GLOBAL ENTREPRENEURSHIP AND INTRAPRENEURSHIP

Global Entrepreneurship- refers to entrepreneurship done on a worldwide basis. Global

entrepreneurs are those who seek out and conduct new and innovative business activities like
exporting, licensing, opening a new sales office, or acquiring another venture across national
borders
Global Intrapreneurship- refers to a system that allows an employee to act like an
entrepreneur within a company or other organization.
ENTREPRENEURS AND INTRAPRENEURS

An entrepreneur is an individual who designs, launches, and manages a new business, which
almost always starts out as a small business.

An intrapreneuris an individual who works on developing new ideas and products within the
confines of the business that they already work at.

Shared Traits Between Entrepreneur and Intrapreneur

 Leadership

 Adaptability

 Intelligence

Difference Between Entrepreneur and Intrapreneur Entrepreneur

Meaning: An entrepreneur develops their own business with a new concept or idea that they've
cultivated.

Objective: To bring something new to the market.

Primary Motives: Financial gain, independence, and innovation.

Risk: Every type of risk applies to the entrepreneur.

Capital and Resources: Any resources and capital are raised entirely by the entrepreneur.
Raising these funds usually involves seeking financing from angel investors and venture capital
firms.
Works For: Operates entirely separately from an organization in order to become a leader in the
market. Entrepreneurs primarily serve their customers.

Intrapreneur

Meaning: An intrapreneur is an employee of a company who uses their entrepreneurial skills

within the business to innovate in company processes, services, and products.

Objective: To directly enhance the sustainability and strength of the company that they work
for.

Primary Motives: To bolster the revenues and profits of the company they work for by making
substantial changes to the company and how they operate.

Risk: Most of the risk is taken on by the company. However, poor ideas and changes for the
business may cause intrapreneurs to be fired.

Capital and Resources: All capital and resources that are needed for the project at hand are
provided by the company.

Works For: An intrapreneur works for an organization. However, they will have some of the
freedoms that entrepreneurs have. For instance, intrapreneurs typically have complete control
over a specific project.

WHO IS AN ENTREPRENEURS AND ITS CHARACTERISTICS

TYPES OF ENTREPRENEURS
SOCIAL ENTREPRENEUR
This is an individual who pursues innovative solutions to social problems. A social entrepreneur
adopts a style of which he/she can use to create and sustain social values.

SERIAL ENTREPRENEUR
This is an individual who CONTINUOUSLY comes up with new ideas, start the
businesses and often times sell to investors or shareholders.
LIFESTYLE ENTREPRENEUR
This is an individual who creates profit from personal passion. He/she put their lifestyle ahead of
every opportunity.

QUALITIES OF AN ENTREPRENEUR
To be an Entrepreneur, you must possess most of these qualities;
1. Be open-minded
2. Problem identifier and solver
3. Passionate
4. Confident and disciplined
5. Risk-taker
6. A constant flow of ideas
7. Creative
8. Competitive
9. Opportunist
10. Determination (Strong-willed)
FUNCTIONS OF AN ENTREPRENEUR
1. Risk Taker: An Entrepreneur bears any risk in starting up and sustaining his/her
business(es).
2. Sales Person: An Entrepreneur must be a good salesman. If one cannot sell as an
entrepreneur, one cannot succeed.
3. Goal Getter: Entrepreneurs do not only set goals but also thrive so much to achieve
their goals.
4. A Leader: One challenge of being an entrepreneur is that you have to be in charge.
You must be at the forefront of your business at least during startup.
5. Decision Maker: Entrepreneurs determine the objectives of their business and they
should know what is suitable per time.
6. Identifies and Solves Problem: An entrepreneur is quick to identify any problem
facing his/her business and immediately seeks a solution.

