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Entrepreneurs are known to have the great gift of turning coal into diamonds. They take an idea and bring it to life, turning a fun brainstorm into a multi-million dollar company. Or so they tell us. The truth is that being an entrepreneur is not always a “happily ever after”.
Many entrepreneurs do not make it to stardom (98% to be exact!). They pour thousands of dollars into a company, only to have it not perform as they envisioned. Entrepreneur horror stories paralyze many aspiring business professionals because they want to make a difference, but don’t want to risk their earnings and risk losing everything.
However, there is a solution to this problem: intrapreneurship.
As an intrapreneur, you are acting as an entrepreneur within a company. You get paid to do what you really want: create, innovate, help others, without financial risk.
While being an intrapreneur doesn’t give you the prefix “CEO” next to your name, it does allow you to act as an entrepreneur without taking on the same financial risk. Here are three benefits of being an entrepreneur.
Related: 6 Steps to Turn Employees into Intrapreneurs
Don’t drown with the boat
As an entrepreneur, a big downside to your position is that if things go wrong for your business, so will your finances. As an entrepreneur, you are responsible for finding and maintaining the means to finance your business. As you expand, you’re not only responsible for funding the product, but also providing the means to support your team.
Although loans are possible, you will inevitably spend some of your personal income to finance your business. Being an intrapreneur gives you the same level of creative freedom as an entrepreneur, but you’ll receive a set salary at the end of the pay period and won’t carry as much financial risk.
Related: 3 Reasons Businesses Need Intrapreneurship
A limit of responsibilities
When entrepreneurs start their business, they are most excited to see their hard work and ideas come to life. But when you run a business, you soon realize that it really does take a village of people to make everything work according to plan.
You are responsible for much more than creating a vision as an entrepreneur. You have to hire employees, manage your company’s financial logistics, negotiate with other vendors, and manage front-end and back-end operations. The list certainly goes on.
Before they know it, the starry-eyed entrepreneur’s passion for creating a product turns into pure exhaustion. Being an intrapreneur means that you don’t have to take on the extreme levels of the entrepreneurial process. Instead of starting from scratch, you may be given a set budget and timeframe to do a project. Companies like Google have a similar structure, providing their intrapreneurs with the means to create something new while creating a schedule to execute the project.
Related: Big companies that embrace intrapreneurship will thrive
Do what you want
People often forget with the word “entrepreneur” that it is not just an occupation but a set of skills. If you have an entrepreneurial mind, you like to think outside the box, solve problems and generate solutions. These are probably the skills that inspired you to enter the field of entrepreneurship and business. Being an entrepreneur allows you to use those skills you want to exercise without all the financial risks. You can focus your time and energy on the part of the business that you are passionate about.
Many people hesitate to become intrapreneurs because they are doing the same job without the degree. While this is true, you can also do the same job risk-free. Being an entrepreneur is great, but taxing.
Sometimes it’s not about the ego. Sure, you might not have the letters “CEO” in front of your name on your business card. But what you get is your financial stability, the ability to exercise the skills you love, and the ability to help others.
To clarify: there is nothing wrong with being an entrepreneur. Many entrepreneurs can turn coal into diamonds and make a solid living from their innovations. But there is another option with much less stress and responsibility.
If you’re looking for creativity outside of the cubicle, becoming an entrepreneur may be the key to fulfilling your career aspirations. With all the rewards and no financial risk, intrapreneurship might just be what you’re looking for.