Intrapreneur vs Entrepreneur - What are the Differences?
What is the difference between entrepreneurship and intrapreneurship? The term "entrepreneur" has become a blanket term for someone who is taking on an idea and turning it into a profitable business. But there is another type of entrepreneur that might not be so well-known: the intrapreneur. The difference between entrepreneurship and intrapreneurship is that entrepreneurs need to start up their own businesses, whereas intrapreneurs work with an existing company and contribute to its success.
An entrepreneur creates something from nothing. Entrepreneurship and intrapreneurship can work in conjunction with people from different fields in order to succeed. Intrapreneurs have the freedom to experiment and create their own projects, products, and services. They are entrepreneurs working within a company. Another view on intrapreneurs is that they are actually more like employees who work for themselves but happen to still work for their employer’s company. So what should you choose intrapreneurship or entrepreneurship?
An entrepreneur and intrapreneur are both types of individuals who have a lot of ideas that they want to implement. They both start their businesses with the focus of making money, but there is a huge difference in what type of business they plan and how the business will run.
Intrapreneurs tend to think about their own personal growth as well as how their business can grow, whereas entrepreneurs are more concerned about bringing in profit for the company. Intrapreneurs also tend to be more risk-averse than entrepreneurs because they're first and foremost thinking about themselves, whereas entrepreneurs put themselves second while thinking primarily about the company.
The difference between entrepreneurs and intrapreneurs is not conclusive, since both of them are found in different situations depending on the context. However, if we take an example of an entrepreneur and intrapreneur working at a small startup with no more than ten employees each then there is more similarity between these two groups as compared to large corporations.
Though there are differences between entrepreneurship and intrapreneurship, they both serve the same purpose: they both contribute to innovation in the market while building a successful company.
Identify the major differences between an entrepreneur versus an intrapreneur:
1. Entrepreneurs start off with a business plan, intrapreneurs start with a problem.
Intrapreneurs are entrepreneurs who use their previous experience and skills to start a business that aims to solve the problem that they already know exists. An intrapreneur not just focuses on changing the way something is done, but also on changing the culture of an organization.
Whereas an entrepreneur starts with a business plan and then tries to figure out how it can be turned into a profitable idea, an intrapreneur starts with a problem and then tries to find ways of solving it using their skills. Intrapreneurs are individuals who take a different route of entrepreneurship and start on a business that solves a problem.
An entrepreneur starts with an idea for a business, develops the idea into a plan, and then starts the process of launching the business. Intrapreneurs don’t do this, because they start with an existing company or organization that has problems to solve. They are more likely to be more successful than entrepreneurs because they don't have to go through all of the trial-and-error throughout their journey.
2. Entrepreneurs ask for capital, intrapreneurs ask for advice.
Intrapreneurs are a subset of entrepreneurs who take an alternative route to start their own businesses. They often seek the advice of colleagues and mentors in order to figure out how they should enter the market and what is the best route to go.
Although Intrapreneurs are entrepreneurs, they’re not always looking for funding. They might be looking to make a small change or test a new idea while entrepreneurs need the funds to keep their company afoot and execute their idea towards success.
Intrapreneurs have the financial support of their organization, whereas entrepreneurs have to pitch their idea to VCs or Angel Investors in order to acquire the desired funds. It's not necessary for entrepreneurs to go all out and ask for funds if he has a low initial investment or has the necessary funds in their account.
3. Entrepreneurs have a target market, intrapreneurs have a purpose to serve.
Another difference between entrepreneurs vs intrapreneurs is that entrepreneurs typically need a market to sell their products or services to whereas Intrapreneurs are different in the way that they need a purpose - a goal that they want to achieve within the organizational framework.
An entrepreneur's target market is a target set of consumers. This is a specific group of people that they are trying to reach by selling a product or service. They spend most of their time and effort on this specific group to make sure that they can gain the best profit possible.
The target market is an essential component of the marketing strategy, which involves identifying the needs, wants, and preferences of consumers so that companies can properly cater to them. The marketer would also need to find out how much value there is in the product/service before deciding whether it's worth investing in it or not.
