31 January 2013 Homework:
The Economist - Idea:
Entrepreneurship
Jean-Baptiste Say, a
French economist who first coined the word entrepreneur in about 1800, said:
“The entrepreneur shifts economic resources out of an area of lower and into an
area of higher productivity and greater yield.” One dictionary says an entrepreneur
is “one who undertakes an enterprise, especially a contractor acting as the
intermediary between capital and labour”.
Entrepreneurship is the
special collection of skills possessed by an entrepreneur. They include a
propensity to take risks over and above the normal, and a desire to create
wealth. Entrepreneurs are people who find ways round business difficulties;
they persevere with a business plan at times when others run for the shelter of
full-time employment elsewhere.
They are also opportunistic,
sometimes ruthless to a fault. Abraham Zaleznik, a Harvard Business School
professor, once said, “I think if we want to understand the entrepreneur, we
should look at the juvenile delinquent”.
Until recently, there was
a general feeling that entrepreneurs were born not made. The skills they
required were, it was thought, either learned at the dinner table when young,
or they were instinctive, a “seat of the pants” thing. The Economist
once wrote (see article), “Entrepreneurs—the most successful, though
not the only, practitioners of innovation—rarely stop to examine how they do
it.”
The main constraint on
entrepreneurs has traditionally been a shortage of finance, not of ideas. The
old picture was of the entrepreneur, brimming with bright ideas, beating a path
to the closed doors of one bank after another. In recent years, however, a
whole industry has grown up—the venture-capital industry—to meet the financial
needs of entrepreneurs and to share in the fruits of their endeavour.
Those fruits are usually
gathered through a listing on a quoted stock exchange. A number of small
exchanges have been set up especially to encourage small entrepreneurial firms
to follow this route.
Some management writers have
tried to take the idea of entrepreneurship into big organisations, encouraging
full-time employees (on monthly salaries and the promise of a pension) to think
like entrepreneurs. The idea has been dubbed “intrapreneurship”. One definition
says that intrapreneurship is “the introduction and implementation of a
significant innovation for the firm by one or more employees working within an
established organisation”.
The selling of the Post-It note (see article) by Spence
Silver, an employee of 3M, is one of the classic and most quoted examples of
intrapreneurship. 3M has been particularly successful at encouraging
intrapreneurs. It maintains that the first thing you have to do is to create a
corporate culture which permits ideas to blossom. “You have to kiss a lot of
frogs to find the prince,” the company told The Economist. “But
remember, one prince can pay for a lot of frogs.”
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Respond:
1)What is your definition of
entrepreneurship?
2)What is your definition of intrapreneurship?
3)Would you rather be an intrapreneur or
an entrepreneur? Why?
4)Do you think more innovation
(generally) stems from entrepreneurs or intrapreneurs?
Why?
1) My definition of entrepreneurship is the act of someone who has an idea or sees an opportunity and wants to attempt to change it. Usually entrepreneurs use creativity to find an idea, which can be the spark to an empire with which they can earn a lot of money, but at the beginning doesn’t have resources with which he can bring on his project.
ReplyDelete2) My definition of intrapreneurship is the act of someone who belongs in an established society or business, which has an idea that revolutionizes or innovates something, but has all the resources of the business to develop this product.
3) I would rather be an entrepreneur than an intrapreneur because an entrepreneur gets his own idea from outside a company and develops it. Instead an intrapreneur develops an idea from inside a company. The entrepreneur is disadvantaged because he has a limited amount of money to develop the idea and maybe has to ask for loans to the banks while the intrapreneur gets all the resources available from the company. But the problem is that an intrapreneur will earn much less money than an entrepreneur. This is due to the fact that the company in which the intrapreneur works in will get the idea and make money on behalf of the inventor while he will only receive a bonus or a percentage of the earning of the product. Instead the entrepreneur will earn all the money that his idea does. Even though the risks that an entrepreneur has in the making process of the product at the end he will be able to earn more money if his idea will have success.
4) I think that usually innovation stems from entrepreneurs. This is due to the fact that they usually have the most innovative ideas. This results from the fact that entrepreneurs do not know very well what happens in the industries and how things are formed. So people external to these environments are more likely to have innovative ideas while the intrapreneurs who know about these technologies are limited because this knowledge limits their creativity. The intrapreneurs have become more then the entrepreneurs, in my opinion, because maybe all employees in a industry may become intrapreneurs even the employee at McDonalds and the employee in Apple. Even though this has happened the entrepreneurs have more inspiration than the intrapreneurs.
1) My definition of entrepreneur is someone who sees an opportunity for change; therefore entrepreneurship is the act of undertaking a challenge or an opportunity to change or at least attempt to change something that needs improvement.
