Everyday, the global modern and business world gives birth to new notions and concepts that conform to forms and strategies of development.
Intrapreneurship and Extrapreneurship are the two latest word of the business and economic world.
While they haven’t been incorporated to the English Dictionary, their word structure indicates strong relation to ‘Entrepreneurship’ , and by understanding their suffixes, they can be said to have something to do with internal (intrapreneurship) and outer (Extrapreneurship).
So what exactly are these concepts?
Gifford Pinchott (1985) defined intrapreneurship as entrepreneurship inside of the corporation where individuals will champion new ideas from development to complete profitable reality. This definition has however been expanded to include the need to recognize that entrepreneurial activities revolve around organizational sanctions and resource commitments for the purpose of innovative results.
Generally speaking, an intrapreneur or Corporate intrapreneur is one who develops an idea that doesn’t yet exist. At the early stage of idea project, the individual may be specialized in one area such as engineering or marketing, but as he develops the idea, he/she learns all facets of the project, thus becoming multi-skilled
Unlike intrapreneurship which is defined as the ability of the company to
utilize the entrepreneurship skills of its employees for the benefits of the company, Extrapreneurship involves sales of a product or service idea, created by someone else to a company. It can be said to be similar to the job of a consultant.
One major difference between the two terms is that Extrapreneurship usually involves immigration of the talent.
Intrapreneurship & Extrapreneurship as new concepts of Entrepreneurship are bound to become parts of our daily living and business.