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Intrepreneurship: Concept and Characteristics

Some key objectives of firms are profit, growth and survival. Organizations adopt strategies to achieve these objectives. In recent times, attention has been focused on the role intrepreneurs can play in realising company goals.

Intrapreneurship: Concept and Characteristics

Abstract

From the cultural point of view, some people do not want to look rough as people working for themselves. Some people do not see certain menial jobs that people do for themselves as honorable. They prefer to stay idle than doing such jobs. An entrepreneur is regarded as someone who has small and unstable income. This makes some people not to desire to be entrepreneurs.

The entrepreneur’s work is also seen as time and energy consuming so not so many people want to go that way. The desire for instant success has also made it difficult for some people to remain as entrepreneurs. Some have refused to see failure as a learning process so they loose confidence in themselves once they fail and think that they cannot succeed.

From the educational perspective, students are told to study and make good grades so they can be considered for employment rather than for being self employed. Those who made lower grades are expected to be on their own if they do not get employed. Our educational system does not support the entrepreneurial characteristics like self confidence, persistence, energetic, risk-taking and persuasiveness.

There is no much publication around successful entrepreneurs especially the young ones for others to emulate. It is politicians that are rather celebrated. There should be positive publicity about successful entrepreneurs in the television, radio, magazines, newspapers and internet. Awards should be given successful entrepreneurs so that the young ones can follow their footsteps.

The Entrepreneurship challenges have been grouped as access to finance, environmental problems, infrastructure, management problem and socio-cultural factors. In other words, a number of practicing and the “would be” entrepreneurs are faced with great difficulties in their entrepreneurial pursuit.

Related: Importance & Challenges of Small and Medium Scale Enterprises (SMEs)

These difficulties are occasioned by poor state infrastructure, difficulty in accessing finance, socio-cultural factors such as superstitious believes and ignorance, etc. The barriers are surmountable for as many as are determined. Only the determined people will survive the troubles that come their way.

The benefits of entrepreneurial practice are enough to motivate entrepreneurs to continue despite the impediments. It is however very important for the entrepreneurs to be aware of the impediments so that they can get necessary information and be well equipped to face them headstrong.

CONCEPT OF INTREPRENEURSHIP

Intrepreneurship can be an instrument for coping with economically difficult times through innovation by introducing something new to the market.

Intrepreneurship can be seen as the creation of an ideal, product, process or new way of doing things that can contribute to the progress of an enterprise by an individual working in an organization.

 

Interpreneurship can also be seen as a situation where an employee come up with an idea or innovation, irrespective of available company resources.

It is a process that goes on inside an existing firm, regardless of its size, and leads not only to new business ventures, but also to other innovative activities and orientations such as development of new products services technologies, administrative techniques strategies and competitive postures.

CHARACTERISTICS OF INTREPRENEURSHIP

Intrepreneurs possess some characteristics which enable them to thrive and make meaningful contributions to their organizations. Some of their major attributes are as follows:

1.) Risk Taking

This is an attribute that is frequently cited in intrepreneurship literature. It involves going into a venture whose outcome can result in failure or a loss. It also relates to actively taking risky actions quickly and deploying resources to new business opportunities with the probability of incurring a loss.

This behaviour is considered important because it is the hallmark of an intrepreneur or entrepreneur as it defines the ability to venture into uncertainty and create a positive outcome in the form of a new process on business if successful.

Recommended: Understanding Business Ethics; Importance & Practices

2.) Innovativeness

Innovation is the creation and implementation of useful ideas for new products, services, production methods and management practices.

It is the pursuit of creative or novel solutions to challenges confronting the firm’s including the development or improvement of goods and services as well as new administrative methods and technologies for carrying out organisational functions.

Through Innovation, new products and services are brought to the market which strengthens the competitiveness of a company. Entrepreneurial Innovation involves the the entrepreneur identifying a problem and generating novel or adopted ideas or solutions. This is followed by seeking approval of his ideas and getting management backing for his creativity.

3.) Proactiveness

The ability to analyse prevailing business conditions and make decisions to pre-empt negative consequences for an enterprise is key to business success and is a quality generally exhibited by successful intrepreneurs.

Proactiveness entails firms seeking out new business, opportunities, monitoring their environment with request to important changes, continously being innovative and coming up with new ideas which are regularly implemented.

Firms that are proactive anticipate change in their industry and take steps to stay ahead of such changes.

See Also: Earn Over $800/Day Through Affiliate Marketing

4.) Intrepreneurship Success Factor

For intrepreneurship to thrive and succeed, individual and organisational factors came into play. Individuals with proactive personality, cognitive ability i.e people that are highly skilled and knowledgeable who also display autonomy are more prone to becoming intrepreneurs.

The work environment or organisational climate can determine the determine the degree of intrepreneurship in a company. An organisational climate that is characterised by cooperation amongst employee, freedom to express one’s views and trust is better placed to promote a spirit of Entrepreneurship. Employees are likely to keep their innovative ideas to themselves if suggesting them is not encouraged.

Conclusion

Leadership defines the objectives, vision, direction and the nature of company it wants to operate. Therefore firms with an Entrepreneurship orientation usually provide management support for innovative ideas.

Rewards play an important part in fostering the spirit of entrepreneurship. Employees whose ideas have been successfully implemented should be rewarded through promotion, stock options or other forms of recognising achievement.  This will encourage a spirit of innovation.

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