Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship ecosystem.
On the other
hand intrapreneur, to mean "A
person within a large corporation who takes direct responsibility for turning
an idea into a profitable finished product through assertive risk-taking and
innovation"[citation needed].
Intrapreneurship is now known as the practice of a corporate management style
that integrates risk-taking and innovation approaches, as well as the reward
and motivational techniques, that are more traditionally thought of as being
the province of entrepreneurship.
A entrepreneur is a factor in microeconomics,
and the study of entrepreneurship reaches back to the work in the late 17th and
early 18th centuries of Richard Cantillon and Adam Smith,
which was foundational to classical economics.
On the other
hand "Intrapreneurship refers to
employee initiatives in organizations to undertake something new, without being
asked to do so." [5]
Hence, the intrapreneur focuses on innovation and creativity, and
transforms an idea into a profitable venture, while operating within the
organizational environment. Thus, intrapreneurs are Inside entrepreneurs
who follow the goal of the organization.
Entrepreneurial activities differ substantially depending on the type of organization and creativity involved. Entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that create many jobs. Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) in order to raise capital for building the business.
On the other
hand Intrapreneurship is an example of
motivation through job design, either formally or informally. (See also Corporate Social Entrepreneurship:
intrapreneurship within the firm which is driven to produce social capital in
addition to economic capital.) Employees, such as marketing executives[6]
or perhaps those engaged in a special project within a larger firm, are
encouraged to behave as entrepreneurs, even though they have the resources,
capabilities and security of the larger firm to draw upon.