Though the term intrapreneurship has been part of the business world for ages but still it baffles the minds of many. Questions keep on rising about how entrepreneurship relates to entrepreneurship and vice-versa. Both the terms are different but have common similarities and advantages. Let’s understand both terms on the basis of various parameters.
- On the basis of definition
Entrepreneur is an individual who sets up a business and works diligently for the sole objective to earn profit.
- On the basis of core objective
The core objective of intrapreneurship is to boost up competitive strength and market recognition of the company.
Entrepreneurship’s main objective is to innovate and create something new of socio-economic value.
- On the basis of activity
Intrapreneurship is mainly direct participation which is much more than delegation of authority.
Entrepreneurship means direct and total participation of the process, it is complete in every sense.
- On the basis of risk
Intrapreneur bears moderate risk.
Entrepreneurship involves all types of risk and whole-sole accountability lies on the entrepreneur.
- On the basis of status
Being an organizational employee, expects freedom in work.
Entrepreneur is a free and sovereign person who does not bother about status. It is who has all the decision-making powers.
- On the basis of Failures and mistakes
An intrapreneur keeps all the risky projects secret until it reached to final plan due to high concern for mistakes and failure.
An entrepreneur recognizes and rectifies mistakes then and there to take new innovative efforts.
- On the basis of Decision
An intrapreneur cannot take decision alone. It has to be the collaborative efforts of the team.
An entrepreneur is the owner and command lies in his own hand so he can take independent decisions to execute dreams.
- On the basis of service
An intrapreneur serves the organization and intrapreneur himself.
An entrepreneur serves the customers and entrepreneur himself.
- On the basis of focus of attention
An intrapreneur focuses mainly on the new technology trends and upcoming market changes.
An entrepreneur’s entire focus is on increasing sales, boosting up profits and sustaining competition.
- On the basis of advantages
Working within the existing framework provides many benefits to an intrapreneur- they are armed with all the resources they need, they have access to mentors, they can utilize funding from their existing organization.
Entrepreneur have all the freedom to decide everything from work culture, schedule to even dress code for their business. They take more risks so they stand to gain most.
- On the basis of operation
An intrapreneur operates within the organization.
An entrepreneur operates from outside the organization.
Both the terms have many similarities too such as they both have strong leadership skills, have the ability to balance passion and innovation.