Differences between Entrepreneurship and Management
Entrepreneurship
- An entrepreneur is the owner of the enterprise.
- Focus on Business start-up.
- The entrepreneur does not feel constrained by resource. Entrepreneur mobilizes the resources.
- Informal approach to the task.
- Scale of operations in Small business.
- An entrepreneur being the owner of the enterprise assumes all risks and uncertainty involved in running the enterprise.
- An entrepreneur needs to possess qualities and qualifications like high achievement motive, originality in thinking, foresight, risk -bearing ability and so on.
Management
- A manager is the servant in the enterprise owned by the entrepreneur.
- Focus on Ongoing operations of an existing business
- A manager is constrained by the resources at his disposal
- Formal approach to the task
- Scale of operations in large business
- A manager as a servant does not bear any risk involved in the enterprise.
- A manager needs to possess distinct qualifications in terms of sound knowledge in management theory and practice.
