Difference between Entrepreneur and Manager
Basis |
Entrepreneur |
Manager |
---|---|---|
Origin | Entrepreneurs create and start businesses. | Managers enter established businesses to maintain and improve operations. |
Risk | Entrepreneurs are responsible for the strategic direction and vision of the company. | Managers work to mitigate risks within an established business. |
Responsibility | Entrepreneurs are responsible for the strategic direction and vision of the company. | Managers focus on the execution of these strategies and day-to-day operations. |
Innovation | Entrepreneurs are known for their innovative thinking and ability to identify new opportunities | Managers, however, often focus on improving efficiency within existing frameworks |
Ownership | Entrepreneurs typically own the business and bear the financial risks. | Managers are usually employees and do not bear the financial risk, though they might hold shares or other incentives. |
Resource Allocation | Entrepreneurs are responsible for securing resources (like funding) needed for the business. | Managers, however, are tasked with efficiently utilizing these resources to achieve the company’s goals. |
Decision-Making | Entrepreneurs often make decisions based on their vision and long-term goals for the company. They have the freedom to take calculated risks. | Managers, on the other hand, make decisions within the framework set by the business and primarily focused on operational efficiency and effectiveness. |
Difference between Entrepreneur and Manager
An Entrepreneur and a Manager are quite different from one another. The former is a visionary individual who seizes opportunities and fearlessly takes calculated risks to establish new business ventures or enhance existing ones. However, the latter is a key figure in an organisation responsible for planning, organising, coordinating, and overseeing its operations to achieve desired goals and objectives.