How do entrepreneurship and intrapreneurship differ?

Entrepreneurship involves starting a new business, while intrapreneurship involves innovating within an existing organisation.

Entrepreneurship is the process of creating a new business venture, often from scratch. It involves identifying a market opportunity, developing a business plan, acquiring resources and taking on financial risk in the hope of making a profit. Entrepreneurs are typically independent, self-motivated individuals who are willing to take risks and face the uncertainty of starting a new business. They are responsible for every aspect of their business, from product development to marketing and sales.

In contrast, intrapreneurship is the act of behaving like an entrepreneur while working within a large organisation. Intrapreneurs are employees who are tasked with developing innovative ideas and projects that can lead to improved products, services or processes. They are given the freedom and resources to experiment and innovate, but without the financial risk associated with entrepreneurship. Intrapreneurs often work in teams and have the support of their organisation, which can provide them with resources and expertise that may not be available to entrepreneurs.

While both entrepreneurship and intrapreneurship involve innovation and risk-taking, the key difference lies in the context in which they operate. Entrepreneurs start their own businesses and bear the full risk of their venture, while intrapreneurs work within the safety of an existing organisation. However, both play a crucial role in driving innovation and economic growth. Entrepreneurs can disrupt existing markets and create new ones, while intrapreneurs can help established companies stay competitive by fostering innovation from within.