An efficient employee in an organization is always muddling up with his or her position. If I didn't get a proper hike I would leave the organization and start my own firm, the boss is so fuzzy and intolerant, I can do this work better than him, are their words. So the conclusion is either the employee turns to an entrepreneur or becoming an intrapreneur.

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An intrapreneur is the one who takes the responsibility for creating innovations and implementing them within an organization. He or she may be the inventor or creator but is always the dreamer to convert ideas into profitable reality. The ability of being an innovator who does not elaborate on the problems but solving and defining a perfect solution to it. The employee who puts the ideas and plans into actions, a process by which many new ventures are born within an existing organization.

The term 'intrapreneur' was first coined in 1978 by Gifford Pinchot III with his wife Elizabeth S. Pinchot in a paper called Intra-Corporate Entrepreneurship. In the paper he framed few principles an employee should have to exhibit his or her intrapreneurial characteristics in the organization.
He further wrote the books like the Intrapreneuring: Why You Don't Have to Leave the Corporation to Become an Entrepreneur (Harper & Row, 1985)
The Intelligent Organization (Berrett Koehler, 1994) and Intrapreneuring in Action - A Handbook for Business Innovation (Berrett Koehler, 1999) elaborating the discussions in management.

Difference between Entrepreneurship and Intrapreneurship

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Entrepreneurship vs. Intrapreneurship : Leadership

The leadership qualities differentiate for both. For an entrepreneur, he or she has to be the leader of the project as well as the team, being solely responsible for getting things done. Intrapreneur on the other side is only a team leader , focusing on a single set of responsibilities.

Entrepreneurship vs. Intrapreneurship : Motivation

The motivation for both the positions can come from any source. Without motivation and ambition the path of turning a project to a successful venture would be difficult. For an entrepreneur what drives the most is money, prestige and accomplishing a goal or a long term dream. An intrapreneur would want financial stability and prominence, with the motto of learning,earning and yearning.

Entrepreneurship vs. Intrapreneurship: Degree of Risk

Although both entrepreneur and intrapreneur face risk,but the degree isn't the same. Entrepreneur is an independent business man or woman who bears full risk of business. Whereas intrapreneur being an employee in a large organization is semi dependent so faces less risk.

Entrepreneurship vs. Intrapreneurship : Capital raising

Entrepreneur is personally responsible for raising necessary capital for his or her ventures and guarantees the return. An intrapreneur does not have to raise funds for the enterprise, all the resources are provided by the entrepreneur/employer.

Virgin could never have grown into the group of more than 200 companies it is now, were it not for a steady stream of intrapreneurs who looked for and developed opportunities, often leading efforts that went against the grain. Richard Branson

The competencies shown by an intrapreneur are creativity, leadership, perseverance, collaboration, planning and being a change agent.
The Importance of Intrapreneurship in an organization are:

1. Ideas identification : The first task of an intrapreneur is to clearly identify the idea. Whether it is user friendly, market adaptable and compatible with the set goals and strategies.
2. Idea presentation: The intrapreneur clearly presents the idea to other members of organization and takes their feedback and suggestions for improvement.
3. Ideas implementation: To implement the discussed proposals ,the intrapreneur forms a team which puts the idea in action and makes the idea as an enterprise.
4. Strategy and Planning: Effective intrapreneurial strategies always help the entrepreneur/organization to win over their competitors and grab every opportunity they can.
5. Expansion of the enterprise: The ultimate goal of Intrapreneurship is to create that kind of entrepreneurial mindset and infrastructure which are needed to support growth in an organization.
6. Leadership: Last but the utmost task of an intrapreneur is to be the leader and drive other employees within his team and then the organization for sustainability.

Intrapreneurship helps organizations generate new business growth. As they grow, the organization grows. An employee needs that kind of organizational climate which nurtures innovations and facilitates the transformation of dreams into reality. Implementing the start-up practices within a large organization, producing valued innovation and suggesting change with caution. Recognizing the leadership capabilities and supporting intrapreneurs is the biggest challenge for companies today.