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Intrapreneurship vs Entrepreneurship Entrepreneurs can be found anywhere whereas intrapreneurs are found, rather encouraged within the confines

s of an organization While entrepreneurs face hurdles in the form of ridicule and setbacks from the society in general intrapreneurs have to face rivalry within the organization they work. Entrepreneurs find it difficult to arrange resources while they are readily available to intrapreneurs.

Articles : Entrepreneur Vs Entrepreneurship


by Yogesh Huja Social Strategist Likes (0) Message Entrepreneur Vs Entrepreneurship Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities. Entrepreneurship is often a difficult undertaking, as a majority of new businesses fail. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities. An entrepreneur (a loanword from French introduced and first defined by an Irish economist named Richard Cantillon) is a person who undertakes and operates a new enterprise or venture and assumes some accountability for the inherent risks. Entrepreneurship is often difficult, as many new ventures fail. In the context of the creation of for-profit enterprises, entrepreneur is often synonymous with founder. Most commonly, the term entrepreneur applies to someone who establishes a new entity to offer a new or existing product or service into a new or existing market, whether a for profit or not-for-profit outcome. Business entrepreneurs often have strong beliefs about a market opportunity and are willing to accept a high level of personal, professional or financial risk to pursue that opportunity. Business entrepreneurs are viewed as fundamentally important in U.S. culture as critical components of its capitalistic society. [26.07:445] on 1-Nov-08 10:52am

Attributes and Characteristics of a successful Entrepreneur Many people believe they have the attributes to be successful entrepreneurs. However, most of them are driven primarily by disenchantment with their present jobs. They long for the independence and freedom that owning a business represents. They forget that the rewards of owning a business are accompanied by the risks and uncertainty their present employer is assuming for them. They want the glory, but they may not have what it takes to tough it out on their own. If you think you've got what it takes to run your own show, read on and see if you can identify with some common characteristics of successful entrepreneurs. They are highly self-confident individuals with extremely high standards. They are hard-driving, emotionally charged, overly energetic people, who will judge both themselves and their employees harshly when even minor mistakes are made. They strive to maintain absolute control over their destinies. Most have little, if any, management

experience but have worked in a large organization where they were frustrated by the slow pace, politics and inefficiency. They are goal-oriented to a fault, and they cannot tolerate mediocrity or failure. Success is the only result acceptable to them, and they are workaholics in their quest. While they are willing to make great sacrifices to achieve success, they are also impatient and bored by the planning and administrative aspects of their companies, often ignoring these tasks. They have large egos needing to be nurtured. They tend to believe they are always right, and it is difficult for them to heed the advice of others (no matter how sound the advice) when it differs from their own beliefs. They are calculated risk takers. They tend to have a gut feeling to guide them, and they are willing to "bet the store" on their choices. They are good communicators who can generate enthusiasm within others because they believe so deeply in their cause. However, they sometimes have trouble accepting the fact that their employees are not driven by the same inner motivation to succeed. Therefore, they often fail to properly motivate their own employees. They are weak in money matters, seeing cash only as a means to an end, rather than as an essential commodity needing to be constantly and carefully monitored. Either they are so positive they will succeed that financial planning seems irrelevant to them, or they are so uncomfortable in dealing with finances that they avoid money matters as much as possible, hoping they will go away. They are totally focused on their own super-widget. Left to their own devices, they may manufacture enough super-widgets to fill an entire warehouse before they realize they should have worried about marketing long before they began the production process. Because they are so self-confident, energetic and driven to succeed, they often perceive themselves as infallible. If they read about something, they believe they can accomplish it. They fail to realize, often until it's too late, that no amount of drive or raw talent can substitute for experience. Above all, they are visionaries. They see a vision of the future, and they strive against all odds to make their vision a reality.

Role of Entrepreneur in Indian economy and developing economies A system of entrepreneurship has evolved in the U. S. that has been quite successful and that may have considerable applicability to some other technologically advanced countries, such as Germany and Japan, which appear to need more economic dynamism. The system needs modification however, for underdeveloped economies like India's. In particular, I believe that the optimal role for individual entrepreneurs - and the public policies necessary to support this role - are somewhat different in India than in an advanced economy. In advanced countries, most resources are already in or near their highest-valued use. Any increase in their productivity requires new technologies (broadly defined). Without new technologies, economic growth winds down and business life stagnates. In the U.S., small businesses started by individual entrepreneurs and the initiative of large established companies play complementary roles in developing new technologies. Startups have advantages in conducting low budget experiments on novel ideas. Although the results achieved by any single startup are not dramatic, their collective efforts transform novel yet primitive ideas into technologies of demonstrable commercial viability. And as these technologies appear ready for prime time, large established companies (or transitional companies seeking to become large) mobilize the resources

