The word entrepreneurship and intrapreneurship might be similar while listening. They have some similarities and major difference.
The difference can be categorized by various bases.
- Status
- Risk
- Reward
- Dependency
- Raising of fonds
- Operation
- Decission
- Motive
To know about their difference first
What is entrepreneurship?
The process of creating new enterprise or bussiness which is totally unique or unique in the region is known as entrepreneurship. It is created by an inndividual who is known as entrepreneur.
An entrepreneur is a person or an individual who creates design, launches,and manages a new entreprise or a business by taking all the risk and giving an new innovation. Where, innovation shows the newness offered by an innovator.
Further, entrepreneurship is the process where an entrepreneur gathers resources, bear risk, innovate new ideas, explore future demand and supply which can be important for individual social and national development. It is also a creative process of bulding and managing business opportunities. It is the important factor responsible for economic and social growth.
It has many advantages like capital formation, employment generation, resource movilization, equal distribution of wealth, balancing regional development etc.
In conclusion we can say that entrepreneurship is the process of creating a new business, by taking all the ris and managing it well.
What is intrapreneurship?
The process of acting like an entrepreneur in a large organization by an intrapreneur is known as intrapreneurship. Intrapreneurs are the employees of the company. It is the combination of two words “intra” which is internal and “entrepreneurship”.
They are basically those workers who always works for their organizational growth. They are highly productive and action-oriented employees who impliments essential principle of entrepreneurship for the benefit of organization for whom they works for. They are innovative in nature, have the excelent skill of leadership.
We can even say that, the intrapreneurs are the entrepreneurs within the organization. They have many qualities like time saver, hard working, leader and devote therir time for the repeutation of the organization. They also can become inspiration for other employees that will help in higher rate of production.
In conclusion, we can say that intrapreneurship is the entrepreneurship within the organization by an productive ,motivating employee who always thinks and creates new ideas for the growth of the organization.
Difference between entrepreneurship and intrapreneurship.
Although both of the words sounds simmilar both of them have many difference. They can be differenciate in 8 different bases which are given below.
- Risk
Entrpreneur is the person who bears the ultimate risk of the organization. He/She owns the organization so they have to bear all kinds of risk. In case of intraoreneurship it is different. They are not the ultimate risk bearers. They are the employees of the organization so they do not have to bear risk of the organization.
- Reward
It is the most important factor for the growth of both entrepreneur and intrapreneur. The main reward of an entrepreneur is profit. Meanwhile, intrapreneurs recive the salary as their reward. Not only salary, they also get bonus, career development opportunity and other rewards according to the employment policy of an organization.
- Status
The social status of an entrepreneur is the promoter or founder of the business who is the ultimate owner. In case of intrapreneurs , they will always become the employees of that organization.
- Operation
An entrepreneur always operates from the outside of an organization. He/she will be free to operate from anywhere and in any department accorting to the need. While, intrapreneurs always operates within the organization.
- Raising funds
As the owner of the organization an entrepreneur always raise the funds required for the organization himself/herself. In case of intrapreneurs, they did not need to raise any funds for the organization as they are the paid workers.
- Dependency
An entrepreneur is not dependent to anyone. They are independent to do their operation freely. In case of intrapreneurs, they are always dependent to their owners or entrepreneurs to perform all kinds of operation within the organization.
- Decisions
Entrepreneurs are free for every decision they make for the organization. Since, they are the actual owners. But, intrapreneurs who are the employees of the organizatin have limitted right for decision making. The right may varies according to the policy of an organization.
- Motive
The ultimate motive of an entrepreneur is to get maximum profit. They are the business owners who always seek a good amount of profit. However, intrapreneurs are the employees of the organization, whose motive is to make an organization strong for their career development and increase their remuneration.
