Distinguish between entrepreneurship and management.

The major differences between entrepreneurship and management are as follows −

  • Entrepreneurship refers to creating a company/firm by considering financial risk.

  • It motivates to start a business.

  • It includes start-ups , ventures

  • Tagged as owner.

  • The rewards come in form of profits.

  • It accepts risks.

  • It sets goals.

  • The decisions are made on personal perception.

  • Includes innovator.

  • The process is centralised.

  • Opportunity recognition, feasibility analysis, business planning and running

  • Part of management

  • Contemporary aspects includes social entrepreneurship, venture growth etc.

  • Management refers to doing business activities by a group of people or by organized groups.

  • It motivates to manage business.

  • It will take care of the ongoing operations

  • Tagged as an employee.

  • Employees get their salaries.

  • It does not accept risk.

  • It implements the goal set up by an entrepreneur.

  • The decision comes after detailed analysation of information.

  • Includes executor.

  • The process is decentralised.

  • Planning, leading, organising and controlling comes under management.

  • It has wide spectrum.

  • Contemporary aspects includes delegation, team management and flexible organisation.

Updated on: 25-Jul-2020


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