Intrapreneur vs Entrepreneur: Exploring the Key Differences and Importance of Intrapreneurship for Entrepreneurial Employees

First, let's talk about the difference between an entrepreneur and an intrapreneur. While both are involved in innovation and problem-solving, entrepreneurs are typically individuals who start their own business ventures, while intrapreneurs work within an existing organisation to drive innovation and positive change.

Being an intrapreneur means taking ownership of your work and actively seeking out ways to improve processes and drive growth within the organisation. This often involves taking risks and pushing boundaries, much like an entrepreneur would. Intrapreneurs are also able to identify new business opportunities and work to implement them within the organisation, driving both short-term and long-term growth.

Who is an Intrapreneur?
An intrapreneur is someone who takes ownership of their work and finds new and creative ways to solve problems and drive change within an organisation. They are proactive, resourceful, and willing to take risks to bring new ideas to life.

Intrapreneurs identify and pursue new business opportunities, streamline processes, and drive innovation within the structure and support of a larger organisation.

Characteristics of an Intrapreneur
Intrapreneurs possess several key characteristics that set them apart from their peers. They are risk-takers who are willing to disrupt the status quo and pursue their ideas, even if they may fail. They are innovators who can develop long-term solutions to problems and generate creative ideas to alter how consumers perceive a product, service, or enterprise.

Intrapreneurs are also challengers who question various processes or systems within a company, often coming up with exceptional ideas that align with the company's brand. They are responsible individuals who follow through on their promises and remain open and honest. Their independence of thought and ambition usually drive them to do things independently, and they are optimistic individuals who create a positive atmosphere in the workplace.

Why Intrapreneurship is Important?
Intrapreneurship fosters a culture of innovation within an organisation by encouraging employees to think and act like entrepreneurs. Intrapreneurs can make a real impact on a company's bottom line by identifying new business opportunities, streamlining processes, and driving innovation. It also provides a platform for employees to advance their careers by taking on new challenges and responsibilities.

Enabling Entrepreneurial Employees
For companies to enable entrepreneurial employees to become intrapreneurs, they need to foster a culture of innovation and provide the necessary support and resources. This can be achieved through a variety of initiatives, such as innovation labs, hackathons, or innovation challenges.
Companies also need to empower employees to take risks and provide opportunities for them to lead new projects and initiatives.

Entrepreneurship education and training programs can also play a vital role in enabling employees to become intrapreneurs. The Creo Incubator entrepreneurship course, for example, provides comprehensive training on the different stages of the entrepreneurial process and how to apply design thinking methodologies to solve complex problems. By providing employees with the necessary tools and resources, companies can enable their entrepreneurial employees to become intrapreneurs and drive innovation within the organisation.

There are several types of corporate innovation strategies that businesses can implement to drive growth and stay competitive in their respective industries. Some of the most common strategies include:

 1.     Incremental innovation: This involves making small improvements to existing products, services, or processes. It is a low-risk strategy that can yield consistent results and help maintain a company's competitive position.

2.     Disruptive innovation: This involves creating new products, services, or business models that disrupt existing markets and create new ones. It is a high-risk strategy that can yield significant rewards but also requires significant investment and a willingness to challenge the status quo.

3.     Open innovation: This involves collaborating with external partners, such as customers, suppliers, or universities, to generate new ideas and bring products to market more quickly. It is a strategy that can lead to breakthrough innovations but requires a culture of collaboration and open communication.

4.     Blue ocean strategy: This involves creating new markets or industries by offering innovative products or services that are not currently available. It is a high-risk strategy that requires a deep understanding of customer needs and a willingness to take bold risks.

5.     Platform strategy: This involves creating a platform that enables third-party developers to create complementary products or services. It is a strategy that can lead to significant growth and new revenue streams but requires a significant investment in building and maintaining the platform.

6.     Acquisition strategy: This involves acquiring or merging with companies that have complementary products or services to expand the company's offerings and customer base. It is a strategy that can lead to rapid growth and market dominance but requires careful due diligence and integration planning.

By adopting one or a combination of these corporate innovation strategies, businesses can drive growth, improve their competitive position, and stay ahead of the curve in an ever-changing business landscape.

Intrapreneurship is an essential aspect of fostering a culture of innovation within an organisation. Intrapreneurs possess key characteristics such as being risk-takers, innovators, challengers, responsible, independent, and optimistic.

By enabling entrepreneurial employees to become intrapreneurs, companies can drive innovation, identify new business opportunities, and streamline processes.

By providing entrepreneurship education and training programs, companies can empower their employees with the necessary tools and resources to become successful intrapreneurs. So, start honing your intrapreneurial skills today and unleash inner entrepreneurs within your organisation!