Intrapreneurship Vs Entrepreneurship - What's The Difference?

Entrepreneurship is the art of starting a business from scratch and growing it with consistent effort. However, entrepreneurs are not alone in this journey. They have the support of skilled and passionate team members who are aligned with the company's vision and mission. They are involved in the entire process, from the brainstorming stage to the delivery phase. They own the projects and put their best foot forward to accomplish business goals. These individuals become intrapreneurs because of their contributions and responsibilities.

Entrepreneurs delegate their workload to the competent employees who work for them. Intrapreneurs are motivated to perform for higher salaries, recognition and professional growth. They are highly reliable and talented workers with excellent work ethics and the enthusiasm to be known for their work. Let us help you determine how intrapreneurs and entrepreneurs differ. It helps to understand their roles and responsibilities within the organisation.

1. Who Is an Entrepreneur?

Entrepreneurs are resilient and determined individuals with the vision to make it big. They launch their own businesses or purchase a business for sale United Kingdom to become the owners of an organisation. They are risk-takers who want to disrupt the industry with novel ideas and products. They secure funds through business loans, bootstrapping, and investors to build the organisation based on the business plan.

They develop the structure and hierarchy and create processes and policies to run the operations. Entrepreneurs also hire a team of experts who help them achieve their goals. They monitor and control all functions to ensure efficiency and quality standards. They are constantly involved in business development and growth through various endeavours.

2. Who Is An Intrapreneur?

Intrapreneurs are far-sighted employees with an imaginative streak who focus on creativity and innovation. They build new products, technologies and processes using the resources provided by their entrepreneurs. They do not own businesses but work as employees for business owners. They use their innovative approach to help entrepreneurs grow their businesses and create market differentiation.

They do not have to secure funds or hire people to do things for them. Intrapreneurs rely on the business owner to provide all the requirements needed to think outside the box and create an enticing value proposition for customers. They are not directly affected by the company's profits and losses because they are employees and not owners.

3. Role of Entrepreneurs in the Business

Entrepreneurs showcase leadership skills and occupy the senior most position in the organisation. They are responsible for decision-making, cash flow management, employee engagement, delegation of responsibilities to teams, assigning KPIs to team members, measuring the performance of every member, and recognising and rewarding the best workers.

They must also track market changes, customer behaviour trends, and technological advancements disrupting industries. They must ensure the entity is protected from internal challenges and uncertain economic conditions. They must keep looking for new opportunities to gain a wider market share and increase revenue. Whether they launch a start-up or purchase a business for sale in the United Kingdom, they have to generate more sales and reduce costs every year.

4. Role of Intrapreneurs in the Business

Intrapreneurs are go-getters who constantly work on improving existing processes in the organisation to enhance productivity. They are skilled and ingenious individuals who want to create new products, marketing ideas, campaigns, and operational activities to boost the business.

They collaborate with their team members to complete projects on time and identify ways of reducing timelines. They are proactive and self-motivated workers who maintain the growth momentum by making the business improve. They build new products and services that can better cater to the needs of the target audience and heighten profits. They help in the diversification of offerings and expanding the income streams.

5. Benefits of Becoming an Entrepreneur

Many individuals feel stifled while working for others. They want to create their own ventures where they can control everything. Thus, they prefer entrepreneurship that can begin through a start-up or by acquiring a business for sale in the United Kingdom. It gives them the advantage of being the boss and formulating strategies. They are the leaders responsible for the growth and prowess of the entity.

Entrepreneurs are financially independent and enjoy autonomy in their organisations. They can follow their passions, increase their wealth, and build successful careers. They are satisfied with their work and can keep learning and growing throughout their entrepreneurial journey.

6. Drawbacks of Being an Entrepreneur

Entrepreneurship is challenging and financially distressing if the business idea fails to take off or the entity does not survive the market obstacles and competition. It is a stressful job that requires constant effort to achieve goals and drive revenue. Entrepreneurs must keep evolving to make their businesses stand out in the competitive marketplace and stay flexible to adapt to new tech and trends.

Entrepreneurs have millions of tasks lined up daily and must track, manage and control everything. They are usually overburdened and must evade the risks and challenges of a changing marketplace. Stabilising the entity and making it resilient can become a constant struggle.

7. Benefits of being an Intrapreneur

Intrapreneurs are not directly affected by the business's financial problems. They do not have to take personal risks while creating and launching products. They enjoy autonomy and empowerment while using the resources of the entrepreneur. They do not have to bear the stress and workload like the entrepreneur because they can leave the organisation at any time.

They are fully satisfied with their work because they can use their ideas and creativity without restrictions. They get training, support, equipment and mentorship from the entrepreneur to grow effectively. They learn and advance in their careers quickly.

8. Drawbacks of Being an Intrapreneur

Individuals with innovative brains may not be in favour of buying a United Kingdom business for sale to become their own boss. However, it is not the smartest move because they are not completely free to make decisions. Their ideas and innovations are used by a company owned by someone else, and they also retain the profits.

The entrepreneur makes the final call about any new product or idea, and sometimes, they may not even credit the intrapreneurs. They are dependent on the entrepreneur for resources and may not get the desired materials and tech tools needed to deliver the output.

Wrapping Up

Entrepreneurship is quite different from intrapreneurship because of the differences in ownership, responsibilities, risk levels, motives, and position. Both are important for an organisation's growth and development but have their own place and goals to fulfil.