Topic 1

Entrepreneurial Management

Definition: Entrepreneurial Management is the practice of using entrepreneurial knowledge to

increase the effectiveness of startup businesses as well as small-medium sized businesses.

Entrepreneurial Knowledge: can be referred to the concepts, skills, and mindset associated with
operating large corporations with greater flexibility, innovation and responsiveness.

Managing a new venture differs from managing an existing operation along five key
management issues:
 Strategic Orientation
 Commitment to opportunity
 Commitment of resources
 Control of resources
 Management structure

Entrepreneurial management concerns/issues:

1. What is this venture about?
2. Where should it go?
3. How will it get there?
4. What does it need to get there?
5. What structure is best?
6. How much money does it need and when?
7. How will it recognize the final destination?

Entrepreneur and management defined:

Entrepreneur and Management are two opposite words.
Entrepreneur looks for new markets, new products and work ideas.
Management on the other hand is rigid, hierarchical, business oriented and mostly work on
bureaucratic principles.