Entrepreneurs and Professional Management are basically the two sides of the same coin. But they are different on the basis of their work they do. It is not necessary to always recruit higher professional managers but management can be done by any body who has been equiped with the style of a professional management. Hebor she looks after the managerial functions by setting the objectives, chalking out strategies for the development of the enterprise, develop formal communication network and deal with business problems.
Following are the characteristics of professional management:
- Management Tools: Tools of management such as accounting, business law, psychology, statistics, etc has been developed to enhance the field of management. Besides planning and developing, there are so many parts which a manager needs to look after and they are linked as well. Fall down of one part can lead to the fall down of another part.
- Specialization: There is a growing tendency to select and appoint highly qualified trained and experienced persons to manage the business. This has created a great demand for the professionals who has specialised in the field of management.
- Separate Discipline: As we all know management is treated as a separate discipline for the growing demands in the present market and various companies. There are special courses such export management, personnel management, production management, etc which helps or trains the students to work in the given fields.
A professional manager is supposed to have specific management knowledge such as
- Technical processes and products
- Economic knowledge