What is Intrapreneurship?
Entrepreneurs are people who take risk of investment under uncertainties of market to generate profit. The carry out of entrepreneurship by the members of a large organization is intrapreneurship, and, intrapreneurs are those who work as large organizations, and thereby take lager risks of investment for lager profits, by exploiting market under uncertainties. In a definition we can say, “An intrapreneur is the one who turns an idea into a final product by innovation and calculated risk for his big organization. The only difference between an entrepreneur and intrapreneur being their scale of operation, an entrepreneur’s scale of operation is smaller than an intrapreneur. The term intrepreneur was first used in a paper written by Gifford & Elizabeth in 1978
Characteristics of Intrapreneurship
Intrapreneurship or entrepreneurship is characterized by novelty, creativity, innovation, and the skill to take calculated risk. Learning from the past failures and utilizing the experience for future developments are crucial elements of intrapreneurship. Approaching opportunities and exploiting them to escalate business by maximizing profits is his purpose.
Entrepreneurial thoughts, like more and more business and thereby profits, are the central theme of an intrapreneur’s thinking. Practicing intrapreneurship is the key factor in constantly improving and re-inventing organizations performance.
Intrapreneurs, as contrast to entrepreneurs, appear to be those who are less interested in starting a new venture, but may do it for many reasons. However, enterpreneurship is likely to be the choice of educated human capital and people with substantial experience.
Companies encourage Intrapreneurship
The initiative taken by the employees of big organization without any supervision can be said to be intrapreneurship. An intrapreneur is characterized by creativity and innovation, and turns an idea into a profitable reality while working within the environment of the organization and following its goal. Informal or formal motivation using job-design is an instance of intrapreneurship.
Corporate social entrepreneurship involves creation of social capital along with economic capital, is a form of intrapreneurship. Employees working on special projects with bigger organizations or marketing executive are often motivated to act as entrepreneurs, even when they are backed by organizations resources.
Experiments, learning from failure and resource-conservation are encouraged in intrapreneurship and in bettering the prospects of a stagnant business without being too risky and raising the question of accountability.