Entrepreneurship and Intrapreneurship
Entrepreneurship may be defined as the process of action and entrepreneur undertakes to establish his Enterprise. Entrepreneurship involves fusion of capital, technology and human talent. It is the process of identifying opportunities in the market place, arranging the resources required to pursue the opportunities and investing the resources to exploit the opportunities for long-term gains. It is a dynamic and risky process.
Entrepreneurship is related to starting a new business enterprise with the motive to earn profits production of marketing of goods and services with the ability to take maximum advantage of factors of production at minimum risk.
Entrepreneur is the process in which other new ventures are born within an established organisation and may include development of new products, entering new markets and commercialization of new technology. It is the town given to the establishment and fostering entrepreneurial activity in large organisation which either improve the existing products and services or brand new products.
Main objective is to Fast track product development to take the advantage of a new opportunity or to assess visibility of a new processor design.
Intrapreneur is a person with a large Corporation who takes responsibility for converting an idea into a profitable finished product through Innovation and assertiveness taking. They are the “dreamers who do” those who take hands on responsibility for creating innovation of any kind within an organisation.
Essentials for intrapreneurship:
- Employees should be given freedom to make Limited changes.
- There should be free flow of ideas for sharing of Ideas among the employees.
- Employees should be motivated and rewarded from time to time.
- To improve the key skills of the employees proper training should be given.
- Commitment from senior management.
- Flexible organisational design.
- Adequate strategic and teamwork.
Advantages of intrapreneurship
- Promotes trust: Entrepreneurship promotes sharing and trust ultimately result in spreading to enthusiasm and excitement to others.
- International success: The companies can try to attain International success by promoting intrapreneurship.
- Development of organisation: Organisation have enough financial and non financial resources that can be tapped by an intrapreneur for the development of organisation.
- Intrapreneurship is perceived as a way to avoid stagnation and decline.
- Intrapreneurship helps in effective adjustment to change in the market and unusual business environment.
- Performance maximization: It minimises politics and maximizes the performance as a criteria for advancement.
- It is the best way to best competition and thrive in uncertain market conditions.
Disadvantages of Intrapreneurship
- Feeling of disappointment among the employees if they face failure while trying their new ideas.
- Possible drain of to job companie’s resources such as time, labour, capital if not managed properly.
- Intrapreneurs frequently lag behind others in climbing the corporate ladder.
- In order to take up intrapreneurship an organisation has to bear a lot of risk.
- Objectives of top executives may sometimes conflict with that of intrapreneurs.
Similarities between Entrepreneur and Intrapreneur
- Both involve large investments in the form of capital and resources.
- Both focus on creation of value added products or services.
- Both involves risk.
- Both focus on innovation.
Difference Between Entrepreneurship and Intrapreneurship
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