Entrepreneurship and Innovation: Comparing Three Forms of Ventures

This paper explores and contrasts three forms of entrepreneurship: independent entrepreneurship, intrapreneurship, and social entrepreneurship. It examines these forms based on key dimensions including person, environment, outcome, and process. The paper begins by defining entrepreneurship and then delves into each form, providing detailed explanations and real-world examples. Independent entrepreneurship is discussed in the context of independent firms, while intrapreneurship is analyzed as entrepreneurial activities within an existing organization. Social entrepreneurship is presented as a means to solve societal problems. The paper also details the entrepreneurial process, including identification, planning, implementation, and management stages, and compares the similarities and differences between the three forms. Examples such as Google's intrapreneurial initiatives, Cathrin D'Entremont Weddings as an independent venture, and the work of social entrepreneur Scott Harrison are used to illustrate the concepts. The conclusion highlights the similarities in the initial stages of identifying an opportunity, but the differences in the expected outcomes and resource acquisition processes of each form.

Running head: ENTREPRENEURSHIP AND INNOVATION
ENTREPRENEURSHIP AND INNOVATION
Name of the Student
Name of the University
Author Note

1ENTREPRENEURSHIP AND INNOVATION
Abstract
The purpose of this paper is to understand and contrast the concept of independent
entrepreneurship, intrapreneurship and social entrepreneurship based on the key aspects of
person, environment, outcome and process. The paper highlighted the forms of
entrepreneurship by discussing the entrepreneurship model. The paper concluded by
presenting
Keywords: independent entrepreneurship, social entrepreneurship, intrapreneurship,
entrepreneurship

2ENTREPRENEURSHIP AND INNOVATION
The process of constructing, designing and launching a new product or business by
incorporating the capabilities of managing and organizing the available resources for risk
mitigation is known as entrepreneurship (Link, 2017). The paper tends to argue on the
contrasting features of the different forms of entrepreneurship in regards with person,
environment, process and outcome. The paper will discuss the concept of independent
entrepreneurship, intrapreneurship and social entrepreneurship based on the __model. The
paper will present the discussion with the backing of substantial examples.
Independent or private entrepreneurship refers to the activities of an independent
firm. There are various types of entrepreneurs such as inventor entrepreneurs, pattern
multipliers, multiple venture entrepreneurs, serial entrepreneurs, portfolio entrepreneurs and
new gazelle entrepreneurs (Hayter, 2015). The independent entrepreneurs may possess
specific variables, which are responsible for their behavior towards entrepreneurial activities.
For instance, variables identified for the new gazelle entrepreneurs reflects prior experience
of founding a business and includes ownership for conducting ventures for business growth
(Hayter, 2015). Intrapreneurship is the concept, which focusses on an employee of an
organization who portrays specific traits of an entrepreneur by taking risks and incorporating
innovations in the process of achieving company objectives. Intrapreneurs are risk takers,
motivators, influencers and innovators who belongs to a large organization (Gawke,
Gorgievski & Bakker, 2017). It can also be defined as the individual within an organization
who adopts entrepreneurial methods to start a new business venture or idea in an existing
organization. The intrapreneurial skills helps in addressing major changes in an organization
and helps in handling increasing levels of competition. Social entrepreneurship involves the
entrepreneurial activities where the entrepreneur work towards novel application for solving
community and societal problems by taking risks and incorporating innovative ways in
bringing a positive change in the society (Dees, 2017). For instance, educational programmes

3ENTREPRENEURSHIP AND INNOVATION
and banking services for backward classes. The social entrepreneurs attempt to use their skills
to identify the root causes of social stereotypes and issues.
The model of the four key dimensions of entrepreneurship:
Entrepreneur-
An individual who portrays the abilities of starting a new business venture or idea by
adopting innovative methods and by taking risks in the process of structuring, launching and
running a business or project in the market. An entrepreneur understands the current as well
as future requirements of the customers/market. The characteristics of an entrepreneur
involves risk-taking ability, innovating approach, leadership capabilities, resource
management skills, networking skills and flexibility for the changing business environment
(Sadler-Smith, 2016). Entrepreneurs are one of the important source of economic
development and employment generation (Ribeiro-Soriano, 2017). Entrepreneurs are
ENTREPRENEUR ENTREPRENEURIA PROCESS OUTCOME
ENVIRONMNET

4ENTREPRENEURSHIP AND INNOVATION
considered to be one of the contributing agent is the growth of national income of a country.
Entrepreneurs also bring social changes by the identification of a community-based issue.
Entrepreneurial Process-
Entrepreneurial process involves various stages.
Preliminary step- Identification and assessment of the customer or market needs for
structuring the business idea. This step involves the realization of the opportunity. Identifying
an innovative business by considering the market requirement as well as the presence of
competitors (Mazzarol & Reboud 2017).
Planning step- After constructing the business idea the process involves planning for the
venture or idea. This step presents a blueprint for the business plan, which consists of the
functional areas to be incorporated, the sales and marketing plan (target customers,
promotional plan and sales activities), financial budget and resource sourcing and allocation
plan (Sadler-Smith, 2016). It will involve the process of finding investors and suppliers for
the business (Piperopoulos, 2016).
Implementation stage- As per Mazzarol and Reboud (2017), this stage includes
implementation of the business activities by utilizing the available tangible and intangible
resources. It will mark the launch of the business in the market.
Managerial step- This step involves managing of the operational activities of the business in
the competitive business environment. This step decides the future growth or decline of the
business venture. The stage of management will rectify the errors and misconceptions, which
was planned for the start up.
Outcome-

