Both entrepreneur and intrapreneur are terms that sound like they are the same. However, there is an obvious difference between both these terminologies. Entrepreneur and intrapreneur somehow have the same qualities like both of them entail creative or innovative thinking and work for the execution of new ideas. In this article, we will understand the complete difference between both these terminologies. This blog has been arranged in the following order.
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Definition Of Entrepreneur
An entrepreneur is an individual who initiates an enterprise with a unique idea or concept and brings a change in the world. Entrepreneurs are highly innovative, take risks, and endure the unpredictability of the business. They identify all the problems in the market and make strategic solutions for them. The ventures they start are known as start-ups.
Entrepreneurs are actively involved in building and deploying the other functions of operations i.e. labor, land, and capital. An entrepreneur later becomes a businessman in the future. They never give up even when they encounter difficulties and are flexible to change and modify their ideas if the first does not work according to their expectations. Some real-life examples of entrepreneurs are Elon Musk(founder of SpaceX and Tesla), Mark Zuckerberg(co-founder of Facebook), Larry Page(co-founder of Google), Jack Ma(founder of Alibaba.com), etc.
Definition Of Intrapreneur
On the other hand, an intrapreneur refers to a member of the workforce of an organization who carries out the same activities as that an entrepreneur. This means an intrapreneur is nothing but an entrepreneur working within the boundaries of an enterprise. He(intrapreneur) has the authority to bring creativity and innovations to the organization’s goods, services, and projects with the purpose of the betterment of the company’s future.
Moreover, an intrapreneur has the same qualities as an entrepreneur i.e, discover new ideas, takes risks, looks for good opportunities, promotes innovations and creativity, etc. On the basis of their hard and extremely challenging job, they are highly awarded and appreciated by the company. Many large companies and corporations today appoint intrapreneurs in order to bring and gain excellence in the business market.
Difference Between Entrepreneur And Intrapreneur(Table)
| Basis For Difference | Entrepreneur | Intrapreneur |
| Definition | The individual who set up his own business venture with a unique idea and concept is called an entrepreneur. | The individual who works within the company and carry out innovations in the goods, services, and projects of the company. |
| Objective | Introduce a new thing of socio-economics value. | An intrapreneur focuses on improving the market sustainability of an established organization. |
| Capital Resource | Raised by the entrepreneur himself. | Financed by the company in which he works. |
| Dependency | Independent | Dependent |
| Nature | Intuitive & predent | Restorative |
| Risk | Bears all types of risks by himself. | Taken by the company. |
Key Differences Between Entrepreneur And Intrapreneur
Some of the key differences between entrepreneur and intrapreneur are as follows.
- An entrepreneur is an individual who initiates an enterprise with a unique idea or concept and brings a change in the world. On the other hand, an intrapreneur refers to a member of the workforce of an organization who carries out the same activities as that an entrepreneur.
- While an entrepreneur is intuitive in nature, an intrapreneur is restorative in nature.
- Being the owner and founder of the company, an entrepreneur has to acquire the capital for his business by himself. On the other hand, an intrapreneur does not raise the fund by himself but gets it from the company he works for.
- An entrepreneur is independent to make decisions as he is the boss of his own business venture. On the other hand, an intrapreneur cannot make independent decisions as he works for someone else organization.
- An entrepreneur is capable of bearing the risks and uncertainties of the business. On the other hand, an intrapreneur does not bear all the risks but the company he works for does.
- The main objective of an entrepreneur is to successfully enter the market and make a place in it. On the other hand, an intrapreneur focuses on enhancing innovations, creativity, and productivity of goods, services, and projects of the organization he works for.
Conclusion
Thus we can say that the success of every organization depends on how it brings ideas and concepts for the innovations and creation of new things in the world. Nowadays people give more value and preference to innovations, resulting in the rise of the number of startups year on year. With the advancement of technology, the world is changing rapidly. Entrepreneurs and intrapreneurs both play a very crucial role here.
