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.
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.
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.
Published on 25-Jul-2020 10:49:44