Difference Between Entrepreneur and Intrapreneur
Entrepreneur and Intrapreneur are terms with similar connotations. Although both of these terms are associated with business, they possess different meanings that indicate different aspects. This article discusses some of the significant differences between entrepreneur and an intrapreneur in depth.
Who is an Entrepreneur ?
An Entrepreneur is an individual who introduces an innovative idea, develops a suitable business strategy, and takes the required risks to establish a new business. They are more motivated by creativity and original ideas than working with already existing business strategies.
Key qualities of an Entrepreneur:
Innovative and creative
Takes high risks
Creates new market opportunities
Who is an Intrapreneur?
Entrepreneurs work and use their entrepreneurial skills in an already established business organisation. They are not the founder but they actively use their entrepreneurial insights for the benefit of the organisation they are working for.
Key qualities of an Intrapreneurs:
Proactive
Strategic and collaborative
Organised and dependable
Key Differences Between an Entrepreneur and Intrapreneur
There are a few major areas where the entrepreneur and intrapreneur difference exists. Their goals and approaches vary significantly. Below we discuss the major differences between these two.
1. Concept
There is a significant difference between Entrepreneur and Intrapreneur besides the similarities.
An entrepreneur is a person who is ready to introduce innovative ideas and to establish a new business. The individual’s goal is to expand and maintain a successful business by incorporating strategic measures and plans.
An intrapreneur is someone with entrepreneurial skills and they work to improve the business of the organization they are working for.
2. Goals
The difference in goals contributes to entrepreneur and intrapreneur differences as well as shape their duties.
The main goal of an entrepreneur is to introduce new marketing opportunities through creative ideas and innovative products and services.
They conduct market research to understand various aspects affecting their business and design tactics and strategies to effectively manage business. A business is always conducted with calculating risks to mitigate potential crises.
Intrapreneur's goal is to work for the company and gain appraisals,appreciation and promotions.Th individual is highly involved in the company and takes responsibility to drive the business forward.
3. Ownership and risk taking ability
Their risk taking ability also leads to the difference between entrepreneur and intrapreneur. The Entrepreneur takes only calculated risk as the owner. But on the other hand intrapreneurs do not bear any personal risks as they work within the organisation. Thus creating an intrapreneur and entrepreneur difference.
An entrepreneur owns the business and is responsible for the profit and losses that comes
On the other hand an Intraprenuer works within the company and does not possess the ownership of the business
An entrepreneur is able to take financial and personal risks while intrapreneurs faces limited risks as they are working with the company resources
4. Freedom and Control
The degree of freedom they experience also varies;constituting the entrepreneur and entrepreneur difference. An entrepreneur owns the business and experiences the highest degree of freedom. But an intrapreneur works within the rules and regulations of the company.
Every aspect of a business is supervised by the entrepreneur who is also the owner. He exerts absolute freedom and control over the company and ensures that it functions according to their objectives.
An intrapreneur experiences a limited sense of freedom and works under a defined environment in the company.
5. Funding
Additionally, concerns of funding also influence the entrepreneur and entrepreneur difference.
As the owner the entrepreneur has the authority to raise capital from company funds, investors and more.
On the contrary an intrapreneur utilizes the company resources to implement business strategies.
Conclusion
While the terms, businessman, and entrepreneur are similar to each other in their approach to business, their goals and mindsets set them apart. Understanding this entrepreneur and entrepreneur difference can enable an individual to choose whether to engage in a traditional business model or introduce innovative ideas to the market.