Management vs Entrepreneurship
The term management and entrepreneur are often misunderstood because they are the important person of a company that is involved in management, organization, administration and control the business. However, there is a major difference between the two concepts. The main feature that distinguishes these two words is the entrepreneur is the owner of the company and bears both profit and loss, whereas, the management operates and runs the company with the help of various administrative functions.
This article is a ready reckoner for all the students who want to learn the difference between Management and Entrepreneurship.
|Meaning||Management makes the entire ecosystem of a business organized and structured||Entrepreneurship is defined as someone who has the ability and desires to establish, administer, and succeed|
|Process||The method includes surveys, planning, and operating the business.||The process includes surveys, planning, and operating the business.|
|Features||Includes team management and flexible organizations.||international entrepreneurship, social entrepreneurship, business growth, and entrepreneurial cognition, etc.|
|Discipline||Management has a vast spectrum and includes all business functions.||Entrepreneurship is a single part of the management.|
Also Check: Difference Between Businessman and Entrepreneur
What is Management?
Management refers to the overall operational function of a business, which includes planning, creating, managing, and governing. This executive function leads to utilising physical, finance, employee, and other resources of an organisation efficiently.
Management is the foundation of any profitable organisation as it makes the entire ecosystem of a business organised and structured, which means getting the job done through the employee to achieve the company’s objective.
Depending upon the company’s management size can range from a single person in a small business or hundreds of managers in multinational companies.
What is Entrepreneurship?
Entrepreneurship is defined as someone who has the ability and desires to establish, administer, and succeed in a startup venture along with risk entitled to it, to make profits. The best example of entrepreneurship is the starting of a new business venture. In Economics, the profits that an entrepreneur make is with a combination of land, natural resources, labour, and capital.
A successful entrepreneur should have characteristics like given below:
- Should be a risk-taker
- Dedication and Opinionative
- Ability to scrutinise
- Imaginative power
- Professionalism and Orderliness
The above mentioned is the concept, that is elucidated in detail about ‘Difference between Management and Entrepreneurship’ for the Commerce students. To know more, stay tuned to BYJU’S.