Entrepreneur Vs Manager

Entrepreneur :  Owner: An Entrepreneur is the owner of the enterprise.  Profit: The reward for Entrepreneur is profit.  Full risk bearing: The Entrepreneur has to bear all risks & uncertainties involved in running the business.  All Functions : An Entrepreneur has to perform many functions in order to run the enterprise successfully.  Innovator: An Entrepreneur mainly acts as innovator.

Manager : Servant: A manager is acting in capacity of servant in the enterprise.  Salary : The reward for a manager is salary which is certain and fixed.  No risk bearing : As a servant, the manager need not bear any risk involved in the enterprise.  Managerial functions only: a manager renders only the managerial services in an enterprise.  Executor : A manager mainly acts as an

A new brand of corporate entrepreneurs called Intrapreneurs.  An Intrapreneur is an individual, who performs all the duties of entrepreneur, but within an established organization in short he belongs to the family member of the founder.

Copreneur : When a married couple share ownership, commitment and responsibility for a business, they are called copreneurs. There is a steady rise in the number of copreneurial ventures all over the world.

It has been proved that marital satisfaction increases when both husband and wife are emotionally supportive of each other career.

Types of Entrepreneurs

Innovative Entrepreneur : • The person who is able to foresee potentially viable and profitable opportunities through innovation. • This entrepreneur is highly motivated and talented. • Innovation is the key function of them. • An innovating entrepreneur implements the inventor”s ideas.

An innovative entrepreneur may exhibit his talents of innovation in any one of the following forms. Introduction of new product Introduction of a new method of production Opening of a new market Discovery of a new source of supply of raw materials or semi-finished goods. Introduction of a new quality of an existing product.

• •

• •

Adoptive or Imitative Entrepreneur : The person who is ready to adopt the successful innovations already inaugurated by innovating entrepreneurs. An imitative intrepreneurs does not innovate anything by himself, but, he only imitates techniques innovated by others. This type of entrepreneur has a vital

 •

Fabian Entrepreneur The person who adopts a great caution and scepticism in introducing any change in the business. He has neither the will to introduce any new changes nor the desire to adopt new methods. He is dominated more by customs, religions, traditions and past practices and he is not ready to take any risk at all.

Drone Entrepreneur : The entrepreneur who blindly follows the traditional methods of production even when it causes loss to him. He continues to carry out his business in the traditional way even when he suffers losses. He is not prepared to introduce any change under any circumstances in the method of production he has already introduced.

Entrepreneurship : By A.H.Cole • Entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or organise, a profit oriented business unit for the production or distribution of economic goods and services. • Entrepreneurship is the process involving functions to be undertaken to establish an enterprise.

• • • • • • • • •

Characteristics of Entrepreneurship Innovation Risk bearing Decision Making Organisation & Management Making the enterprise a success Accepting challenges Handling economic uncertainty Problem solving Opportunity seeking

Factors Stimulating Entrepreneurship : Capital formation Entrepreneurship Development Programmes Training facilities Suitable environment Collateral arrangement Ideal climate for innovation

• •

• • • •

Entrepreneurship Development Modern writers have identified three phases in entrepreneurship development • Initial Phase :creation of awareness about entrepreneurial opportunities based on survey and research. • Development phase : At this phase, the motivated entrepreneurs are properly trained in the chosen field. • Support phase: after necessary training, adequate support should be