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Integrating Entrepreneurship and Intrapreneurship for Marketing and Innovation

2021-07-28 06:14:17
5 pages
1341 words
University/College: 
University of California, Santa Barbara
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Essay
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Intrapreneurs and entrepreneurs fundamental characteristics are more so of similar if not identical. Experiencing the best out of the benefits of an internal culture is what many of organizations seek in their daily routine which is the entrepreneurial nature. However, most of this firms end up experiencing the intrapreneurial part rather than the other (Gundogdu, 2012). Intrapreneurship is more common in developed countries like America where there are developed activities which are restrained within an organizations framework however it is also suitable for well managed upcoming companies. The two as earlier stated have adjoining similarities in terms of funding, ownership issues, cultural ideologies, and capitalization among others. The aim of this paper is to integrate entrepreneurship and intrapreneurship practices for marketing and innovation.

Entrepreneurship, a process of identifying a marketplace and grabbing its opportunities and organizing required resources to pursue the opportunities involves human talent, the fusion of technology and also capital. These resources are then used for long-term gain through investing for profit production. On the other hand, intrapreneurship is an advanced form of entrepreneurship. The reason behind this is that, the intrapreneurs are able to find solutions to ideas and convert them into profitable finished products through being inventive and innovative. The competitive economic environment requires the exploitation of both entrepreneurship an intrapreneurship to gain a competitive advantage over other firms in the industry.

Part one

Naturally, intrapreneurs and entrepreneurs are more similar to each other than they are different. According to research, it is advisable to create a culture that incorporates the entrepreneurial spirit in intrapreneurs. To start with the similarities, both are involved in risk taking which is always a major undertaking for success. Secondly, the financial incentives are not the major driving force towards their success yet both find an internal satisfaction to the work they accomplish. Despite the little support they get, either through funding or any other form, both always manage to operate under such conditions, but the environment for success is the best. Also, failure would come in if at all they have to ask permissions from others in order to have an input. Fourthly, success never comes from a silver plate, and both show the evidence of this by having long working hours and putting in all their strength to ensure success at the end.

In addition to that, you will always find the two parties trying to figure out solutions to their problems. This is either from the customers or organization at large. After figuring out this, they will always try and improve on the productivity, efficiency and capacity of the organization. To add on, the two individuals will always study the trends and opportunities where they are available and in most cases, utilize them maximumly.

Lastly, flexibility is evident in both parties as each will be ready to move to where opportunities are or even move to making progress to their companies. This are just, but a few of the things shared among the two entities concluding that there are numerous reasons why they are similar to each other.

However, the many similarities, both have their ways of investing and how they limit on risk taking. First of all, from the definition, we get to different type of people, the entrepreneur being very independent while the intrapreneur being dependent on the other, entrepreneur, that is. Secondly, when it comes to funds, it is the entrepreneurs who raise their capital whereas the intrapreneur will find a ready market and capital of which their work is only to apply their ideas. This drives us to the third fact that both parties are involved in risk taking, but the entrepreneur bears lots of risks compared to the intrapreneur.

Also, both have dreams to achieve with the entrepreneur being dominant as they have to build something out of nothing and give incorporate the intrapreneur so that they work within the organization. Lastly, entrepreneur being the owner of the company has an advantage of doing what pleases them, unlike the intrapreneur who will always seek permission from their employer who is the entrepreneur. In recent years, a trend of appointing an intrapreneur within an organization has been much noticed. This is with the aim of incorporating a competitive nature and excellence in an organization. However, it stills stands that the two individuals are more of the same than different in the workforce they are entitled to.

Part two.

Recently, many companies particularly the big ones are struggling with innovation. Investors become more conservative when they attain a certain size with their leaders becoming more and more entrepreneurial and employees also less willing to go a mile ahead. Innovation is the key to success hence without it, companies will go out of the market due to their reluctant ways of getting opportunities. It is at this point that a company needs to acquire an intrapreneur. Lately, there are several companies promoting intrapreneurship within themselves. This allows their employees to spend at least 20 percent of their time working on ideas that are not related to their routine. Such companies include Google, Intel, Apple and 3M among others. Not astonishing, this are some of the best rated and best performing companies across the world.

One of the most successful entrepreneurs is Steve Jobs with the invention of Apple company. With a diversity of other small organizations, Mac, iPod, iCloud, iPhone, iTunes, Steve Jobs Apple has made it in the business world. Steve Jobs himself was an advocate for the intrapreneurship thing and even wrote an article in the early 1980s. To ensure this was implemented, he selected few of his employees and formed another association whereby they will only be inventing and creating more products which will be run in the market. It takes more than an effort to be a successful intrapreneur. Steve Jobs being both an entrepreneur and intrapreneur, he has shown the willingness and risks for one to be at that point with his creative line of innovative products.

Clearly, it is just more than seeing that intrapreneurship is the real deal to go in the future generations. Its successes are numerous not only in the Apple company but most of the big and well thriving companies. For instance, intrapreneurship leads to a diversified line of products from a single company hence increasing the productivity of a company. It ensures risks taken by the entrepreneurs are correct and worth. Also, innovation skills of a particular company do not increase but also the entrepreneurial skills.

Talking of its failures, intrapreneurship does not disappoint at all. Intrapreneurship is only a disadvantage to the company when it comes to recruiting new staff. This would mean an increase in personnel hence more capital needed to be able to pay for the salary. Also, it can lead to over reliance of the intrapreneurs hence cause laziness to the entrepreneurs. This could make the company fall terribly if they had no reserve options. The advantages of practicing entrepreneurship out number its failure hence it is the best solution for both growing and already developed firms.

Since, the most recent couple of decades, it has been seen that individuals give value to advancements, which prompts the ascent in the number of new businesses year on year. This is on the grounds that the world is changing quickly with the progression of innovation. It has additionally brought about competition among organizations. Currently, if an enterprise needs to remain in the market with other firms, it should acquire something new in their line of products. Entrepreneurs and Intrapreneur assume a noteworthy part here, to go into new business and even markets. For an entrepreneur to have a booming business, they must embrace the fact that intrapreneurship is a game changer for every organization.

 

Bibliography

Gundogdu, Mehmet Cagri. "Re-thinking entrepreneurship, intrapreneurship, and innovation: a multi-concept perspective." Procedia-Social and Behavioral Sciences 41 (2012): 296-303.

Hadad, Shahrazad, and Ramona Cantaragiu. "Corporate social entrepreneurship versus social intrapreneurship: same idea, different trajectories?." Management & Marketing 12, no. 2 (2017): 252-276.

Yariv, Itzkovich, and Klein Galit. "Can Incivility Inhibit Intrapreneurship?." The Journal of Entrepreneurship 26, no. 1 (2017): 27-50.

 

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