State one point of difference between Entrepreneurship and Management.
Answers
Answer:
Entrepreneurship is the control and deployment of resources to create an innovative economic organization for the purpose of profit and growth under the condition of risk and uncertainty. A successful and sustainable business requires entrepreneurship and innovation. Entrepreneurship is a mindset an attitude and taking a particular approach to doing things. Entrepreneurship often requires creativity and innovation while addressing a new opportunity or concern in a new way. Management is one of the arts of getting things done through and with people in the formally organized group. So management is an individual person or group of people that accept responsibilities to run the organization. Management generally brings all the’ (Men and Women, Money, Machines, Materials, Methods, and Markets) together to run the business and to achieve the objective organization
Entrepreneurship:
An entrepreneur is nothing but the person who starts or develops new enterprises by taking all other necessary resources together for the production to get started. In the long run, they also called as a businessman. An entrepreneur is a person who tries to transform an idea into reality by using available resources. The role of the entrepreneur is very vital, and they have full power and authority in the business. In short, entrepreneurship is the activity of setting up business or businesses, taking up financial risk in the hope of profit.
An entrepreneur is a person who takes risks and uncertainty of business. An entrepreneur is a person who leads the organization in the market no matter how many competitors will come later but their position will remain untouched. Starting a business generally requires business concepts, ideas, service new technology, People for support, a process by which service or product will be delivered, money to run all activities
An entrepreneur is focused on new business venture whereas the main focus of management is to manage the ongoing operation. Ownership of an organization stays with entrepreneur whereas management is an employee of the organization. ... An entrepreneur is risk taker where management doesn't take any risk.