Entrepreneur and Intrapreneur- who they are actually? Being an Entrepreneur comes with lots of responsibilities and commitments. Though it looks great to be in business and run a company. They come up with some crucial works as well. An Entrepreneur is the most commonly used and heard word. But did you know about Intrapreneur?
Who is an Entrepreneur?
An Entrepreneur is a person who starts a new business. It will be built with a unique thought, idea or product. An entrepreneur might initiate a business in any field. It does not pertain to one thing. And to be one, that person must be ready to face a lot of things. Like managing a crew, finances, marketing, sales and everything.
Who is an Intrapreneur?
An Intrapreneur is a person who does all the things as an entrepreneur. But the only difference is that this person will not be the one who founded this company. Intrapreneur also works in the company like other employees.
Well now that you know the definition of both, let us look at some discrepancies between them.
The Difference Between an Entrepreneur and Intrapreneur
Let us look at the differences between these.
Entrepreneur:
- Is a person who builds his own company.
- Can make any decisions for the company,
- Have the materials and sources.
- Must have invested in the company.
- Can be independent.
- As a founder, this person becomes the entrepreneur automatically.
- Will be recognized in the market.
Intrapreneur:
- Is a person who works in a company
- Can’t make decisions without the consent of higher officials.
- Must use company’s material and sources.
- No need to invest in the company.
- Works for the company as an employee – hired to be one.
- Will be facing the market with the identity of the company.
Types of Entrepreneurs
Innovators
They come up with new ideas and they turn that into business. They think differently from others and that’s what makes them the one ideal for the business. They have passion and they work for that with a force. They come up with good ideas, a solutions to bigger problems and thus make business out of that.
Hustlers
They are the ones who hustle for a while. They think more like an innovator but they come up with ideas. Brings in small solutions first and then try to scale their business from there. They work a lot and put in a lot to achieve their dream and passions.
Imitators
They copy from the creators and put in the same ideas and effort. They do it with a different approach, but the structure and system remain the same.
Researchers
They think a lot, and they will be the in research state a lot. Good research is ideal for a business. But if you have to learn everything and set out, you can’t start a business. Action is needed, and implementation is needed when you set out. You learn from success and from failures and that’s how you grow. However, a researcher does not take any chance for failure.
Buyers
They are the customers who purchase from them. They get products or services and they invest in it as well.
Benefits of being an Entrepreneur
- Can be the boss.
- Can make decisions for the company.
- You don’t need anybody’s approval.
- Build your dream into reality.
- Work for your passion.
- Get most of the finance share.
- Can impact others with your product or service.
Benefits of being an Intrapreneur
- You have fewer risks compared to an entrepreneur.
- Can work independently from other employees.
- Will boost your career.
- Can be a huge part of the success of the company.
- Can share ideas and suggestions for the growth of the company.
Challenges Faced by an Entrepreneur
- You will have to bear all the successes and failures.
- Have to handle the business problems, finances and sales.
- It can be stressful to manage everything.
- Have to work round the clock.
- Must be there for the business wherever needed.
- Can’t have work-life balance.
Challenges Faced by an Intrapreneur
- You have to work under your boss.
- You put a lot of effort similar to your boss but you lack power.
- You have less control in making decisions.
- Get paid for your work.
- If the company does not make success it will affect your career advancement.
Wrap Up
To wrap up with Entrepreneur and Intrapreneur- differences and challenges, an entrepreneur comes with new products and services. Whereas an intrapreneur is an employee who works for the company. The former must be intuitive and the latter must be restorative. The former must raise funds and manage the finances of the company. The latter gets paid for the work. The former builds the company on his own. And the latter be a part of the company.
The former can make decisions for the firm and take all the responsibilities. While the latter also takes care of the risks of the firm. The former works hard for the passion and dream that one has built. The latter works for the organization. These are the key differences between Entrepreneur and Intrapreneur. To know more about ecommerce related information you can subscribe to the website and share your valuable comments in the comment box- Firsthub Blogs.