Corporate Entrepreneurship sample essay
1. Differentiate Entrepreneurship, Intrapreneurship, Ultrapreneurship? Entrepreneurship talks about the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. When we Say Entrepreneurship this will also talks about a certain entrepreneurs who manage their own business in some reason. The most obvious example of entrepreneurship is the starting of new businesses. Entrepreneurship comes from the French verb ‘Entreprendre’ which means ‘to undertake’. Difference between an entrepreneurship and an intrapreneurship: An entrepreneur takes substantial risk in being the owner and operator of a business with expectations of financial profit and other rewards that the business may generate. On the contrary, an intrapreneur is an individual employed by an organization for remuneration, which is based on the financial success of the unit he is responsible for. An Intrapreneurship or intrapreneur is someone who works within a company to develop an idea into a workable product.
Like an entrepreneur, an intrapreneur is driven, motive, creative, and able to think outside of the box. He or she must be able to examine an idea, identify its merits, and work on developing the idea into something workable in the real world. Intrapreneurs learn from their experiences as they develop new projects and they take lessons from both successes and failures. Unlike entrepreneurs, intrapreneurs are far less exposed to the risk of failure. They have the substantial finances of the company back their efforts, and they can also take advantage of connections, experience, and skills available to the company.
Ultrapreneur – is like also an intrapreneur in such a way that they are part of an existing org. large or small. Ultrapreneur is an enterprising or entrepreneurial fellow but his innovation commences within the organization itself and whose impacts may extend beyond the organization to which he or she is directly a part. Ultrapreneurship is an holistic approach encompassing all aspects of one’s life including entrepreneurship, health and well being, family, spirituality, morality and mentality which come together to provide supreme balance.
2. General advantage of corporate entrepreneurship then entrepreneurship? We have so many advantages when we are under corporate Entrepreneurship rather than in Entrepreneurship. To site some of the advantages: a. Large companies implementing entrepreneurial culture can receive many benefits to help them tap into innovation and be competitive in this global market. b. Another advantage of corporate entrepreneurship is that it brings knowledge as everyone in the organization works towards the same goal. This creates valuable knowledge and understanding between all members. c. Corporate entrepreneurial advantages are ventures, innovation and renewal.
Corporate entrepreneurship is especially crucial for large companies, enabling these organizations that are traditionally averse to risk-taking to innovate, driving leaders and teams toward an increased level of corporate enterprising. In addition to the obvious benefits obtained through innovation, this approach also provides the organizational benefit of setting the stage for leadership continuity. In a simpler view, corporate entrepreneurship can also be considered a means of organizational renewal. For in addition to its focus on innovation, there also exists an equal drive toward venturing. These two work in unison as the company undertakes innovations across the entire organizational spectrum, from product and process to technology and administration. In addition, venturing is a primary component in the process, pushing larger companies to enhance their overall competitiveness in the marketplace by taking bigger risks.
3. Entrapreneurship, Intrapreneurship or Ultrapreneurship which do you prefer? Entrepreneurship, for me this is the best, why? Because with this I can develop financial independence, it means having a cash to buy what I want. I can set my own schedules, I can bring my ideas into realization, I have the freedom to create and decide for my own business. With this also I can eliminate the fear of being fired in a certain organization, I can create a legacy in my own field and I can also gain my personal fulfillment by pursuing my dreams and passion.
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