Entrepreneurship – Coursework Example
Entrepreneurship refers to the skills and the ability to identify, nurture, and develop business ideas by articulating external resources and opportunities. For instance, a businessperson identifying a gap in market niche and looks for ways to satisfy that need can be termed as an entrepreneur. Arguably, personalities such as Richard Branson can serve as a good example of an entrepreneur. Intrapreneurship on the other hand refers to the ability to identify issues, bottlenecks, and opportunities for improvement within an organization. For instance, an employee who identifies a new way of reducing production time and costs or refining a supply chain can be called an intrapreneur.
Both entrepreneurs and intrapreneurs have an eye of recognizing an opportunity for business or improvements. Additionally, both are self-driven, visionary, and risk takers especially when an opportunity for innovation presents itself. Interestingly, both concepts require courage and boldness to try new things out of the comfort zone with the knowledge that new thinking can be a source of success or failure. On the other hand, entrepreneurship and intrapreneurship are significantly different in that whereas entrepreneurship involves risk taking in the external environment, the latter enjoys the comfort of well established organization. Whereas entrepreneurs enjoy the freedom of wild thinking, intrapreneurs have to think within the confines of the organization. Unlike entrepreneurs, intrapreneurs only benefit marginally from their input into an organization. However, risks taken by intrapreneurs can be easily absorbed by the organization as opposed to entrepreneurs who carry all the risks.
As a financial analyst in a healthcare institution, my role lies squarely on intrapreneurship. Considering that I am an employee within a large organization, I can only contribute by suggesting new ways of doing things within the institution. As a financial analyst, I do not have the capacity to venture into new business on behalf of the organization. My role provides me with a significant role as an intrapreneur considering that I do financial analysis on daily basis and hence I can point out many areas in need of innovation or improvement.