required for these technologies' mass use. It's pointless to argue about whether the contributions of the small or the large companies are more important. Technological progress in advanced economies requires both types of contributions.* In an under-developed economy, however, increases in living standards do not require U.S.-style technological innovation. Almost by definition, the actual productivity of its resources is below that in developed economies since the technologies in wide use in it are inferior to the technologies already introduced and in extensive use in developed economies. Rapid growth can be achieved merely through the introduction into and diffusion through the economy of such superior technologies. (A contrary view is that poor countries need to evolve "appropriate" technologies of their own to raise their productivity.) Moreover, the returns from investing in new technologies are generally lower than the returns from acquiring and implementing existing technologies from the developed countries. This is because existing technologies can be acquired at lower costs since the outlays required for their development have already been incurred. And although there is some uncertainty about the fit of transplanted technologies with the local environment, the basic technical and market risks are long gone. Therefore resources devoted to innovation would actually impair growth by diverting resources from the more valuable tasks of adopting known-to-be superior technologies. This has implications for the role of wealth-constrained individual entrepreneurs in an underdeveloped economy and their relationship to large organizations. An ample supply of applicable, unexploited technologies from the developed world will, barring perverse policy interventions, supplant most of the demand that would otherwise have existed for innovations from indigenous entrepreneurs. Therefore, one of the important roles that entrepreneurs play in the U.S., namely, their role in early-stage innovation, has relatively little value in India. Moreover, individual entrepreneurs do not have the capital and personnel required to acquire technologies from abroad. Proven technologies usually require large-scale operation. New technologies often start-out in niche markets; their subsequent application to mass use turns on the realization of significant economies of scale, through mass production techniques, for instance. So by the time many technologies become proven they are no longer suited for entrepreneurs' small startup businesses. In addition, the acquisition of proven technologies, even when it is just a matter of copying or reverse engineering, involves fixed costs. These costs are more easily amortized by a large enterprise. And, large, established organizations (including wealthy family groups) have natural advantages in mobilizing the resources required to operate a large-scale enterprise. So, much of the low-hanging fruit offered by proven overseas technologies lies outside the reach of wealth-constrained individual entrepreneurs. This does not mean, though, that small entrepreneurs cannot contribute to underdeveloped countries' progress in catching up. Even in the U.S., experimenting with completely new technologies is only one of the contributions that individual entrepreneurs make to economic growth. The entrepreneurs' capacity to try out highly novel ideas has value not just in the very early stages of a new technology; even after the basic elements of a new technology have been proven, considerable trial and error is necessary for its widespread diffusion. Thus, low budget entrepreneurs played the preeminent role in the development of the personal computer between 1975 and 1980. Yet, their contribution didn't end after IBM entered the market in 1981. In the decades that followed, entrepreneurs helped develop a host of complementary products and services that made the PC a ubiquitous artifact.

Similarly, the successful implementation of technologies that are 'new' to India will almost certainly require a host of new complementary goods and services to make them suitable for local use. Individual entrepreneurs who have a comparative advantage is conducting low budget experiments can play a critical role in developing such small-scale complements, many of them unique to the less developed economy. For instance, large companies may have an advantage in acquiring and implementing modern technologies to build automobiles; however the widespread diffusion of the new automobiles requires a host of new distribution and servicing outlets. Individual entrepreneurs may enjoy advantages in starting these outlets.

Entrepreneurial Culture - Six Constituents of an Entrepreneurial Culture: 1. The most effective way to change an existing organizational culture is by creating individual entrepreneurial units on the edge of organizational structures. 2. In order to transform existing cultures, we must first begin with the mindset of its people. By identifying their individual meanings, beliefs and values and combining these with their interests, strengths and talents, we can begin to align the person's individual purpose with the leader's compelling vision. 3. The entrepreneurial vision must be powerful enough not only to sustain this transformation, but must also inspire confidence and trust by allowing each of these units enough freedom and flexibility in order to develop, grow and compete in today's complex, chaotic and rapidly-changing global environment. 4. As individual profit centres, each unit provides opportunities for more effective resource allocation and a stronger customer focus. 5. Employees think and act as entrepreneurs, leading to a greater degree of involvement and freedom to create their individualized networks. 6. As the number of these entrepreneurial units increases, more leaders are needed to drive these enterprises. A strong entrepreneurial culture creates leaders from within. Culture is a hot buzzword among corporate and entrepreneurial companies alike. It's what everyone is striving for, what brings on the loyalty, what attracts and keeps the really awesome employees. If done right, it seems so simple. Good corporate culture, in its purest sense, and at its most successful, has the look and feel of something organic and uncontrived, something that just exists. But alas, there's the rub, and at once the wonderful twist: Corporate culture cannot, does not and never will exist "just because." Culture is a balancing act between many elements of a company and requires careful execution at each level. This is especially true for entrepreneurial companies, where what's going on is the building of a business as well as a culture. Corporate culture must be led, nurtured, constantly monitored and adjusted. Much like a "culture" in a petri dish, it requires that you combine the right ingredients, in the right way, to ensure that what you grow is not an aberration of your intentions. Laying the Groundwork When I founded Net Daemons, my computer consulting company, I had very definite ideas of what I wanted to provide for our future employees, a safe and comfortable environment, which enabled people to learn, grow and, at the same time, focus on their day-to-day work. From early on, I felt it was important to treat every employee with trust and respect. That meant assuming automatically that each was an honest, hard-working, reliable and dependable individual. Rather than requiring all employees show up at nine and leave at five, for example, I expected each person to do the job assigned, and to apply the right amount of time and quality of skills toward the accomplishment of each task.

