Entrepreneurship and intrapreneurship, what are they?

By Nomhle M. Nhlapho Article 1, 2023

While entrepreneurship is a better known concept, intrapreneurship is newer and lesser known. The two are related insofar as they drive innovation and economic growth.

Entrepreneurship involves a person called an entrepreneur who seeks, identifies and creates opportunities that can be exploited by starting a new venture or business. Some traits of an entrepreneur include but are not limited to being a creative, visionary, risk-taker, and having a strong drive to achieve one’s goals. Entrepreneurs are motivated by factors such as being self-determining, the money they can get, passion and purpose. The entrepreneur also bears all the risks and benefits. There are various types of entrepreneurs including social entrepreneurs, side hustlers and serial entrepreneurs (Cadar & Badulescu, 2015).

Intrapreneurship still refers to entrepreneurial type behaviour exhibited by people called intrepreneurs however it takes place within an existing company/business. Intrapreneurs seek or identify opportunities, then they develop the idea and grow it. Intrapreneurship needs the support of, and is usually encouraged, by the company and if cultivated can benefit both parties. In this case, it is the company that bears the risk. Types of intrapreneurs include product intrapreneurs, process intrapreneurs, technology intrapreneurs and corporate entrepreneurs.

In summary, the main difference between #entrepreneurship and #intrapreneurship is context, intrapreneurship takes place within an existing company while entrepreneurs start a venture from nothing and they own the actual business. Both entrepreneurship and intrapreneurship can contribute significantly to turning around national economies, creating jobs and bringing about innovative solutions to societal challenges.

References

Cadar,?O., & Badulescu,?D. (2015). Entrepreneur, Entrepreneurship and Intrapreneurship. A Literature Review.?Economic Sciences,?2.

Seth,?S. (2014).?Entrepreneurs and Entrepreneurship: Definitions and Examples. Investopedia.?https://www.investopedia.com/articles/investing/092514/entrepreneur-vs-small-business-owner-defined.asp