreneur is ownership. Entrepreneurs own the business and have complete control over its direction and vision. In contrast, intrapreneurs work for an existing organization and do not own the business.
- Risk-taking: Entrepreneurs take significant risks by investing their own money and time into their business. Intrapreneurs, on the other hand, take calculated risks within the framework of an existing organization.
- Innovation: Both entrepreneurs and intrapreneurs are innovative thinkers, but their approaches are different. Entrepreneurs create new businesses, products, or services from scratch, while intrapreneurs innovate within the confines of an existing business.
- Funding: Entrepreneurs typically have to seek funding from investors or lenders to finance their business. Intrapreneurs, however, have access to the resources and funding of the organization they work for.
- Accountability: Entrepreneurs are solely responsible for the success or failure of their business. Intrapreneurs, on the other hand, share accountability with the organization they work for.
Why are Entrepreneur and Intrapreneur Important?
Entrepreneurs and intrapreneurs are both critical to the success of a business. Entrepreneurs create new businesses, products, and services, which contribute to the growth of the economy. Intrapreneurs, on the other hand, drive innovation and growth within existing organizations.
They are often the driving force behind change and progress within a company, creating new revenue streams and increasing the organization’s value.
