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 effectively and 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 organisation a company’s management size can range from a single person in 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
This article is ready to reckoner for all the students to learn the difference between Management and Entrepreneurship.
|Meaning||Management makes the entire ecosystem of a business organised 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.|
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.