All the business enthusiasts might have a curiosity to know the difference between entrepreneur and intrapreneur. Some might even look for this even before finalizing their idea of entrepreneurship. So, here is a clear understanding of how an entrepreneur is different from an intrapreneur.
Know the Difference between entrepreneur and intrapreneur
Firstly let us understand the clear cut responsibilities of an entrepreneur.
Who is an entrepreneur?
An entrepreneur is a backbone who designs and launches an idea into a new business. Basically it is someone who initiates an idea from scratch which means that they will bear all the risks and rewards that come along while initiating a business. He curates an idea by using his own resources. They have complete control over decision-making and can select their own team based on their personal experiences and goals.
An entrepreneur faces his share of struggles for locating appropriate investors and makes the full use of it. They are the key component of the greater economy because their skills are necessary for anticipating the customers and potential buyers by executing the new idea into the market. The whole entrepreneurial process begins with the creation of business plan which refers to a document having every detail about a newly formed company.
Who is an intrapreneur?
Now let’s move further to understand the roles and responsibilities of intrapreneurs to know the clear difference between entrepreneur and intrapreneur.
An intrapreneur is someone who strategies on developing new ideas an products within the confines of the business that is already established. It is like that the entrepreneur locates a perfect property and the intrapreneur takes lead in building a perfect home. They share their creativity to innovate within the existing business. But they don’t have complete control over the decision-making as they have to align their decisions with the company’s objectives.
Their hardwork can lead to the company’s success owned by the entrepreneur, so, whatever they do, the success and failures are shared by the company only. From an intern to the vice-president, an intrapreneur can be anybody. Successful intrapreneur only foster innovation for the company they work for. While working on a project, intrapreneurs will have company resources at their call to ensure that the project executes smoothly. So this is the difference between entrepreneur and intrapreneur.
Key difference between Entrepreneur and Intrapreneur
Understand the 5 key difference between entrepreneur and intrapreneur.
- Risk Assumption – Entrepreneurs takes all the risks on his shoulders while intrapreneur shares risks with the company.
- Independence – Entrepreneurs have full autonomy and independence while intrapreneurs need to align with the company’s policies.
- Brand Building – Entrepreneurs creates the brand while an intrapreneur curates ideas to build the brand.
- Vision – Entrepreneurs develop and chase the vision while intrapreneur aligns with the company’s vision.
- Team Formation – Entrepreneurs handpick their own team while an intrapreneur has to align with the existing team.
These were the basic difference between an entrepreneur and intrapreneur. Since past few years, it is observed that people give more value to new innovations leading to the increase in the number of startups. Both the roles have their own advantages and disadvantages and we have listed all the basic difference between an entrepreneur and intrapreneur so now, the choice is yours to decide under which category you classify your skills.
Feature Image – Canva, Knot9
If you loved the brief and clear difference between entrepreneur and intrapreneur then do have a look at This 35-YO Becomes Plant-Loving Entrepreneur While Juggling Full-Time Job & 100 Other Responsibilities- Started Flora Frenzy