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Today, there are thousands of opportunities to become an entrepreneur, and yet it can seem incredibly intimidating. With millions of companies in existence and hundreds emerging every day, some people might think like starting an entrepreneurial business could feel like inventing a bicycle. However, the world in everchanging, as are people’s preferences and needs. Therefore, there is constantly new areas of demand that have not yet been explored by others, and with a little attention and the right business strategies, these gaps in supply can become prospering businesses.
Most people, when they think of entrepreneurship, immediately associate the term with start-ups or companies started from scratch. However, it does not have to always be the case. Corporate entrepreneurship, or that inside an already existing large company, is a promising and advantageous field. Starting an entrepreneurial business within a large corporation has both upsides and downsides, and it is vital to be aware of both before committing to it.
First and foremost, what does it actually mean to become an entrepreneur within a large company? In simple words, it is the establishment of a new business within an existing organization (sumit). Mostly, this means addressing a particular part of the products or services offered by the company using innovation. For example, if a large fertilizers company recognizes the need for digitalization of its service in order to stay modern, it might encourage an internal start-up creation by entrepreneurs. In this case, the new business would have access to the resources of its parent company, but it would also be limited in its purpose. Therefore, although there are definite benefits, there are certain limitations as well, as mentioned previously.
Firstly, the numerous advantages include resource availability, brand reputation, and an existing team, to name a few. Unlike for those who attempt starting an entrepreneurial business from scratch, creating a start-up within the established company, especially a large corporation, allows for a bigger budget. Furthermore, it increases employee morale and job satisfaction, since they are in charge of all the innovations that benefit both them and the company (sumit). Furthermore, although fewer than 1% of U.S. corporations are considered “large businesses,” this means that they are likely to be highly recognizable (“4 Types of Entrepreneurship: Tips for Women to Succeed in Business”). Hence, there would be less difficulty gaining the necessary attention from customers for the start-up.
Nevertheless, there are also some disadvantages and pitfalls of such a venture that aspiring entrepreneurs must be aware of. For example, there might be a lot of pressure from the employer to turn the start-up successful in a short period of time. Although most start-ups fail statistically, a large company that invests in one might put the employees under pressure to not fail. Furthermore, it might take longer than otherwise to approve the business due to the formalities in the company hierarchy (sumit). Moreover, although there is a lot more potential access to resources, it is not guaranteed that they will be awarded to the small business (sumit). Since large companies have to deal with a lot of costs already, they might feel inclined to be careful with their spending on innovations unless they are completely certain on their success. Overall, the most important lesson is that all advantages and disadvantages, short and long-term, must be considered when starting a new business. Some failures along the way are unavoidable, but others can be anticipated and prepared for.
Works Cited
“4 Types of Entrepreneurship: Tips for Women to Succeed in Business.” Northeastern University, 2020, Web.
sumit. “Large Company Entrepreneurship: Advantages and Disadvantages.”101 Entrepreneurship, 2019, Web.
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