Intrapreneurs and entrepreneurs are people who start businesses to create a new product or service with the aim of making a profit. Intrapreneurs have a different mission to serve their organizations internally. Their goal is to bring innovation and creativity back into their organization and make it more productive.
Intrapreneurs often work in their own time on projects or initiatives that will benefit the company at large, but they need to be careful not to cross the line and become entrepreneurs, which can lead to some confusion over who they should report to.
Many organizations have specific goals that they want intrapreneurs to achieve for them. They often use them as key assets within their team or as an extension of their company within an organization.
4. An entrepreneur starts a company an intrapreneur is an employee
Another difference between intrapreneurship vs entrepreneurship is that entrepreneurs are independent and have the freedom to control their businesses. They often take risks that lead to innovative products and services. On the other hand, intrapreneurs try and make their employers more successful by introducing changes from within their companies.
Entrepreneurs are people with a vision and a dream, who believe that they can create something to make their life better. It is the entrepreneur, who leads the company to success. An entrepreneur is willing to take the risk of starting and running his own company or venture with or without the help of other people. He may be an individual, company, or cooperative organization that employs people other than an owner.
The entrepreneur is responsible for leading the company or venture he or she created from idea to success. Whatever the industry, this role involves managing resources, finances, employees, and more.
An intrapreneur is an employee who has created a business within the company. They are usually employed by the company that they manage to be an entrepreneur for. His job is to make sure that their business will grow and not be impacted by negative external factors such as competition or external pressures due to financial limitations. An intrapreneur's job also entails pitching ideas to management, making sure that the business has a good relationship with the corporate culture, and gearing up for long-term success.
5. Entrepreneurs are risk-takers while intrapreneurs are risk-averse
Entrepreneurs are risk-takers. They take risks in order to grow their business and achieve success. This is another major difference between entrepreneurship vs intrapreneurship. On the other hand, intrapreneurs are more cautious when it comes to taking risks with their career and are more focused on making their company more efficient and competitive.
Entrepreneurs may be risk-takers, but they also take into account the possible consequences of the decisions they make. This is not always true for intrapreneurs who tend to focus less on the consequences of their decisions and instead choose to focus on efficiency and market competition.
Most entrepreneurs take risks but they have calculated risks, ones that are pre-planned and well thought out.
Intrapreneurs are risk-averse individuals who are afraid to take risks in order to grow their businesses. They often need someone to help them think through these tough decisions and provide feedback. Intrapreneurs*often need someone’s opinion about the risks involved in taking a particular step in their business growth. They can help guide the intrapreneur towards success.
6. Entrepreneurs have disruptive ideas while Intrapreneurs provide improvements to existing services
Entrepreneurs are not only the ones who create new products and services. They also find opportunities to innovate and bring new ideas into the world.
Entrepreneurs and innovation form an integral part of the startup process. They are responsible for innovating and creating new products, services, or processes. They understand the market needs and their potential customers, while innovators develop new ideas to fulfill those needs with the existing technologies.
Innovation is a key component in today’s world of business development. It is important to have an idea of what you are working on so that you can improve your product or service accordingly. It can be done through research, testing prototypes, and also through creating something out of nothing.
There have been many famous entrepreneurs throughout history, such as Steve Jobs and Bill Gates who have created revolutionary products that have had a significant impact on our daily lives, in a good way like Steve Jobs’ iPhone or Microsoft Windows operating system or Bill Gates Foundation.
Intrapreneurs are not interested in starting a full-fledged business and making disruptive changes to the industry at large. They add improvements to the existing products or organizational atmosphere in the company. Intrapreneurship is a way of getting that fresh approach to solving problems and enhancing productivity within an organization. This can be done by bringing new ideas and mindsets into an industry-meeting place, or it can be accomplished by hiring individuals who have experience on a certain topic.
