Intrapreneurship is the change initiatives taken within a going concern by the people working in that organization. Hisrich and Peters define. “Intrapreneurship is the entrepreneurship within an existing organization”.
The definition implies that new initiatives, creativity, and dynamism that augment the organizational competence are intrapreneurship.
Skinner and Ivancevich observe, Intrapreneur is an entrepreneurial person employed by a corporation anti encouraged to be innovative and creative’.
The expats suggest that intrapreneurship is such a thoughtful and creative initiative taken by the person working in the organization that eventually ensures organizational success, progress, competitive edge and market sustainability.
Therefore Intrapreneurs are usually found in enterprises that encourage experimentation, tolerate failure, recognize success and share the wealth. Thus, it bridges the gap between science and market place.
Businesses today are facing hyper competition. They need Intrapreneurial spirit to bridge the gap between the demand of the market and the productive capacity of the organization.
Thus, organizations have to increase the creativity and innovation to sustain in the competitive market successfully.
Therefore organizations use reward motivation, training and development, recognition, incentives etc. to encourage incumbents to be innovative and creative so that it may get competitive method, process, product and others to win and sustain in the market.
Entrepreneurship is a dynamic process of creating incremental wealth It is the process of creating something new of value by devoting necessary time and effort bearing the accompanying financial, psychic and social risks and receiving the resulting rewards of financial gums, personal satisfaction and independence.
It increases national wealth, creates job opportunity, and prospers human civilization. Schumpeter calls entrepreneurship as an innovating function that could have a bearing on the welfare of an entrepreneur.
Intrapreneurship is the entrepreneurship within the organization undertaken by the working people for making the organization competitive and sustainable in the present market and open economy Entrepreneurship and Intrapreneurship sound similar but they have got difference in their meaning and significance.
Under this context, we can show the differences between these two concepts in the following bifurcated manner;
Differences between Entrepreneurship and Intrapreneurship
|Points of difference||Intrapreneurship||Entrepreneurship|
|Definition||Intrapreneurship is the entrepreneurship within an existing organization.||Entrepreneurship is the dynamic process of creating incremental wealth.|
|Core objective||To increase competitive strength and market sustainability of the organization.||To innovate something new of socio economic value.|
|Primary motives||Enhance rewarding capacity of the organization and autonomy.||Innovation, financial gain tad independence.|
|Activity||Direct participation, which is more that delegation of authority.||Direct and total participation in the process of innovation. _|
|Risk||Hears moderate risk.||Bears all types of risk.|
|Status||Organizational employee expecting freedom in work.||Free and sovereign person doesn’t bother with status.|
|Failure and mistakes||Keeps risky projects secret unless it is prepared due to high concern for failure and mistakes.||Recognizes mistake and failures so as to take new innovative efforts.|
|Decisions||Collaborative decisions to execute dreams.||Independent decisions to execute dreams.|
|Whom serves||Organization and intrapreneur himself.||Customers and entrepreneur himself.|
|Family heritage||May not have or a little professional post.||Professional or small business family heritage.|
|Relationship with others||Authority structure delineates the relation.||Basic relationship based on interaction and negotiation.|
|Time orientation||Self-imposed or organtzauonally stipulated time limits.||There is no time bound.|
|Focus of attention||Technology and market.||Increasing sales and sustaining competition.|
|Attitude towards destiny||Follows self-style beyond given structure.||Adaptive self-style considering Structure as inhabitants.|
|Attitude towards destiny||Strong self-confidence and hope for achieving goals.||Strong commitment to self-initiated efforts and goals.|
|Operation||Operates from inside the organization.||Operates from outside the organization.|