Entrepreneurs are busy individuals. In the initial phase of their startup, they spend most of their time monitoring its performance even while on the go – thanks to deals like Spectrum mobile plans. On the contrary, the term intrapreneur is gaining popularity as a distinct position that holds its own value in the company.
Comparing both concepts is necessary for people who aspire to become business professionals. It’s a tough comparison because these two positions are complemental in the entire commercial establishment. Each possesses its rewards or benefits as well as risks or drawbacks. The following guide is going to shed light on both kinds of roles and discover the meaning of these in an uncomplicated way.
What Is an Entrepreneur?
This is quite generic, especially in its literal meaning. Entrepreneurs will always start from scratch. They are the individuals who create business setups; design, launch, and manage, everything is done by an entrepreneur. Moreover, entrepreneurs get to work only with small businesses since the project they are starting is taking baby steps and is in its initial stage.
Therefore, the risk is greater with entrepreneurs. Developing a business can have its pros and cons, without knowing which aspect of the project would be heavier. It could turn upside down and bearing the loss can be mind-boggling. On the contrary, if the business is successfully established the rewards are huge, and such entrepreneurs are considered innovators in the business world.
Entrepreneurs Are Primary Contributors to Economic Growth
Entrepreneurs are contemplated as primary contributors to a greater economy. Their business skills and innovative thought processes fulfill consumer demands. Anticipating the need of end users and bringing a new product into the market is what entrepreneurs are applauded for. As much as it gives power to the position, there are huge risks involved which are responsible for making or breaking businesses.
Alongside entrepreneurship, capital, labor, and land/natural resources also come into play to make a strategy work. Although it begins with a single business plan, entrepreneurship is a long process that requires self-determination and creativity to reach fruition.
What Is an Intrapreneur?
An intrapreneur is an individual who aims to create new ideas and products in an already established business arrangement. Usually, these businesses have achieved the heights of success and generated profits that an entrepreneur dreams of. This role is less risky but it also comes with minimum autonomy compared with entrepreneurs. The predominant company culture is to be navigated, there is no liberty of creating your system and working accordingly.
An intrapreneur can be anyone who plans to bring innovative ideas, vision, and entrepreneurial proficiency to the table. This is to say that an intrapreneur is in shallow waters than an entrepreneur. It is the main reason why this role appeals to several business aspirants. It doesn’t involve a do-or-die situation, less risks mean one can fearlessly plan to reach a business goal without too much of hurdles.
Intrapreneurship Is a Win-Win for Everyone
As mentioned earlier, any member of the company can take up the role of an intrapreneur. It can be an intern or a general manager or even a vice president of the organization. Giving profits to the company that you work for is beneficial both for the company and the intrapreneur. It adds to the experience and a lot is learned while going on the intrapreneurship journey. Eventually, an intrapreneur will don the entrepreneur cap and build his/her own company with a better knowledge of how to manage things.
The common Ground Between Entrepreneur and Intrapreneur
It is quite clear how entrepreneurship and intrapreneurship mingle with one another. There is much in common that things usually appear grey between the two roles. This section of the article describes the shared traits of both entrepreneurs and intrapreneurs. These include:
- Adaptability
- Intelligence
- Leadership
Adaptability to new or difficult settings and/or environments is an important element. The journey of an entrepreneur or an intrapreneur is full of challenges and roadblocks. Despite having an innovative mind, sometimes circumstances don’t allow for a plan to grow. The individual should know how to adapt to the situation. An alternate plan or strategy to encounter such situations is what adaptability is about.
Intelligence is another mandatory trait in common that pushes entrepreneurs and intrapreneurs to do what they’re meant to, starting and revamping businesses. It takes unique ideas, far-sightedness, resourcefulness, and a vision to bring extraordinary products to the market, and ensure that the business garners long-lasting success.
To create and manage a successful company, the leadership quality of a business specialist should be extraordinary. Whether you’re an entrepreneur who is starting a business or an intrapreneur who is stepping in someone’s shoes, leadership is the primary skill that will ensure success. A product or business is not just one person’s doing, it takes the entire herd to reach a goal. Patience, consistency, an optimistic approach, motivation, and creativity are qualities that will make ideas successful.
What Is the Right Path for You?
Now that the comparison between entrepreneur and intrapreneur has relatively made things transparent, the question now is: which is the right path for you? It is a choice that can be easily made by asking a few questions to yourself:
- Is it better to be supported by a large company or personal capital is the best way to launch the new product?
- How much tolerance should an individual have towards risks?
- Managing a personal business is better or having to run an already successful business is more exciting?
- Is creating a new team all by itself more challenging than leading an existing one?
So, what do you aspire to be?