ReplyDelete2) My definition of intrapreneur is an entrepreneur who has the knowledge and resources of a company or enterprise to sustain him. Intrapreneurship means undertaking a challenge or an opportunity to change, however the business backs the intrapreneur and whether his idea works or not he will still get paid at the end of the month.
3) I would rather be an intrapreneur, the reason behind my choice or the logic behind my choice is pretty straightforward. The first reason is that by working in a competent business or enterprise I would have the knowledge and would understand better how the market works. The second reason is that I’d have the business to back me up (most of the times) with resources and if my idea doesn’t work out I’ll still get my salary at the end of the month so I’m not at risk of going bankrupt if my idea doesn’t work.
4) More innovation stems from entrepreneurs definitely, however in most of the cases they don’t have the capabilities or resources to expand their ideas into actual products. Intrapreneurs work for companies which means that they already have their job to worry about or perhaps their company set some policies regarding intrapreneurship which doesn’t allow them to use the business’ resources therefore they wouldn’t even think about creating something new.
1) My definition of entrepreneur is someone who has the opportunity and the capability to make a change in the world or simply in a society, so entrepreneurship could be considered a simple mission that has to be completed to make a huge change for someone or a country or make an improvement on something that already exists.
ReplyDelete2) My definition of intrapreneur is a person who has already undertook a carrier as an entrepreneur who has a basis, company, enterprise or foundation which can sustain his “improvements” economically. As many other people said on the blog and intrapreneurship will always be paid at the end of the months for what he has produced whether is idea was rejected or refused because they didn’t like it.
3)If I had to choose between an intrapreneur and an entrepreneur, I would surely be an intrapreneur and my reasons are clear:
1. I wouldn’t need to create my own company
2. The company would sustain economically my ideas
3. At the end of the month I would always be paid if my ideas were rejected
One of the two reasons though that I wouldn’t choose to be an intrapreneur is because I would always be under a huge amount of pressure being under the “scary boss!!”. The second reason is that while being an intrapreneur inside a big company if you develop a millionaire idea they would only give you a small percentage of the profit, instead and entrepreneur would get surely the 80% out of it after gaining back all the extras spent to “create” or “develop” the idea.
4)The most innovations come from entrepreneurs because as we know they have a freedom from any sort of contract or company, because they own it themselves; because of this their brain is constantly looking for something new that would bring the benefit and profit directly to them. In the opposite case being an intrapreneur is sometimes limited because of very strict policies written in contracts, which say that they can develop ideas only for that company and that while working on a project no ideas can be spread ect… these are some of the limitations. We should also include in the limitations that being an intrapreneur you have to follow the project idea of the company and base your “invention” on that, instead being an entrepreneur you just muse about what you want without sticking to an idea or project.
1)My definition for an entrepreneur is someone who has an innovative idea. A person who has the opportunity to develop their idea and make a big change in the world by taking some risks.
ReplyDelete2)My definition of an intrapreneur is someone who has an innovative idea but has to develop it under certain conditions of a company.
3)I would be an intrapreneur because if have an idea I could develop it without any risks and going on bankrupt. If my idea doesn’t work, it wouldn’t be a big problem and I would have experience wrking with things like this so I have a less chance to fail.
4)More innovation stems from entrepreneurs because the have more freedom to work on their idea. They can expand it and do anything with it. While an intrapreneur had to work under the company and doesn’t have the liberty to work as he or she wants to. And entrepreneur is able to earn more money but however there are many risk to face especially regarding with money.
1. My definition of entrepreneurship is the ability and act to take risks. The ability that one has to come up with an idea, believe in the success of the idea, and working hard to "get the ball rolling", working hard to inhence that idea, and turn it into something prosperous. It's not easy, as it has happened in the past that many courageous entrepreneurs have failed in coming up with that one perfect idea. Entrepreneurship is a challenging ability, as it takes bright minds, perfect ideas, courage, and hard work. Once a person goes through all those stages, then "the ball begins to roll on it's own", meaning that it will be the people, society, to love your idea and turning it into something huge.
ReplyDelete2. intrapreneurship is the act of being and thinking like an entrpreneur, however your working within a large organization. It is very much like entrepreneurship, one must think in exactly the same way, however your idea will be comfronted and become a success trhough the company or organization you are working for. While an entrepreneur gets all of the success to him, as well as all the hard work, an intrepreneur shares the success and becomes successful along the company or organization.
