Question

Differentiate between entrepreneurial functions and managerial functions of an entrepreneur.

Answer 1

Differences between entrepreneurial functions and managerial functions of an entrepreneur are as follows :  

Entrepreneurial functions :  

(1) The various entrepreneurial functions are innovation, creativity, risk-taking and organization building.  

(2) To perform these functions,  an entrepreneur should possess technical knowledge and experience in innovative field.

Managerial functions :

(1) The functions to be performed under this head are planning, organising, staffing, directing, and controlling.

(2) To perform these functions,  an entrepreneur should possess managerial knowledge and experience.  

Both the functions of the entrepreneur are as important as the other. Entrepreneur functions are the ones which start before the production of goods and services i.e to decide upon the type of goods to be produced which involve innovation, risk-taking and building of an organisation.

On the other hand, managerial functions start after deciding upon the idea of the product i.e to make the idea a reality and hence are required for the accomplishment of production activity.

Hope this answer will help you….

 

Here are some more questions from this chapter :  

Describe entrepreneurial functions of an entrepreneur.

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Explain any four managerial functions of an entrepreneur.

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Answer 2

Explanation:

• . The main difference between Entrepreneur and Manager is their role in the organization.

• An entrepreneur is the owner of the company whereas a Manager is the employee of the company.

• Entrepreneur is a risk taker, they take financial risk for their enterprise.