Many of us have heard of the term “entrepreneur.” Entrepreneurs are people who start their own businesses, and they make a profit. An intrapreneur is a person who works for an established company but wants to create change from within. Intrapreneurs may not be as well known as entrepreneurs, but they do exist! This blog post will discuss what an intrapreneur does and how it’s different from being an entrepreneur.
What is an entrepreneur?
An entrepreneur is a person who starts their own business.
An entrepreneur can be anyone from an individual working out of their garage to someone with a team that has been funded by venture capital, also known as VCs. Though being an entrepreneur requires a lot of hard work, it also requires the person to be willing to take risks.
Successful entrepreneurs are considered to be innovative, as they have created a unique product or service that people will want to buy. Some entrepreneurs are very successful and bring in millions of dollars each year.
Pros and Cons of Being an Entrepreneur
Entrepreneurship has been shown to have both positive and negative effects on a person’s life.
The pros of being an entrepreneur include:
- greater self-esteem
- a higher net worth than those who work for someone else,
- the ability to set your own work schedule.
- As far as the cons of entrepreneurship, they include:
The cons of being an entrepreneur include:
- longer work hours – more time spent working than with family and friends
- lack of steady income – sometimes it takes months before a business becomes profitable
- increased risk for mental disorders such as depression or anxiety
What is an intrapreneur?
An intrapreneur is a person who creates change within an existing company.
Intrapreneurs are people willing to take risks, but they work for established companies rather than start their own businesses. An intrapreneur may want to make something better or more efficient in the office they work at. If that sounds like you, then you may be an intrapreneur.
Some companies promote their employees to become intrapreneurs for them to come up with new ideas and ways of doing things – such as a better way to keep track of inventory or how the company can increase profits. Some people within these organizations are moved into senior management positions when their ideas are successful.
Pros and Cons of Being an Intrapreneur
Intrapreneurship has been shown to positively and negatively affect a person’s life, much like entrepreneurship.
The upsides of being an intrapreneur include:
- increased creativity – more opportunities to think outside the box at work
- increased responsibility – some intrapreneurs are rewarded with increased responsibilities within the company.
The downsides of being an intrapreneur include:
- not reaping the benefits of hard work – intrapreneurs are still employees of a company and must follow their rules
- less control over your own schedule – some companies require you to put in extra hours when needed.
How is an Entrepreneur Different from an Intrapreneur?
While both entrepreneurs and intrapreneurs take risks, the main difference between them is that intrapreneurs work for established companies while entrepreneurs start their own businesses.
Entrepreneur vs intrapreneur
- Entrepreneur – Bringing innovative ideas to the market
- Intrapreneur – Promoting change within an existing business.
- Entrepreneur – Innovation, increased income, autonomy
- Intrapreneur – Ability to make a change, increased responsibility
- Entrepreneur – High risk, high reward potential
- Intrapreneur – Less risk, lower reward potential
Credit for success:
- Entrepreneur – Belongs to the entrepreneur
- Intrapreneur – Belongs to the company
Deciding Whether to be an Intrapreneur or an Entrepreneur
Deciding whether to be an entrepreneur or an intrapreneur can depend on many different factors – what you’re good at, your interests, how much money you want to make, and what risks you’re willing to take.
Common skill sets and personalities of entrepreneurs:
- risk takers
- self motivated people who don’t need anyone’s help to achieve their goals.
Common skill sets and personalities of intrapreneurs:
- creative problem solvers
- often have backgrounds in marketing or design
- benefit from making a change within an established company while enjoying the security that comes
The difference between an entrepreneur and an intrapreneur is that one starts their own business while the other works within a company to promote change from within. The risks, rewards, advantages, and disadvantages of being each are different as well – so consider what you want out of your career before deciding whether you are more suited to entrepreneurship or intrapreneurship.
Which one should you become? The choice is up to you!