3. I would personally be an intrepreneur rather than an entrepreneur due to the simple fact that an entrepreneur is very much and pretty much indipendent, an entrepreneur must work all on his own, in all areas. Instead and intrepreneur has a great amount of help from the company or organization he/she is working for. One must simply come up with the idea, and then from there on the company will be by your side every step of the way, helping greatly in all areas, financially and more. Sure, it is not said that if one is an intrepreneur and comes up with an idea that it will definitely be accepted by the company. The company must first agree and like one's idea. Instead an entrepreneur has no one in front of them, meaning one comes up woth an idea, believes it has potential, and begins to work. They both have positive and negative sides to them, however after evaluating them both, I personally believe an intrepreneur is in a better position.
4. I believe that their are more innovation stems from entrepreneurs, that is because they have much more freedom in choosing any new idea from any field. Instead an intrepreneur is limited in innovations, meaning he/she must come up with an idea within the limits the companies establishes. Lets take for example the brand Adidas, and i'm an intrepreneur working for Adidas, which as we all know,produce almost anything in the field of sports. If I came up with a brilliant idea of a TV which is only dedicated to sports, and I choose any sort of ball from any sort of sport, example a soccer ball, and insert it in a box connected to the TV, and on the TV there will appear various channels only dedicated to soccer, sure, it's a good idea however Adidas most likely might not agree with that idea due to the fact that it goes beyond their limiattions. Instead if I was and entrepreneur and I worked hard to make this TV, it could become a hige success for the millions of sports fans in the world. Therefore sure, an entrepreneur has more innovation stems than an intrepreneur, howeve as mentioned in the previous answer, an intrepreneur has a great amount of help and support from the company.
1.In my opinion an enterpreneurship is the ability of take risks and challenges. Enterpreneurship is owning and expanding a buinsess. An enterpreneur to be succesful needs to have innovative ideas and in some ways change the world.
ReplyDelete2. Intrapreneurship, is the ability of impoving or expandng a buisness with new ideas or products. An intrapreneur is someone that launches a new product or idea. the difference between an intrapreneur and an enterpreneur, is that an intrapreneur does not own the buisness but operates under someone who owns the buisness and finances the development of the prduct.
3.I'd rather be an entepreneur because an enterpreneur owns his own buisness. Generally an enterpreneur's profits are higher that an intrapreneur, and and enterpreneur has the possibility of operating changes within the buisness and take decisions.
4.Innovation can both stem from enterpreneur and intrapreneurs. Both of them can have innovative ideas, the difference between them is that not everyone has the financial possibilities of opening a buisness. Generally an intrapreneur would need to have innovative ideas because if he didn't, there wouldn't be any reasons for making him an intrapreneur.
1) My idea of modern day entrepreneurship would be the pursuit of creating a business without aid from companies. An entrepreneur is someone who has multiple ideas for business ventures and attempts to make a business out of one, or many, of their ideas. To be an entrepreneur you have to be innovative, wise, and willing to take risks in an endeavor to create a business. Being an entrepreneur is very difficult and not every one can be an entrepreneur.
ReplyDelete2) My idea of modern day intrapreneurship would be working within the confines of an established enterprise in order to adapt or create new products. Intrapreneurship has it’s benefits and disadvantages because intrapreneurs have many more resources than entrepreneurs, although the capital gained is less since it's distributed within the company and the intrapreneur. So if you are an intrapreneur you might not earn more money from your ideas as compared to an entrepreneur, but on the other hand you have a steady job while an entrepreneur depends on the money his/her ideas make.
3) Personally if I had to choose between being an entrepreneur or an intrapreneur I would choose to be an intrapreneur. I would be an intrapreneur because an intrapreneur’s life is more stable than that of an entrepreneur. By that I mean, intrapreneurs have (near) unlimited resources and funds while an entrepreneur has to use materials available to him/her and ask for loans from banks. Also intrapreneurs have jobs so if their ideas don’t pan out they can still continue working, however an entrepreneur practically lives of the profits his/her ideas generate. Although being an intrapreneur you have a less chance at becoming rich, because your ideas belong to the company that you work for, but they have a more stable life (in general) compared to entrepreneurs.
4) I think that entrepreneurs tend to create brand new ideas; where as intrapreneurs tend to better a companies product or create a new product in the companies name. Intrapreneurs on the other hand have more resources and money at their disposal, and they have the legal rights to look at the blueprints of their companies existing products. Entrepreneurs have to create their own schematics because they cant (legally) look at the blueprints of another companies product. Due to these advantages I believe that intrapreneurs are generally more innovative than entrepreneurs.
1.) My definition of entrepreneurship is the ability to make a change. Whether it's in society or business, the person who has the ability to make a change, in a non-profitable or profitable way is considered to be an entrepeneur, and in addition, takes risks to accomplish his/her goal. The mission can either be an improvement of an invented object or a new invention that could be useful and change the direction of the world or the society.
