Question

Entrepreneurship and management are synonymous to each other explain

Answer 1

Entrepreneurship is the process of designing, launching and running a new business. Management is the method of managing operations of an entity including an entrepreneurship.

Management is the process of smoothly running a company. It can be about the day-to-day affairs and operations, or it could involve taking care of finances and administration. It involves managing and orchestrating but not necessarily the conceiving of an idea.

Hiring and coordinating employees is another aspect of management but can also be what an entrepreneur has to do for themselves if they don't have a human resources person. Many entrepreneurs need managers to help themexecute their strategies for their venture.

Management is also concerned about setting deadlines and milestones to achieve deliverables. It is also concerned with planning, production, assigning tasks, and reviewing. Employees handle tasks/activities as per the management’s decision. Confusion may arise because the management team (CEO, CTO, COO etc.) may be referred to as management but could include the entrepreneur who started it all. There is a difference between a small business owner and an entrepreneur much like there is a difference between a manager and an entrepreneur.

Entrepreneurship is the process and activities of ideating, forming, running, and growing a company while being able to identify the needs of society. Management is the process of running a company whereas entrepreneurship is conceiving of an idea or plan which will then require different types of managing and organizing.