Entrepreneurship and Intrapreneurship
What is Intrapreneurship?: Intrapreneurship is the practice of entrepreneurship by employees within an organization. Difference between an entrepreneur and an intrapreneur:
An entrepreneur takes substantial risk in being the owner and operator of a business with expectations of financial profit and other rewards that the business may generate. On the contrary, an intrapreneur is an individual employed by an organization for remuneration, which is based on the financial success of the unit he is responsible for. Intrapreneurs share the same traits as entrepreneurs such as conviction, zeal and insight. As the intrapreneur continues to expresses his ideas vigorously, it will reveal the gap between the philosophy of the organization and the employee. If the organization supports him in pursuing his ideas, he succeeds. If not, he is likely to leave the organization and set up his own business. Example of intrapreneurship: A woman is employed by the proprietor of a secondary school to become the principal. The principal takes risks, and is innovative of new ideas that would be of great advantage to the school. This is intrapreneurship. The principal is not taking risk for her personal business; it’s for her employer- the proprietor. Features of Intrapreneurship: Entrepreneurship involves innovation, the ability to take risk and creativity. An entrepreneur will be able to look at things in novel ways. He will have the capacity to take calculated risk and to accept failure as a learning point. An intrapreneur thinks like an entrepreneur looking out for opportunities, which profit the organization. Intrapreneurship is a novel way of making organizations more profitable where imaginative employees entertain entrepreneurial thoughts. It is in the interest of an organization to encourage intrapreneurs. Intrapreneurship is a significant method for companies to reinvent themselves and improve performance. In a recent study,...
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