Week 17: Am I an intrapreneur or entrepreneur?
A guide to understanding which path fits your individual goals and personality
Picture this: You’ve got an idea for a new project - do you go at it alone, or do it within your company to improve their current operations?
Today, we delve into a crucial decision many aspiring entrepreneurs face: choosing between intrapreneurship and entrepreneurship.
Both offer unique opportunities for innovation and impact, but they are quite different paths. Intrapreneurship involves innovating and driving change within an existing organization, leveraging its resources and structure. Whilst entrepreneurship entails creating and building a new venture from scratch, navigating risks and opportunities in the market landscape.
The best way to compare the two is to understand the characteristics of a person who can thrive in each of these journeys and the skills they should possess.
Intrapreneurship
Who thrives in it? A person with:
A Collaborative Mindset: Thrives in team environments and excels at navigating corporate structures to get different people excited about and aligned to a common goal
Adaptability: Comfortable with ambiguity and able to innovate within existing frameworks; able to navigate bureaucracy and push forward despite obstacles
Problem-solving Enthusiasm (within existing constraints): Can identify inefficiencies or gaps within an organization and propose creative solutions
Key skills needed:
Communication: Effective at pitching ideas and gaining buy-in
Project Management: Capable of leading cross-functional teams to collaborate, break siloes, and execute quickly on opportunities
Negotiation: Skilled at navigating corporate politics and securing resources
Networking: Builds strong relationships within the organization to garner support for initiatives.
Entrepreneurship
Who thrives in it? A person with:
Independence: Thrives in autonomous environments (likes being “their own boss” a lot more than an Intrapreneur) and comfortable with taking risks
Vision: Able to identify market opportunities and develop solutions from scratch, leveraging personal experience and observations
Persistence: Willing to weather much higher levels of uncertainty and setbacks on the path to success
Resourcefulness: Finds creative solutions to challenges and leverages limited resources effectively
Key skills needed:
Business Acumen: Understands market dynamics, financial management, and strategic planning - especially important for an entrepreneur, as you have limited/no guidance and support from a larger organisation
Sales and Marketing: Capable of effectively promoting products/services and acquiring customers on your own merit
Resilience: A self starter who maintains motivation and determination in the face of rejection or failure
Adaptability: Willing to pivot strategies quickly based on feedback and market changes
Which Path Is Right for You?
To determine whether intrapreneurship or entrepreneurship aligns with your strengths and goals, consider the following:
Self-Assessment: Reflect on your personality, values, and career aspirations to identify which environment suits you best.
Risk Tolerance: Evaluate your comfort level with uncertainty, financial risk, and autonomy. Where do you draw the line in each of these aspects?
Passion and Purpose: Consider whether you are more motivated by creating impact within existing structures or building something from the ground up. How much ownership / autonomy do you want to have in something you are driving forward?
Opportunity Landscape: Assess the market demand for your ideas and the resources available to support your ventures, based on your specific situation
Remember, there is no one-size-fits-all answer. Your decision should align with your unique strengths, goals, and circumstances.
Prompt of the week
Now that you have insights into the characteristics, skills, and considerations for intrapreneurship and entrepreneurship, take the next step:
Spend some time reflecting on your personal and professional aspirations, do your bit of research by seeking advice from trusted peers/mentors and those with experience in both areas, and then make an informed decision on which path you would like to take.
In many cases, people start with intrapreneurship as a first step to test the waters, before becoming an entrepreneur. And there are also cases where entrepreneurs join large corporates after exiting their businesses, to drive change from within as intrapreneurs. No one journey is the same, but knowing the pros and cons of each can help you take the right step at the right time.
Till we meet next time,
Nareen