5ENTREPRENEURSHIP AND INNOVATION
The entrepreneurial outcome constitutes the growth of new ventures by an
independent entrepreneur, formation of social enterprises, new business ideas and formation
inside an existing business, growth of the existing social ventures.
Structuring and establishing new educational venture with an existing programme.
Environment-
The environment is entrepreneurial terms depicts the surroundings in which the
business is operating. It will include political environment, economic environment, socio-
economic environment and socio-cultural environment.
Similarities and differences between the three forms of entrepreneurship based on the key
dimensions:
INTRAPRENEURSHIP INDEPENDENT
ENTREPRENEURSHIP
SOCIAL
ENTREPRENEURSHIP
PERSON The person who
practice
entrepreneurial
activities within an
existing business.
Individuals who
possess risk taking
ability and seek
towards total
independence. They
are highly
outcome/profit
oriented and lack the
interest of being at an
employee position.
The social entrepreneurs
focus their
entrepreneurial activities
towards bringing positive
change in the society
(Rahdari, Sepasi &
Moradi, 2016). The
entrepreneurs involves
their skills in identifying
unique opportunities like
entrepreneurs in other

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two forms.
PROCESS The process involves
entrepreneurial
behaviours with an
organization to
enhance the
performance level and
address the
competition. In this
process the
intrapreneurs uses the
available resources in
the large organization
to start the new
venture.
The process involves
coming up with the
business idea (which
is similar to
intrapreneurship and
social
entrepreneurship),
preparing a business
plan and sourcing
resources for
implementing the
operational activities.
The process is
different from
intrapreneurship as the
functions needs to be
executed from scratch.
The process will involve
the opportunity
identification but unline
other forms it will
involve identification of
the societal issues and
concerns, which requires
business attention. The
process will also involve
networking with the
investors for funding as
this is not a profit making
business, funding should
be from government
institutions or CSR
activities (Dentchev et
al., 2016).
OUTCOME Enhanced ability of
the organization by
incorporating new
ideas. It will result in
diversification of the
business.
The outcome will be
reflects the success or
failure of the business
venture. The outcome
in this form is purely
expected to be
generating profit.
The expected outcome of
this form is the required
change for the
community-based issue.
Unlike other two forms,
it is not concentrated on
the making monetary
profit (Zahra & Wright,

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2016).
ENVIRONMENT The business
environment involves
lesser risk and major
support as the
organization is already
established in the
market.
The environment
reflects greater risk
factor than
intrapreneurial venture
as they are starting a
completely new
business as a response
to customer needs.
The environmental
impact in this form is
very crucial as political,
social and cultural
backing will result in the
success of this
entrepreneurial action
(Phillips et al., 2015).
Examples depicting the differences and similarities:
One of the examples of Intrapreneurship can be Google’s initiative of allowing
employees for coming up with new innovative ideas, which is basically encouraging
employees for practicing entrepreneurial activities (Gawke, Gorgievski & Bakker, 2017).
One of the practices resulted in the formation of Gmail. Gmail launched under the company
Google by Paul Buchheit in the year 2004 with an innovative feature of ‘search’ and with an
expanded storage capacity as compared to other emailing services.
Cathrin D'Entremont Weddings in Australia can be an example of independent
entrepreneurship. Cathrin D'Entremont, the founder of CD weddings started her own
company for planning and designing weddings after an experience of organizing events all
over the world. CD weddings offer an innovative approach of designing designings client’s
weddings by reflecting the vision of the clients directly in the décor and arrangement. Cathrin
D'Entremont operates her business with the external support from various skilled vendors
who helps in executing her ideas (Hayter, 2015). Cathrin had the knowledge of functional
areas of organizing an event and about the cultural diversity, which helped her to identify the

8ENTREPRENEURSHIP AND INNOVATION
need for a prompt business plan, which can reflect the personality and vision of the clients
through the arts and activities designed for the wedding.
Scott Harrison is a social entrepreneur who was successful in identifying the issue,
which is found worldwide, the lack of accessible and clean drinking water. Scott Harrison
after realizing the problem he started a non-profit organization by the name ‘water’ (Zahra &
Wright, 2016). The organization have served around 17 countries of the world. Harrison was
a working as a club promoter prior to this, but the identification of the concern made him
work towards his entrepreneurial skills to address the issue without earning a penny as profit.
In all the three examples, we can find both similarities and differences. The main
similarity is the skill of identification of the issue/concern/need for a business plan. Second
similarity, specifically between social and independent entrepreneurs can be the
entrepreneurial skills of sourcing resources or external support for the functioning of the
operational activities. The difference identified between the social and independent
entrepreneurship is the expectation from the outcome of the venture, social entrepreneurs
work towards gaining profit for the societal or environmental change whereas an independent
entrepreneurs works towards the achieving profit for herself/himself or for the business.
Second difference between the intrapreneurs and other two forms can be the availability of
the resources; intrapreneurship reflects the facility of using resources from the existing
business/company to launch a new idea. On the other hand, in other two forms, the
entrepreneurs have to find investors and vendors for sourcing material for their business. In
social entrepreneurship and independent entrepreneurship, the entrepreneurs are responsible
for searching a workforce for executing the business plan unlike in the cake of
intrapreneurship.
Conclusion:

9ENTREPRENEURSHIP AND INNOVATION
Therefore, it can be concluded from the paper that the three forms of entrepreneurship
reflects similar process of identification of a new innovative idea/opportunity but they differ
in the expected outcome and process of sourcing resources. They have the same drive of
marking a change in the environment but with a difference in need assessment.

10ENTREPRENEURSHIP AND INNOVATION
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