In this episode, we explore the concepts of entrepreneurship and intrapreneurship, sharing personal insights and experiences from both of our past experiences. We begin by defining an entrepreneur as someone who sets up businesses, taking on financial risks. In contrast, an intrapreneur is an individual who creates new and innovative products within an established business, utilising the company's resources to bring ideas to life.

We discuss the importance of both roles in the workplace, highlighting how different personalities and risk profiles complement each other in a team. After completing your new grad years, you might wonder what's next—perhaps opening a business? We encourage removing the curtain and talking frankly about your motivations and goals. Understanding your "why" is crucial.

For those leaning towards intrapreneurship, we emphasise the benefits of working within a team and using available resources to achieve goals without the heavy struggle entrepreneurs often face. The business carries the risk, so it's essential to prove your innovation is worthy while being mindful of resource management. Focus on making things better, serving others, and setting your team up for success.

Entrepreneurship can be lonely and burdensome, involving significant risks, the pressure of generating income, and the responsibility of paying others. While the adventure and thrill can be exhilarating, it comes with negative thoughts and challenges. Despite the glamorous social media portrayal of overseas holidays and champagne, entrepreneurs often find themselves answering emails and managing the business.

We discuss the judgments and questions potential entrepreneurs face: Are you prepared to go all in, back yourself, work hard for minimal pay, take huge risks, learn new skills, and potentially fail? Leadership involves significant sacrifices in time and emotions, so it's crucial to think wisely before deciding. Entrepreneurship offers flexibility but not necessarily freedom, as it requires continuous thinking, creating, and analysing.

To help you determine whether you are more suited to being an entrepreneur or an intrapreneur, we provide seven key questions to ask yourself:

1. Why do you want to start a business? If it's for recognition, reconsider.


2. Are you comfortable with enormous risks?


3. Are you passionate and a problem solver?


4. Do you embrace failure?


5. Are you quick to make decisions and confident, even if you fail?


6. Can you manage yourself and be accountable without needing feedback?


7. Are these traits learned over time, or are they innate for you?

We'd love to hear your thoughts and experiences on this topic.

Lizzy dawson courses: 

www.lizzydawson.com.au

Emily’s courses: 

www.emilymackie.com.au