ENTREPRENEURSHIP AND ENTREPRENEURIAL PROCESS

1) Deciding to Become an Entrepreneur : In order to become their own boss, follow their
own ideas and realize their financial expectations, individuals decide to become an
entrepreneur.
2) 2) Developing Successful Business Ideas : Most of the businesses fail due to the lack of a
real business opportunity and not because of the inability of the entrepreneur to work
hard.
i) Recognizing and Evaluating the Opportunity : Recognizing and evaluating the
business opportunity is the first step in the process of developing a business
idea.
ii) Feasibility Analysis : The process of evaluating the viability of a business idea
for accomplishing success in entrepreneurial endeavor is known as feasibility
analysis.
iii) Industry and Competitor Analysis : Before adopting a business idea for new
venture start-up, three important questions must be answered by any
entrepreneur while studying the industry.
iv) iv) Developing an Effective Business Model : Business model can be defined
as a company's blueprint or plan for competing in the market, utilizing the
resources, establishing relationship structure, interfacing with the customers
and creating value for ensuring its sustainability based on generated profits.
3.) Moving from an Idea to an Entrepreneurial Firm : Creating a new business team is the first
step in converting a new business idea into reality.
i) Building New Venture Team : A group of founders, advisers, and key personnel which plays an
important role in converting an innovative idea into a fully-operative venture is known as a new
venture team.
ii) Assessing New Venture's Financial Strength and Viability : The process of managing the
financial resources of a firm or business venture so as to accomplish is financial objectives is
known as financial management.
iii) Preparing Proper Ethical and Legal Foundation : An entrepreneur has to face several ethical
and legal challenges while starting a new entrepreneurial venture.
v) Writing a Business Plan : Business plan of a firm can be seen as a well-
defined written document which has many significant facts, estimates and
figures.
vi) v) Getting Financing or Funding : Individuals who have never entered in any
type of businesses lack experience in raising finance and funding.
3) Managing and Growing the Enterprise : This is the last stage in the entrepreneurial
process. Entrepreneurs have to face various difficulties while managing and growing their
entrepreneurial venture.
) Unique Marketing Issues : There are number of marketing issues encountered by a new
entrepreneurial venture. Among these, the most critical ones include trying to sell the
products and services on the basis of benefits it can provide to customers rather than focusing
on improving its features.
ii) Importance of Intellectual Property : Although intellectual property rights have already.
gained much importance to the general public, but with the advent of technology, the
awareness about the importance of intellectual property assets have also been realized.
iii) Preparing for and Evaluating the Challenges of Growth : Both existing as well as new
entrepreneurial ventures face a lot of difficulties in preparing a plan for and evaluating the
challenges hindering the sustainable growth of entrepreneurial venture.
iv) Strategies for Firm Growth : The word "strategy" is derived from a Greek word
"strategia", which means "generalship". The term strategy entered the business world from
military services where it was originally used. Strategy works a blueprint. as a of an
organisation that defines its vision, mission, and also helps in determining the future course
of action.

TRUTHS AND MYTHS ABOUT ENTREPRENEURS

According to Jitendra, 2023

1. Entrepreneurship myths are the most common misconceptions about entrepreneurship. As an
entrepreneur, they must be aware of these myths to avoid any pitfalls that might prevent them
from starting or running a successful business.
2. Being an entrepreneur is all fun and games. Many entrepreneurs find many people think of
their career choices as being pressure-free and easy fun. The reality is that being an entrepreneur
will mean long hours, low income, and overall, a very difficult career choice.
3. I need to know everything about business before starting my business. This myth can be tough
for many potential entrepreneurs as they feel like their lack of knowledge about the industry
means they cannot start their own business. The truth is that there are many free online courses
and courses at local community colleges to learn about entrepreneurship.
4. I don’t need risk management; I will manage my risks as they come up. This myth can be
tough for new entrepreneurs as it relates to managing risk as a part of the business plan. In
reality, entrepreneurs need to have a plan for their business and include risk management as part
of the plan.
5. I don’t need to know about money, I will learn as I go. This myth mostly comes from those
who come from gambling backgrounds as they feel like they can make it big without knowing
anything about finance.
The truth is that as an entrepreneur, the accounting and finance side of the business will be a very
important part to learn.
6. All I need is the passion for my start-up. This myth comes from those who do not understand
that passion does not pay bills or keep their business running.
Knowledge is power for an entrepreneur, so they need to know the idea, plan, and start of their
business down to the nitty-gritty details.
7. I don’t need a business plan or any business skills. This myth comes from an undereducated
understanding of what it takes to run a business.
The truth is that every new entrepreneur should have some sort of written plan on how they are
going to run their business from start to finish, regardless of the industry.
8. I don’t need any experience. This myth comes from those who do not understand that
experience is a relative term and can be gained at any time in life.
The truth is that every new entrepreneur without any prior experience will have to learn its many
ropes, and they will have to learn from their mistakes which can be a very expensive process.
9. I am not ready to take the risk of failure. This myth comes from those who are trying to justify
why they do or do not want to start a business.
The truth is that everyone has a different personality and some people thrive under pressure
while others crack. Starting their own business will allow them to find out if they are cut out for
entrepreneurship or not.