Entrepreneur And Intrapreneur-The battle to distinguish between entrepreneur and intrapreneur is genuine, and it’s more prevalent than you may imagine. They’re frequently mistaken for one another. And today we’re here to clear up the muddle.
While both groups have the same desire and conviction to provide innovative solutions, their approaches are very different.
Before we get into the specifics of the two, it’s important to understand the fundamental distinction between entrepreneur and intrapreneur. An entrepreneur is someone who establishes a firm with a completely new concept, whereas an employee is someone who supports and accelerates innovation within the confines of his or her organisation.
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To begin, an entrepreneur is a person who establishes a business or many businesses while taking financial risks in the hopes of spreading new solutions to global challenges. It’s worth noting that the entrepreneur isn’t always the one who comes up with the business concept; rather, he or she is the one who turns the concept into “reality.”
An entrepreneur creates a business plan, gathers the resources needed to launch the endeavour, and then puts it into action. As a result, he or she is a risk-taker, an inventor, and a new business creator.
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When it comes to entrepreneurship in India, two of the most well-known modern ventures are:
— Paytm and Flipkart.
Vijay Shekhar Sharma: Vijay’s investors were sceptical about his mobile-first consumer service concept. To eventually launch the brand – Paytm – he personally put $2 million on the line. As they say, the rest is history.
Sachin Bansal: Flipkart has found its way into the homes of people from all walks of life. Sachin and Binny Bansal presented us to this online shopping destination (India’s first e-commerce website).
Entrepreneurial Characteristics
Let’s look at the traits of an entrepreneur, which will help us distinguish between Entrepreneur and Intrapreneur later in this blog.
1. Try – Entrepreneurs essentially work to solve a problem that affects a large portion of the public.
And because they are their own bosses and work for themselves, no one is forcing them to do so. They want to be the market leader in each new market they enter.
2. Risk-takers — Entrepreneurs are risk-takers by nature. As much as they want and fight to make their business a success, they are equally aware of and realise that the potential outcomes are numerous – tremendous gains or devastating losses. Businesses do go out of business. This is something that entrepreneurs are well aware of. Regardless, they take the chance.
3. Independence- Entrepreneurs are free to go their own path. They are not only free to choose the corporate aim for which they want to work, but they are also free to choose how to go about achieving it. They have complete control over everything from little judgments to huge corporate decisions.
4. Resource acquirer– Entrepreneurs are the single acquirers of any resources they may require in order to establish their business. They will need to develop their own resource base because they are starting from scratch. They’re in charge of hiring human resources for numerous departments (team members). In addition, they must raise their own funds to begin the process.
5. Qualities of a leader– The ability to lead is one attribute that no entrepreneur can survive without. It’s critical to recognise that while entrepreneurs are self-employed, they are unable to work alone. To achieve their commercial objectives, they will need to form a team. Entrepreneurs are those who start businesses.
Have a clear picture of what you want to achieve.
Excellent communication skills should be practised.
Delegate responsibilities effectively.
Set a good example.
Entrepreneurship’s Importance
Let’s look at why entrepreneurship is important now that we’ve established a framework for who entrepreneurs are.
1. New enterprises – Entrepreneurship produces innovative solutions, which leads to the establishment of new businesses and jobs. As a new firm flourishes, it raises the standard of life of both the staff and the general population.
Entrepreneurship’s relevance and the distinction between an entrepreneur and an intrapreneur
2. Community development — Entrepreneurs contribute to the growth of the communities in which they operate. Their business profits allow them to expand beyond their original pursuits.
3. National Income – By creating new wealth, entrepreneurship contributes to the national income. It essentially breaches the bounds of existing markets, resulting in the creation of new wealth. How? By improving and innovating products and technologies, markets will grow.
4. Economic development – The government requires all types of businesses to pay GST. The government, in turn, invests the money raised towards the country’s development. Entrepreneurs also obtain funds from equity sources or bank loans to build infrastructure, which has a direct impact on the economy. By building industries in rural areas, entrepreneurship helps to improve those areas as well. These development actions result in a country that is economically balanced.
What is an Intrapreneur?
An intrapreneur possesses the same energy and conviction as an entrepreneur, but is in charge of introducing creative ideas and solutions to a corporation.
As a result, the intrapreneur avoids the hazards of entrepreneurship while also denying himself complete authority. He/she also does not receive the benefits of becoming an entrepreneur.
The intrapreneur, on the other hand, can take advantage of a company’s resources, strength, and talents rather of having to start from scratch.
An Intrapreneur’s Characteristics
You’ll be able to distinguish between Entrepreneur and Intrapreneur in this section.
1. Work– Just like entrepreneurs, intrapreneurs work to solve problems in new ways. However, there is a distinction here: they are employed by a company (that is not their own). This can be difficult since entrepreneurs build a culture from the ground up, but intrapreneurs must work within the confines of an existing workplace.
2. Resource – Unlike challenges experienced by entrepreneurs, the intrapreneur is not responsible for forming a team or obtaining all of the resources he or she requires. The management has put together a team for them. In terms of resources, intrapreneurs are quite resourceful. They know how to get the most out of what they’ve got.
3. Risk – Intrapreneurs are less risk-averse than entrepreneurs. They need the stability of a paycheck even if they reject the norms and go against the flow to come up with ideas. The corporation, not the intrapreneur, is the one who takes the risk. In addition, unlike entrepreneurs, even if their idea fails, their business is rarely jeopardised.
4. Determined and adaptive – Intrapreneurs are driven by instinct. Because they understand how difficult it is to make changes. They realise that as time goes on, people with preconceived conceptions about how to work would cast doubt on their ideas. They are also adaptive at the same time. They are aware that they must work around certain limitations imposed by the company’s policies and processes.
4. Results-oriented — Intrapreneurs are more results-oriented than their experimental counterparts (unlike entrepreneurs). They anticipate the results and devise a strategy to achieve them.
