Entrepreneurship vs. Intrapreneurship

A person who takes the initiative to create new products, services, or businesses by identifying opportunities, gathering resources, and assuming risks.

The process of creating new ventures, products, or services by recognizing opportunities, utilizing resources, and implementing innovative ideas.

Entrepreneurship that takes place within an existing organization. It involves using entrepreneurial principles to create new products, services, or processes within the company.

Entrepreneurs are not born with special abilities; they develop them through learning, experience, and perseverance.

Entrepreneurs take calculated risks, not reckless ones. They carefully assess potential outcomes and mitigate risks.

Entrepreneurs can succeed by improving existing products or services, bringing them to new markets, or creating new business models.

While entrepreneurship can lead to wealth, it's not guaranteed. Success depends on factors beyond just financial returns.

Being first to market can be beneficial, but success depends on factors such as market demand, product quality, and execution.

A good product is necessary, but not sufficient for business success. Factors like marketing, sales, and customer service also play crucial roles.

While significant funding can be helpful, many successful businesses start with limited resources. Entrepreneurs can leverage creativity and resourcefulness.

Age is not a limitation for entrepreneurship. Individuals of all ages can successfully start and run businesses.

The political environment influences entrepreneurial decisions because it shapes regulations, taxes, and government support for businesses.

The social and economic factors that affect entrepreneurship. This includes factors like demographics, cultural norms, and economic stability.

The availability of technology and its impact on business operations and innovation. Technological advancements can create new opportunities and disrupt existing industries.

The legal framework that governs business activities. This includes laws related to contracts, intellectual property, and corporate governance.

The essential infrastructure that supports business operations, including transportation, communication networks, and energy supplies.

The ability to imagine and articulate a compelling vision for the future, inspiring others to follow.

A strong inner drive and determination to achieve goals, even in the face of setbacks.

Working diligently and consistently to achieve goals, putting in the effort required for success.

The knowledge and expertise required to navigate the complexities of business, including market understanding, operations management, and finance.

The ability to plan carefully and strategically, anticipating challenges and creating solutions.

An adaptable and responsive approach to change, embracing new ideas and responding to market fluctuations.

A positive outlook and optimistic attitude, believing in one's abilities and the potential for success.

Social entrepreneurship focuses on using business principles to solve social problems and create positive change in the world.

The combination of social and economic factors that influence a business's environment. This includes demographics, cultural norms, income levels, and education.

The organized system that a country uses to allocate resources and distribute goods and services among its population. Examples include capitalism, socialism, and mixed systems.

Improvements in technology that can enhance business operations, create new products, and increase efficiency.

A legal environment that supports entrepreneurship by providing a clear framework for starting and running a business, protecting intellectual property, and ensuring fair competition.

The fundamental infrastructure that underpins a country's economy, enabling businesses to operate effectively. This includes transportation networks, communication systems, and energy infrastructure.