7. Entrepreneurs start from scratch while intrapreneurs have a company to work and support
Entrepreneurs start from scratch. The fact is that many entrepreneurs struggle with the process of starting their own businesses. In the beginning, they do not have a large organization with a pool of money to support them. It can be a complicated, time-consuming, and frustrating process, especially if you don't know what you're doing. You might not even know where to start or have any idea on how to grow your business. If you have tried a few times and failed, it's time to go back to the drawing board and try something new.
Intrapreneurs are employees and have the financial support of their organization. They usually come from different departments, have a different skill set, and work on some hard-to-reach solutions within the framework of the organization.
8. Entrepreneurs have a long term vision when compared to intrapreneurs
Entrepreneurs have a long-term vision, 10-15 years. This means that they have a plan and they know what their ideal outcome looks like.
The key is to maintain a high level of focus and stay committed to the plan. It can be challenging at times, but it is more important to make sure you are not distracted by your feelings and not to try and do everything yourself. Entrepreneurs are in a mindset to think long term, with the vision of building a significant company that will last for decades.
Entrepreneurs have a long-term vision. Why? They know that in order to build something great, you need to do it slowly and steadily. Every decision becomes more expensive if you make it too early.
Intrapreneurs are not concerned with long-term goals or visions because they have an individual outcome-based focus. They think about how to make their customers happy with their product or service as they are not indulged within the company for the long run and are more worried about their salaries, a stable life with their friends and family.
9. Entrepreneurs can often create a new niche and open up new markets
Entrepreneurs have the power to create a niche for themselves in the market and make their business profitable. The options are endless. And some entrepreneurs have taken advantage of this, creating niche products that have done extremely well in the market.
Niche products can be easily targeted to specific audiences with similar tastes and preferences. This helps increase sales and keep up with the competitors because you are able to get your product noticed and draw attention to it quickly.
Entrepreneurs are always thinking of the next big idea. They tend to be creative and focused on the future of their business.
Intrapreneurs do not open up a niche by opening up a new business - it is more about merging the old with the new and trying to find an innovative way to solve a problem. The nature of this philosophy is closer to how innovation takes place in tech companies than in traditional businesses. Intrapreneurs are interested in solving problems that make an impact on their organization and often use their company’s resources for that purpose.
10. Entrepreneurs are companies focused while intrapreneurs are more focused on family and personal life
A difference between entrepreneurs and intrapreneurs is that entrepreneurs are 100% focused on their company and the company's mission. They are driven by a vision that is large in scale and requires a lot of research and hard work.
Entrepreneurs must have their heads in the game in order to succeed. They do not have the time to be distracted by anything else. They need to focus on your goals and make sure you are meeting them.
Intrapreneurs are more focused on their friends and family as compared to being workaholics. They spend time with their loved ones while taking breaks from the main focus of their work. If you are an intrapreneur, you might be spending a lot of time with your loved ones or thinking about how to improve yourself in order to make yourself a better person. You enjoy spending time with people you are close to, even if it means giving up some career opportunities.
Intrapreneurs love the work that they do, but they have a bias of putting their family first. That is why they can be found on the weekends with their friends and family members instead of working on the growth of their company.
The key difference between entrepreneurs and intrapreneurs is the two are that an intrapreneur has an idea or product they want to work on for their employer while an entrepreneur has an idea or product they want to turn into a business. The other difference between the two is that with intrapreneurs, it's not their full-time job because they work on the product as well as their own company too while entrepreneurs have just one focus which is their company.
Although Intrapreneurs are a subset of entrepreneurship there are major differences that we have discussed. Intrapreneurs are different from other traditional entrepreneurs because they don't want to start a business from scratch and instead leverage their skills and knowledge in the existing companies. They work within established organizations by taking on new roles that combine their expertise with the organization’s goals. Intrapreneurship is more about developing, managing, and transforming an organization than starting a new company.
Intrapreneurship is all about finding gaps in your business and filling them with your knowledge or skillset. It provides the opportunity to take ownership of your role, which can lead to a better understanding of what works - or doesn't work - in your enterprise while also providing financial rewards