There are two terms that govern the role you choose to play in your career: Entrepreneurship & Intrapreneurship. Understanding the key differences between the two can be an eye-opener for someone who is not cut out to be in the selected domain. So, what’s the difference between Entrepreneurship vs. Intrapreneurship? Find out below.
Entrepreneurship is a well-known and understood concept among many and a popular choice during the times of crisis; such as unemployment.
It is a career choice, (not a compulsion!) and a way to better absorb the skills of tradecraft that are somehow missing from the job market. So, those seeking to create a new form of professional profile that is uncommon to find elsewhere, tend to become Entrepreneurs.
The best feature of entrepreneurship is that it aggregates realistic business values and offers the market brand new proposals.
Consequently, the word Intrapreneurship is a phenomenon taking place within a company. This process includes brainstorming for implementable, applicable ideas concerning new products or strategies, technologies & services, administrative techniques or taking actions that offer a competitive advantage.
Furthermore, the skills gained from intrapreneurship are not necessarily related to an individual’s personality. This is because, normally, an intrapreneurship is termed as a behaviour that is built around the creation and development of a business activity with a sole purpose of bringing prosperous results.
In Intrapreneurship, specialisations and diplomas hold no guarantees of success. It seeks more professionals who can contribute towards creative company culture, proactive behaviour, out-of-the-box solutions, and future technological innovations.
So, it is quite crucial to possess an intrapreneurial profile as well. When a company notices its employees’ level of spirit and their intrapreneurial behaviour within the organisation and towards their job, they tend to reward.
What is the Difference between Entrepreneurship vs. Intrapreneurship?
The traditional form of entrepreneurship is carried out by entrepreneurs, who act independently, take risks, and later, reap the benefits on their own. Whereas, an intrapreneurship is an entrepreneurial activity that is performed by the employees of an organisation that includes supervisors, managers, and other staff.
This entrepreneurial relationship lies in accordance with the objectives of the organisation. These are also influenced and impacted as a result of the benefits and risks dependent on those actions.
Additionally, resources and environment can make this path more easy or difficult. For a better understanding, an organisational culture change is a reason that generates and expands the intrapreneur’s environment.
Impact & Benefit
Companies that maintain a flexible structure, profit from the creative skills of collaborators who offer significant breakthroughs which are decisive for a firm’s development.
Today, in highly competitive companies an intrapreneur exhibits the most important resource: innovation. Upon reaching a certain level of stability, a firm may subsequently lose the potential to innovate. In this case, intrapreneurship provides an indispensable balance to established companies, since it strengthens and recreates the internal company culture.
Features of an Intrapreneur Environment-
The company must avail and provide the latest technology for enhanced communication.
Encouraging the formation of new ideas and the freedom to implement.
Allowing the participation of multidisciplinary teams for feedback.
Bring sponsors and supporters of the project model.
Support from Upper Management.
Without the involvement and commitment from the Board of Directors, President, Vice-President, General Managers, and other key employees in the top echelons, any development and establishment of intrapreneurship culture are simply not possible.
To learn a business, you need to be a visionary, flexible, take administrative decisions, stimulate teamwork and build a coalition of advocates.The reality of these two terms is the exercise of entrepreneurship inside and outside the company. Organisations responsible for inculcating entrepreneurship also assume the obligation and willingness to offer a first-step to everyone involved and deliver their individual best.