Meanings Of Innovation, Entrepreneurship, And Intrapreneurship?

What Are the Meanings of Innovation, Entrepreneurship, and Intrapreneurship? (Aulet, 2013) According to Aulet, innovation is a product that is a commercialized invention that creates value that can be identified in many different categories, and is identified in many different types. Innovation can be categorized as incremental or sustaining, disruptive, or general/lateral, and the different types of innovation are technical, process, business model, positioning perception, and other to include social. Aulet also states that innovation can be unpredictable and messy as it does not always work out the first time. (Demand, 2008) “Innovation is about figuring out what the customers need before they do. ” It blooms when it is filled with disruption,

Intrapreneurs are usually employees within a company who are assigned to work on a special idea or project, and they are instructed to develop the project like an entrepreneur would. Aulet does not provide a wealth of information on being an intrapreneur, but my take away from his webinar was that intrapreneurs work from within the business after the entrepreneur has established it, and build off of the initial dreams and goals to remain

The benefits to entrepreneurship is that there are two different types of business models which are SME and IDE. There is also the ability to create your own salary, make your own business decisions, and work your own schedule. Some of the risks are impulsive agendas, stressing over making precise decisions, and leaving a stable paycheck to follow a dream. (Aulet, 2013) Benefits of SME’s are that it takes a short time to get things started and there is less risk involved, and the benefits to IDE’s are that there is a sustainable competitive advantage and exponential growth. The risks involved with SME’s are that the company can be controlled by outside entities, and there is usually no growth potential. The risks are higher with the IDE’s because there is much more investment required, and it typically takes more time to get the IDE off the