ReplyDelete2.) My definition of intrapeneurship, is a person who has the same ability, to work hard in order to make a change, but has less risks and can have the resources in order to obtain their goal. Most entrapeneurs don't have the resources enough to make the product, or the invention been used all around the globe. However, one disadvantage of being an intrapeneur is not being able to have the same success as an entrapeneur, because the entrapeneur has the success only to himself/herself, instead an entrapeneur shares the idea, or goal within the company and gradually expands with the company's name.
3.) In my opinion, I would rather be an entrapeneur. This is because the success will be recognized by only the entrapeneur and not with a company like an intrapeneur. I would rather take the risks, and try to invent and make a change rather than with a company, so people can recognize that I have made that change. Of course there would be a possibility of me failing, in which happens most of the time, and go into bankruptcy, however if i succeed, then there would be a possibility for me to be requested from many people after my success, thus it can widen my possibility of wealth, success, and to future missions.
4.) Generally, I believe the innovation stems are from entrepeneurs rather than intrepeneurs because entrepeneurs aren't limited; they can invent and show any type of invention to the world, while an intrepeneur can only invent limited products that the company works on; or else the company's mission statement would mislead. Although an intrepeneur has a lot of help and resources from the company, his/her creativity and imagination is limited, and needs to fit with the company.
1)My definition of entrepreneurship is the capacity to develop, organize, create and make a change. The aim of an entrepreneur can either be an improvement of an object that has already been invented or the creation of something that could be useful to the world.
ReplyDelete2)My definition of intrapeneurship is the creation of an idea that has to be developed under certain circumstances and conditions of a company.
3)In my opinion, I would prefer being an entrepeneur rather than an intrepeneur because I wouldn't have limitations.
4)I think that innovation stems from entrepreneurs: they can create new ideas, show and expand them in they way they want.
1) My definition of entrepreneurship is the act of someone who has an idea or sees an opportunity and wants to attempt to change it. Usually entrepreneurs use creativity to find an idea, which can be the spark to an empire with which they can earn a lot of money, but at the beginning doesn’t have resources with which he can bring on his project.
ReplyDelete2) My definition of intrapreneurship is the act of someone who belongs in an established society or business, which has an idea that revolutionizes or innovates something, but has all the resources of the business to develop this product.
3) I would rather be an entrepreneur than an intrapreneur because an entrepreneur gets his own idea from outside a company and develops it. Instead an intrapreneur develops an idea from inside a company. The entrepreneur is disadvantaged because he has a limited amount of money to develop the idea and maybe has to ask for loans to the banks while the intrapreneur gets all the resources available from the company. But the problem is that an intrapreneur will earn much less money than an entrepreneur. This is due to the fact that the company in which the intrapreneur works in will get the idea and make money on behalf of the inventor while he will only receive a bonus or a percentage of the earning of the product. Instead the entrepreneur will earn all the money that his idea does. Even though the risks that an entrepreneur has in the making process of the product at the end he will be able to earn more money if his idea will have success.
4) I think that usually innovation stems from entrepreneurs. This is due to the fact that they usually have the most innovative ideas. This results from the fact that entrepreneurs do not know very well what happens in the industries and how things are formed. So people external to these environments are more likely to have innovative ideas while the intrapreneurs who know about these technologies are limited because this knowledge limits their creativity. The intrapreneurs have become more then the entrepreneurs, in my opinion, because maybe all employees in a industry may become intrapreneurs even the employee at McDonalds and the employee in Apple. Even though this has happened the entrepreneurs have more inspiration than the intrapreneurs.
1)What is your definition of entrepreneurship?
ReplyDelete2)What is your definition of intrapreneurship?
3)Would you rather be an intrapreneur or an entrepreneur? Why?
4)Do you think more innovation (generally) stems from entrepreneurs or intrapreneurs? Why?
1) Entreprenourship is the ability to make a change with an original idea that will have a great impact on the consumer.
2) Intreprenourship follows the same idea of entrepreneurship, but is for people that don't have the money or the rank to produce a product, so they need to presuade a major investor to produce the product. Intrepreneours first of all gain less money and sometimes are also less sicure than entrepreneurs so they don't want to lose too much.
3) It depends, if i'm sure that my product will sell without the help of a big sponsor i would be a entrepreneur, while if I am not that sure and I need a help also with a sponsor i would be a intrerpeneur. It really depends on the idea.
4)I think innovation usally stems form entrepreneurs. Because entrepreneurs look for a new idea, while intrepreneurs could be normal workers that have a brilliant idea while they work on other products. I think that tommy's example is a very good explanation of intrapreneurs difference form entrepreneurs.