Entrepreneur And Entrepreneur Essay

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To understand the key differences between intrapreneurs and entrepreneurs in terms of personalities, we should go over three main points which are the person risk-tolerance, personal skills, and the ability to recognize market opportunities. In the business world, higher risk means higher earnings. Therefore, studies show that intrapreneurs who are more risk averse are less financially rewarded compared to independent entrepreneurs who are more risk-tolerated. Intrapreneurs attend to take less risky projects as opposed to entrepreneurs who are more willing to take full responsibility for their projects and care less about the consequences in case of failure. Intrapreneurs sensitivity toward risk taking can be accredited to personality traits…show more content…
Entrepreneurs are changing the business world for the better by creating valuable innovative firms that became a key player in strengthening the global economy. But who said there always a necessity to establish new ventures to implant new ideas! Even within existing corporates there is always room to create and innovate ‘Intrapreneurship represent the initiation and implementation of innovative systems and practices within an organization, by some of its staff under the supervision of a manager who takes the role of an intrapreneur, in order to improve the economical performance of the organization, by using a part of its resources’ (MAIER, 2011, p. 971) . Starting a new business as an intrapreneur has a lot of advantages from using company’s funding and human capital to the benefit of using all company resource to make the project work. When starting a new venture inside a corporate, intrapreneur should start by identifying the right opportunity for the company and find the link between the identify opportunity and the core competence of the company. Although he is not taking any personal risk, intrapreneur should draw a well-defined business plan to ensure that he is investing the company’s resources in the right place. When the time comes to build a team, intrapreneur should search for colleagues who possess skills he doesn’t have ‘External entrepreneurs are constantly making deals for free or low-cost assets and resources. Entrepreneurs inside do likewise but they are also acutely looking for employee partners and supportive bosses (or at least passive ones) as they build a marketplace and political support for their evolving idea’ (Yakowicz, 2014). The next stage will be to set a marketing plan and since it’s an online business it should be taken into consideration the general theme of the website, the tools that will help the company to best serve its customer,
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