Make a table identifying the differences between teh entrepreneurs and managers. or,
What are the differences between the entrepreneurs?
Differences between the entrepreneurs and managers:
There are some differences between the entrepreneurs and the managers. The following table will be helpful in understanding the differneces between the entrepreneurs and managers:-
Points | Entrepreneurs | Managers |
Motive | The main motive of an entrepreneur is to start a venture by setting up an enterprise. He understands the venture for his personal gratification. | The main motive of a manager is to render his services in an enterprise already set up by someone else. |
Status | An entrepreneur is owner of the enterprise | A manager is the servant in the enterprise owned by the entrepreneur. |
Risk-bearing | An entrepreneur being the owner of the enterprise assumes all risks and uncertainty involved in running the enterprise. | A manager as a servant does not bear any risk involved in the enterprise. |
Rewards | The reward an entrepreneur gets for bearing risks involved in the enterprise is profit which is highly uncertain. | A manager gets salary as reward for the services rendered by him in the enterprise. Salary of a manager is certain and fixed. |
Innovation | Entrepreneur himself thinks over what and how to produce goods to meet the changing demands of the customers. Hence, he acts as an innovator also called a ‘change-agent’ | But, what a manager does is simply to execute the plans prepared by the entrepreneur. Thus, a manager simply translates the entrepreneur’s ideas into practice. |
Qualifications | An entrepreneur needs to possess qualities and qualifications like high achievement motive, originality in thinking, foresight, and risk-bearing ability and so on. | On the contrary, a manager needs to possess distinct qualifications in terms of sound knowledge in management theory and practice. |
Source: Here
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