The Difference Between Entrepreneurship and Intrapreneurship
Entrepreneurship and intrapreneurship have a lot in common, but there are key differences that sets them apart. Both involve the development of new and innovative ideas, but entrepreneurship is generally associated with the creation of new businesses while intrapreneurship occurs within an established organization.
Entrepreneurship
Entrepreneurship is the process of identifying a need and creating a new business venture to address that need. This often involves taking calculated risks and bringing together people, resources, and finances to make it happen. Entrepreneurs often work independently or in small teams and are responsible for generating their own revenue.
One of the main characteristics of entrepreneurship is the drive to create something new. This often involves developing a product or service that is unique or improves upon existing offerings. Entrepreneurs also need to be skilled at managing risk and uncertainty, and need to be adaptable to changing market conditions.
Intrapreneurship
Intrapreneurship involves using entrepreneurial skills and innovative thinking within an established organization. This often involves identifying new opportunities or ways to improve existing operations, products or services. Intrapreneurs may be employees or contractors working within the organization, and often have the support of management to develop and implement their ideas.
Unlike entrepreneurship, intrapreneurship has access to existing resources and support systems within the organization. However, as with entrepreneurship, intrapreneurs need to be able to manage risk and uncertainty and be able to navigate corporate politics and bureaucracy to get their ideas approved and implemented.
Examples
There are many examples of both entrepreneurship and intrapreneurship in action. One notable entrepreneurship success story is that of AirBnB, which disrupted the hotel industry by creating a platform for people to rent out their homes and apartments. Intrapreneurship success stories include innovation within established companies such as Google’s creation of Google Maps and Apple’s development of the iPod.
Conclusion
Entrepreneurship and intrapreneurship are both important for driving innovation and economic growth. While they share many similarities, including the need for innovation and risk-taking, the differences lie in the scope of the projects and the resources available to the entrepreneur or intrapreneur. By understanding the differences between entrepreneurship and intrapreneurship, individuals can better evaluate their own strengths and identify the best path for their career aspirations.
