A number of people have realised the dream of owning and operating an independent business. These people continue to embark on one of the most exhilarating and one of the most frightening adventures ever known: launching a business. It is never easy, but it can be incredibly rewarding, both financially and emotionally.

Who are these entrepreneurs, and what drives them to work so hard with no guarantee of success? What force lead them them to risk so much and to make so many sacrifices in an attempt to achieve a goal? Why are they willing to give up the security of a "steady pay cheque" working for someone else to become "the last person to be paid" in their own company.

THE ENTREPRENEUR

An entrepreneur is a person who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalise on those opportunities.

Starting and running your own business involves both management and entrepreneurship. When you develop a product, for example an electric rocking chair, you are initiating an innovative change and you are acting as an entrepreneur. However when you start producing this electric rocking chair, you begin to act more like a manager than an entrepreneur, co-ordinating and controlling the business operations.

THE INTRAPRENEUR

An intrapreneur is an entrepreneur who has no need to start his own business but wishes to use his business skills in an existing business. Intrapreneurship involves identifying an opportunity within an existing business and creating a profitable reality for the business from this opportunity. In other words, an intrapreneur is someone who prefers the benefits of an existing business (such as a regular salary and available resources) to the uncertainties of a business of his own.

The role of entrepreneurs and intrapreneurs

An entrepreneur can be described as someone who:

1. starts his/her own business

2. manages his/her own business

3. identifies new products/services or opportunities

4. is creative and innovative

5. organises and controls resources to ensure a profit for the business

6. has the ability and insight to market, produce and finance a service or product

7. who has financial means or who can obtain financing so as to realise the business

8. who is willing to take calculated risks

An intrapreneur can be described as someone who:

1. manages an existing business

2. is appointed by the owner of a business enterprise to manage the business

3. identifies new products/services or opportunities for an existing business

4. is creative and/or innovative with the ability and insight to market, produce and finance a service or product

5. organises and controls resources to ensure a profit for the existing business

6. prefers the benefits of an existing business such as a salary and available resources