While I wasn't aware, back then, that I was creating what is now considered "corporate culture," I knew I was looking to create a place of employment where employees were at once valued for who they were and what they brought to the table. This was critical for our business, which sold knowledge and a system of collaboration between some 45 engineers providing network-administration and internet-development solutions. If a team isn't in sync, you can't sell a team approach, and you're no better than the single consultant. What Makes a Culture Entrepreneurial As one of our engineers once put it, in an entrepreneurial culture, work is more than a job, it's a lifestyle. Employees are more like a team than in most companies, and in some cases, we're even like a family. What also evolved was a set of rules for creating and maintaining NDA's petri dish. In creating your own, consider these rules: Treat people with respect. This is a very simple premise, which threads through each and every complicated issue that can arise within a company. Respect and trust provide the necessary base for a vibrant and sustainable corporate culture. Help employees stay healthy. When employees get sick, they miss work, so it makes sense to offer health insurance as a benefit. We covered 100% of employee health plans. I never want an employee to experience a catastrophic illness and not be covered by insurance. We also offered unlimited sick time. While I had seen this type of policy backfire elsewhere, it nonetheless allowed people to be sick when they really were sick, and not feel obligated to gobble up each "allotted" sick day. You may also want to add a wellness allowance for health-club membership. Open doors to communication. Create an environment where people can interact with each other, support each other and recognize each other's efforts and achievements. Provide positive rewards for positive behavior. Share information, so that employees are aware of the direction of the company and are involved in it. Use all-hands meetings for financial and operational information, team-building and social events. Offer incentive programs to reward effort and improve quality of life. Build camaraderie. Make time for people to get to know each other and the company. We held an annual off-site meeting to build team spirit and discuss where the company was going. At such events you can also distribute and share your business plan and discuss issues and ideas raised by your strategies. Maintaining Entrepreneurial Culture Once you have healthy, trusted and informed employees, don't let the culture that's evolving just be. It needs to be watched so that it grows as you intended. The trick is standing back, but not too far back. In maintaining your culture, consider these rules. Let the team build itself. Within that safe, comfortable, open environment, let employees grow together without being made to. Participate without controlling. Let the culture thrive, without your either meddling with it or ignoring it. Don't forget the little things. Culture is made up of many small actions that, when put together, create something larger than the sum of the parts. There are many things a CEO can do to make employees feel a part of the company. Some are just common courtesies: hallway conversations, saying "hello" in the morning, opening doors, asking after people's families and partners. Others are little extras, such as flowers to say thank you and happy-birthday e-mail messages. Eating lunch with employees, helping spouses find jobs and participating in team events show that you, the CEO, are involved with your employees. Treating employees with respect helps enable them to do their jobs to the best of their abilities. If you challenge people to raise their bars, provide fun activities, keep people informed and humanize your management, you get culture. From these basics, you will grow in your petri dish a strong, healthy culture that will allow you, your company and your employees to flourish.

Creating Entrepreneurial Venture Developing a Business Plan for a start-up business is the primary focus of this course. You will spend a significant amount of time researching and writing the Business Plan. With this goal in mind, the course covers the following key areas: Identifying entrepreneurship - What does it take to be a successful entrepreneur? How can you develop the skills, knowledge, and abilities to be a successful entrepreneur? What are your goals - lifestyle, professional and financial - for starting a business? Recognizing opportunities - Where do ideas for successful ventures come from? What business opportunities match your own personal vision? Defining a business concept - What research and information is needed to write a business concept statement? How can you identify and avoid flows in the business concept? How can you create a sustainable competitive advantage? Testing for feasibility - What factors determine the feasibility of a business? What research, information, and analysis are required to determine whether you should proceed with the business concept or evaluate the feasibility of another idea? Developing a Business Plan - What are the key components of the start-up business plan and what information is needed tin each component of the plan? What decisions about management, product/service/marketing/ and finances will create the greatest potential for success? How should the Business Plan be written and presented?