CHARACTERISTICS OF AN ENTREPRENEUR & DIFFERENCE BETWEEN ENTREPRENEUR & MANAGER

Any person who starts and operates a business is an entrepreneur. as a multi-level marketing. An Entrepreneur is a person who organizes and manages a business undertaking. .ENTREPRENEUR A person who has decided to take control of his future & become self-employedwhether by creating his own unique business or working as a member of a ³team´. assuming the risk for the sake of profit.

CHARACTERISTICS ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ Entrepreneurial Characteristics Risk Taker Perceptive Curious Imaginative Persistent Goal-setting Hardworking Self-confident Flexible Independent .

‡RISK TAKER Businesses face risk. and skill development. hard work.‡ENTREPRENEURIAL CHARACTERISTICS Not everyone wants to be an entrepreneur and run their own business. . Being an entrepreneur requires specific characteristics and skills that are often achieved through education. planning. and planning. Entrepreneurs minimize risk through research.

They take the time and initiative to pursue the unknown. They imagine solutions to problems that encourage them to create new products and generate ideas. ‡CURIOUS Entrepreneurs like to know how things work.‡PERCEPTIVE Entrepreneurs view problems as opportunities and challenges. . ‡IMAGINATIVE Entrepreneurs are creative.

they seek out new goals or ventures to try. or stress problems. Yet they are not deterred by the long hours to achieve their goal. ‡HARDWORKING Entrepreneurs need a great deal of energy to see a venture start and succeed. receive criticism. But they still stick to their dreams of seeing the venture succeed. . and deal with money.‡PERSISTENT True entrepreneurs face bureaucracy. ‡GOAL-SETTING Entrepreneurs are motivated by the excitement of staring a new business. Once achieved. make mistakes. family.

and economic environments.‡SELF-CONFIDENT Entrepreneurs believe in themselves. Their self-confidence takes care of any doubts they may have. ‡FLEXIBLE Entrepreneurs must be flexible in order to adapt to changing trends. ‡INDEPENDENT An entrepreneur¶s desire for control and the ability to make decisions often makes it difficult for them to work in a controlled environment. . rules. technologies. markets.

DIFFERENCE BETWEEN ENTREPRENEUR & MANAGER .

Manager A manager does not take a new venture and renders services in an existing enterprise.Point of Difference 1. Risk bearing . 2. A manager does not assume or share any risk involved in the enterprise he is saving. An entrepreneur assumes risk of economic uncertainty involved in the enterprise. Venture Entrepreneur An entrepreneur sets up a new enterprise or undertakes a venture for his personal gratification.

The reward of a manager for rendering his services is salary which unlike profits is fixed and irregular and can never be negative. Entrepreneurial activities are discontinuous appearing to initiate change in the production process and then disappearing until another change is initiated. . Managerial activities are mainly continuous involving an ongoing coordination of business operation. It is not only uncertain and irregular but can at times be negative also.3. Continuity The reward of an entrepreneur for his risk bearing role is profits. Reward 4.

Therefore. an entrepreneur is also called a change agent. An entrepreneur is his own boss and enjoys an independent status as the owner of the enterprise. Thus he is not independent but the dependent of the entrepreneur. Innovation In order to maximize the profits. the entrepreneur applies innovation from time to time in the enterprise. the entrepreneur. That is why a manager is called the product of change brought about by the entrepreneur.e. 6. . Status-Role By contrast. a manager simply keeps running the enterprise on already established lines on a routine basis. salaried person serving in the enterprise of someone else i. On the contrary.e.5. a manager is a servant i.

risk-bearing ability. an entrepreneur needs pre-requisites like mission. creative thinking. Because. management theory.7. etc. a manger needs distinct qualification such as knowledge of human behavior. But. etc. the managers are made not born. . Prerequisites In consonance with the entrepreneurial role.

Sign up to vote on this title
UsefulNot useful