In the business world, terms like entrepreneurship and intrapreneurship are frequently used. These are mindsets that make a business develop swiftly.
Both concepts are the need of the fast-paced running economy and society. There is a sameness in both the processes as well as some contrast.
In this article, you will get the information about the Similarities and Differences between Entrepreneurship and Intrapreneurship.
I will try to erase the confusion of readers regarding these terms, make them able to distinguish between entrepreneurship and intrapreneurship.
Before proceeding further, I would like to introduce my readers to entrepreneurship and intrapreneurship by properly defining them.
What is the definition of Entrepreneurship?
Entrepreneurship is the implementation of innovative ideas for launching a new business that will benefit people and society.
Or it can be defined as the process or ability to invent business or techniques for economic and social development.
It could be an old business that is redesigned in a new way to increase output. The person who is involved in initiating and launching such beautiful creations is referred to as an entrepreneur.
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What is the definition of Intrapreneurship?
Intrapreneurship is the involvement of an employee in the inventive activities for an organization and risks associated with it.
It includes trying to formulate something new that will increase the profit of an organization or business.
In other words, Intrapreneurship is the entrepreneurial attitude of an employee who is permitted to take bold innovative steps for a business organization. The employee having these bold qualities is said to be an intrapreneur.
If you want to know more about intrapreneur, click here.
Similarities between Entrepreneurship and Intrapreneurship:
There are similarities between the two careers which is why most people get confused about them. Their similar roles in these careers are admirable. It will be an injustice to present these wonderful careers as totally opposed possessions.
Because they are making the society advance and making supply and facilities available to the society.
In this section, you will have an idea of those fine similarities between entrepreneurship and intrapreneurship which make them alike.
It is usually said that intrapreneurship is entrepreneurship within an organization. That means that both entrepreneurship and intrapreneurship deals with a dominant role.
Both of the careers are performing an amazing role of leading a team in their domains in achieving targets and goals.
Both behaviors are observed to have extra responsibilities in business strategies and management. Due to the common role these terms are often used reciprocally.
It is said that innovation is key to entrepreneurship while intrapreneurship is inside innovation in an organization.
Innovation act as a common major trait that drives entrepreneurship and intrapreneurship in the business world
Innovation is an evolutionary process, so it’s not necessary to be radical all the time
It is the trait that makes the difference between an ordinary business from entrepreneurship and intrapreneurship.
To interpret the relatedness of innovation to entrepreneurship and intrapreneurship, it will be not wrong to say innovation is the soul of both careers.
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You cannot discover new oceans unless you have the courage to lose sight of the shore
Both of the careers embrace risk as part of their work. Intrapreneurship has the element of risk like entrepreneurship. Both careers take the risk that ordinary businesses avoid.
They take the risk and focus on possibilities rather than focusing on consequences and if they fail they own the results and try again. That is how they make a change in the social and business worlds.
Add value to a business:
Entrepreneurship and intrapreneurship both add value to businesses and organizations. Both careers have the role to take the existing business cultures and courses to a higher level.
These careers motivate the business owners and employees and boost the growth and development of the economy as well as society.
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Vision is the art of seeing what is invisible to others
Both entrepreneurship and intrapreneurship perform a visionary role in a business. Anyone engaged in any of the two careers will have a common characteristic of a high level of vision and commitment to achieving targets.
Both careers undertake the role of seeing possibilities and opportunities far away as compared to other ordinary businesses.
The visionary approaches in entrepreneurship and intrapreneurship drastically developed and sustained the business world. Moreover, these visionary careers changed the difficulties of life into ease.
Differences between Entrepreneurship and Intrapreneurship:
To give a brief insight into the entrepreneurship and intrapreneurship business
processes to readers.
In this section, I will write some of the key differences between the two that is important to consider making decisive remarks.
Let’s examine what is the difference between entrepreneurship and intrapreneurship?
The primary difference between independent entrepreneurship and intrapreneurship is the organization and its rule. Freedom is the main difference between entrepreneurship and intrapreneurship. It acts as a critical base to divide the two types.
Entrepreneurship permits more flexibility and freedom. No barriers of organizational rules like a timeline to follow, no specific dress code, and it permits to adopt any work pattern and culture.
In intrapreneurship, you have to follow the organizational boundaries, limits and a certain timeline.
The work pattern and culture along with other sets of rules such as dress code, working hours and attendance. They are major considerations in intrapreneurship.
Risks are part of the business ventures. Another noticeable difference between corporate entrepreneurship and intrapreneurship is the degree of risk.
Entrepreneurship is like adventurism. It can end up anyway. It means that it bears all types of failure and financial risk directly if an overwhelming idea fails.
Moreover, legal risks can also affect the entrepreneur because of being directly responsible for all the actions.
You can read more about legal risks here.
Intrapreneurship faces fewer risks than entrepreneurship due to the involvement of an organization as a capital provider.
If an idea fails the organization bears the expenses. Moreover, legal laws and regulations actions related idea is dealt with by the organization.
The objective is one of the distinguishing characteristics between entrepreneurship and intrapreneurship. There is some clear divergence in the objectives of both careers.
Entrepreneurship means working for something that will bring change in people’s lives. It is like having a dream which someone wants to see accomplished. It is working for your ideas, dreams and pursuing goals.
In other words, you can say it is the motivation for starting a brand new state of the art business of socio-economic value.
The main objective of intrapreneurship is to expand productivity, worth, and profit of the organization. Intrapreneurship mainly focuses on the market value, competition, and production of the organization.
To be precise intrapreneurship boosts the growth and trade opportunities of a company. It is not concerned with changing dreams into reality or social welfare stuff.
Freedom of Decision:
Another behavior that can be observed in the business venture that distinguishes entrepreneurship and intrapreneurship is the freedom of decision making.
Entrepreneurship is the direct involvement and decision making in pursuing a dream and goal.
It is like working for innovation and pursuing dreams without the need for approval from others. The decisions are made independently and involvement in a trade or project is direct.
Intrapreneurship needs approval or thumbs up from the boards or seniors of the organization.
The decisions are dependent on the organization up to a certain level. The decisions are made based on the collaboration and participation of the team and with the board involved.
From the discussed information it will be clear to readers now that there are major differences that make intrapreneurship different from entrepreneurship. Also, there are some similarities in both careers.
It can be interpreted that Intrapreneurship is a new kind of entrepreneurship having different directions.
If you are working in an organization and you have boldness, abilities, and innovative skills you can create a change and adopt entrepreneurship within an organization to satisfy your entrepreneurial spirit.
Both entrepreneurship and intrapreneurship play an important role in fulfilling the needs of society and are important for economic growth and development.
You can read more about the role of entrepreneurship in economic growth and development here
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