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Asked a question 4 years ago

How is entrepreneurship different from management?

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Entrepreneurship refers to the process of building a business. Its focus is to build a business start-up. Management is all related to ongoing operations of an existing business. Entrepreneurship requires risk taking while management is all risk averse. Entrepreneurship operates on a small scale while management operates on a large scale business. Entrepreneurship requires spotting the opportunity, taking initiative, resource transfer etc. while management has to organise , manage the people etc. for their primary skill development. In entrepreneurship, a generalist has to do all the trades by himself and in management, a specialist performs. In entrepreneurship, the entrepreneur gets the reward in the form of profit and in management, the manager gets salary for work performed. Entrepreneur is the owner of an entreprise and manager is the employee of an entreprise. Primary motivation for the entrepreneur is its achievement and of manager's is its power. Motivation for entrepreneurship is to start a new venture and in management it is to manage the existing business. In entrepreneurship, the power is centralised and in management its decentralised.