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Social media can make most people feel pressured into becoming an entrepreneur. Becoming a "boss" is the thing now. But, not everyone is meant to own their own company and that's OK. You can step into your calling and operate in your purpose as an entrepreneur or corporate professional, also referred to as an intrapreneur. In this article, I explain the difference between an entrepreneur and an intrapreneur and the benefits when the two work together.
I'd like to first speak about entrepreneurs. Entrepreneurs build, create, shape and lead. They are the thinkers of new ideas and concepts for the overall company. Great entrepreneurs are innovators, game-changers, job creators, and business leaders. In order to be a successful entrepreneur, you must act in times of uncertainty, develop discipline and self-improvement ethos, have resiliency, vision, passion, and must continuously learn and inspire. Being self-employed can be painfully challenging at times, but when you enjoy what you do it surely doesn’t feel like work.
"Entrepreneurship is living a few years of your life like most people won't so you can spend the rest of your life like most people cant."
The pros and cons of entrepreneurship:
Pros:
Entrepreneurs are their own bosses and do not have to answer to anyone.
They get to decide who, what, when, and how when running their businesses.
Entrepreneurs get to reap the benefits of success from their hard work.
They get to make their own schedules.
They are leaders and job creators.
They get to create a meaningful life and career.
They have the freedom to work when they what, where they want, and with the people they want to work with.
Cons:
Entrepreneurs are fully responsible for all of their decisions. Even the ones that may cause financial downfall.
No days off for entrepreneurs. There is always something to do.
Entrepreneurs' financial income is solely based on every decision made whether it is good or bad.
They can experience burnout.
When first starting out, they wear all the hats in the business which can be overwhelming and stressful.
Before taking the leap into entrepreneurship, consider these pros and cons. Also, make sure you are mentally and emotionally ready to run a business.
"It's very important for entrepreneurs to look for people in the company who are not afraid of failures, for example, intrapreneurs. They make a business more successful by thinking like an entrepreneur - but within a company."
Intrapreneurs are people who are passionate about their careers although they work for someone else. They are innovative, take their jobs seriously and enjoy what they do. If something effects the company, intrapreneurs take it personally and discover ways to fix the problem. They work over 40 hours a week by putting in extra hours and they think of creative ways to enhance the company’s performance. As a result, these are the type of people to receive promotions within their jobs.If you do not feel this way about the current job you are in, find your passion and apply for a position where you can utilize your gifts. Not everyone wants to own their own company, but no one said that you cannot be a boss or leader because of that.
The pros and cons of intrapreneurship:
Pros:
A guaranteed check.
Job stability.
Is not involved with major risk-taking decisions for the company.
Don't have to burn the midnight oil.
Is not obligated to the position when ready to move on.
Can develop and gain transferrable skills.
Cons:
The Employer can lay off an intrapreneur at any given time.
Intrapreneurs have to follow all rules and procedures of the company even if they disagree with them.
Can become stuck in a position with no growth opportunities.
Can experience burnout with a heavy workload.
Benefits of Working Together
It’s a win-win situation when entrepreneurs and intrapreneurs work together. Entrepreneurs will profit from happy and productive employees who are passionate about their positions, and intrapreneurs will benefit from working with a company or individual who would help inspire and guide them into leadership.
Written by: Lee Whetstone, Founder and Editor-in-Chief
P.S. Have you grabbed our latest "Entrepreneur" issue featuring girlboss and Founder of Entrepreneurs Color Too, LLC Latoya Nicole?
