Entrepreneurship vs Intrapreneurship
Most of us are aware of the concept of entrepreneurship and how it has helped shape our future and produced things that were once considered as impossible or were ridiculed at when tried initially. However, there is a new term called Intrapreneurship doing rounds in corporate circles these days and is gaining currency because of the benefits associated with the concept. Though having been derived from the concept of entrepreneurship, Intrapreneurship bears much resemblance to it; there are differences that will be highlighted in this article.
Let us brush up with the concept of entrepreneurship to better understand Intrapreneurship. George Bernard Shaw once said that there are only two types of people in this world. One are those who are comfortable with everything surrounding them and adapt to themselves according to the world. It is the 2nd category of people that we are interested in. These are the people who are labeled as unreasonable as they refuse to accept things around them. They have the eyes and vision to grab opportunities where none exist, as far as common people are concerned. These are entrepreneurs who are prepared to defy conventional wisdom as they dream of things that are unthinkable by others. Entrepreneurs are motivated by their dreams and conjure up visions that they make possible despite all hurdles, ridicules, and limited resources. Entrepreneur is never rattled by mistakes and failures and takes them in his stride. In fact, he takes it as an investment in education, something he learns from to succeed the next time.
Now think of an organization and people with such rare attributes inside it. The word Intrapreneurship has been coined for such entrepreneurs within the confines of an organization. As they get a free hand to implement their innovative ideas, it is ultimately the organization that benefits. The major difference between an entrepreneur and intrapreneur is that where an entrepreneur has a free will and acts upon his whims, an intrapreneur may have to ask for the permission of the management to go for a certain design or product. Another feature that differentiates an intrapreneur from an entrepreneur is that inside an organization, an intrapreneur may result in rivalries and hurt egos because of his extraordinary work. What is required in organizations that encourage Intrapreneurship is to inject mutual respect for each other. Intrapreneur is one up on an entrepreneur at least on one count and that is ready availability of resources that are otherwise difficult for an entrepreneur to arrange.
In a world full of cutthroat competition where products and services change with the blink of your eyes, it is becoming all the more important for organizations to encourage more of intrapreneurs within the organization. This is a must as it has become a question of survival for organizations and to beat the competition or remain one up on them.
Intrapreneurship vs Entrepreneurship
• Entrepreneurs can be found anywhere whereas intrapreneurs are found, rather encouraged within the confines of an organization
• While entrepreneurs face hurdles in the form of ridicule and setbacks from the society in general intrapreneurs have to face rivalry within the organization they work.
• Entrepreneurs find it difficult to arrange resources while they are readily available to intrapreneurs.