Differentiate between entrepreneur and intrapreneur.
An entrepreneur is a person who takes risks to start a business venture in order to earn profit. They foresee opportunities for products and services and coordinate with the factors of production to establish an enterprise. Entrepreneurs display qualities like initiative, knowledge, skill, risk-taking ability, adaptability, and self-confidence. They act as innovators, organisers, and risk bearers.
On the contrary, an intrapreneur is an employee of an organisation who promotes innovation among the employees of the organisation. They are hired to bring about success in a business venture.
While both share values of innovation and creativity, the key difference lies in their position—entrepreneurs own and establish enterprises independently, whereas intrapreneurs work within existing organisations as employees.
Explanation
This answer draws directly from Section 13.1.3 of the textbook which explicitly differentiates between entrepreneurs and intrapreneurs. The key distinctions are: (1) Entrepreneurs take risks to start their own ventures while intrapreneurs are employees within existing organisations, (2) Entrepreneurs coordinate factors of production to establish enterprises while intrapreneurs promote innovation among employees, (3) Entrepreneurs are wealth creators who bear all uncertainties, while intrapreneurs are hired specifically to bring success to business ventures. The answer maintains the 80-120 word limit appropriate for a 3-mark question.