All its members by introducing esop employee stock

all its members by introducing ESOP (Employee Stock Option Plan) through which he
made all its employee as partners in growth and development. He recently retired from
the post of CEO after attaining the age of 60 and made way for the younger generation.
Hence the essence of entrepreneurship is not creation and accumulation of wealth but
distribution of wealth amongst all those who are associated with the business.
Self Assessment
Fill in the blanks:
1. Entrepreneurs identify ……………….. where others see obstacles and impossibility.
2. …………………….. sense opportunities since they are creative and are open to the new
ideas.
3. Running the business venture requires lot of ………………. and …………….. to believe in
self.
4. An entrepreneur prepares a business plan to make the …………. and means of achieving
the vision clearer to ‘the others’.
5. Identification of opportunity at the right time is of utmost importance as it gives
“……………. advantage” and takes an enterprise ahead of others who take time to catch
up.

LOVELY PROFESSIONAL UNIVERSITY 37
Unit 3: Entrepreneur v/s Intrapreneur
Notes 3.2 Intrapreneurship
The term ‘intrapreneur’ emerged in during the seventies. Several senior executives of big
corporations left their jobs to start their own small businesses because the top bosses in these
corporations were not receptive to innovative ideas. These executives-turned-entrepreneurs
achieved phenomenal success in their new ventures, posing a threat to the corporations they had
left. These types of entrepreneurs came to be known as ‘intrapreneurs’. This kind of brain drain
phenomena is not limited to the US, but has spread all over the world. Companies, as a result,
have started devising ways and means to stop this outflow of talent, experience and innovation.
Task
Visit two organizations of your choice and identify and list intrapreneurial
characteristics by having a discussion with some senior managers.
The notion of intrapreneurship requires that managers inside the company should be encouraged
to be entrepreneurs within the firm rather than go outside. For an entrepreneur to survive in an
organization he/she needs to be sponsored and given adequate freedom to implement his
ideas. Otherwise, the entrepreneurial spark will die. The entrepreneur who starts his own business
generally does so because he aspires to run his own show and does not like taking orders from
others.
What is needed in large bureaucratic companies is a strong and healthy risk-taking culture,
where risk-taking managers are assured security and rewards. An entrepreneurial culture requires
a constant generation of ideas. It needs managers who listen and respond to new ideas and are
willing to risk their future, a system that rewards managers who may fail but who have generated
and experimented with ideas.