Did you know that 90% of business start-ups fail according to Demandsage? There are many factors that can negatively impact the success of a business, such as lack of motivation.
However, there are many ways that a business can succeed. For example, entrepreneurs and intrapreneurs with motivation and determination can help a business thrive. But, what’s the difference between an entrepreneur and an intrapreneur? Keep reading to find out!
What is an Entrepreneur?
Simply put, an entrepreneur is someone who starts their own business with the goal of making a difference or earning profit. Entrepreneurs usually have goals or dreams of running their own business, creating a type of product, or simply being their own boss – free from the 9-5 work life.
Some examples of successful entrepreneurs include Jeff Bezos (the CEO of Amazon), Mark Zuckerberg (the co-founder of Facebook), and Bill Gates (the co-founder of Microsoft).
Benefits of Being an Entrepreneur
- You can be your own boss
- You’re in control of your working hours
- You can pursue your dreams
- Job security
- You have the potential to make a good amount of profit
If you are someone who likes the idea of financial freedom, being your own boss, and having flexible working hours, then an entrepreneur route may be right for you. However, being your own boss isn’t always smooth sailing. It can take time to grow your business, and you are likely to meet obstacles along the way.
Drawbacks of Being an Entrepreneur
- Financial stress
- Risk of failure
- Unpredictable income
- Responsibility overload
So, if you are considering opening a business, it is important to consider the pros and cons that come with it.
What is an Intrapreneur?
An intrapreneur is similar to an entrepreneur; however, the only difference is that an intrapreneur works inside of an existing business instead of starting their own business. They come up with ideas and help within the company. Some examples of successful entrepreneurs include Ken Kutaragi (he invented the Playstation) and Paul Buchheit (inventor of Gmail).
Benefits of Being an Intrapreneur
- Lower risks
- Job stability
- You have the potential to pursue your passions
- Financially stable
Although being an intrapreneur may seem appealing, there are still some disadvantages that you should be aware of, such as:
Drawbacks of Being an Intrapreneur
- You won’t be your own boss
- You won’t have control over the hours you work
- Limited earning potential
All job roles have pros and cons, which is why it is important to weigh them up to see which is best for you. For example, if you don’t fancy taking the risk of running your own business but like the idea of working for a company, then an Intrapreneur may be the role for you.
Entrepreneur vs Intrapreneur
Now that you have a better understanding of an entrepreneur and intrapreneur, let’s discuss the differences between the two.
| Entrepreneur | Intrapreneur |
|---|---|
| Starts their own business | Works within a business |
| Takes personal financial risks for the business | Takes risks within the company’s framework |
| Uses their own personal resources | Uses the company’s resources |
| Aims to build and grow their own business | Aims to improve and help grow the company |
Entrepreneurs are risk-takers who want to start a business or make a difference in the world, whereas intrapreneurs don’t really take risks and work within a business to help a company thrive.
Take Ken Kutaragi, also known as the ‘Father of PlayStation’, started off as an engineer working on audio chips for Sony before he convinced Sony to partner with Nintendo for a CD-ROM add-on.
However, this deal fell through, but Ken Kutaragi continued to create the PlayStation independently. Long story short, he succeeded and is now the creator of PlayStation having revolutionised the gaming industry.
Grow Your Business With MOVE
If you are a business owner and feel that you could benefit from that extra bit of support, then we can help. Running a business can be hard and we understand that more than anyone. We are here to support your business to help you overcome challenges and be the best you can be.
We offer a wide range of services such as business coaching, online meetings from the comfort of your own home, and much more. If you want to grow your business or speak to a member of our team, don’t hesitate to contact us today at 07852 970 718. We look forward to hearing from you!
Mark is a multi-award winner in business networking and relationship building. He is passionate about coaching and mentoring business owners and professionals through 1-1 & group coaching, team performance workshops and group mastermind sessions.