Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs. The most obvious example of entrepreneurship is the starting of a new business.
Business Management is the administration of an organization, whether it is a business. Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees or of volunteers to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources.
Difference Between Entrepreneurship and Business Management
The biggest difference is, Entrepreneurs, start a business and may also Manage them. But Managers are designated people who take care of the operations, administration and also the process of completing objectives and coordinating employees. They are hired specifically for this purpose. a Businessman main focus is not on innovation, but more on making sure a company is making the profit. Entrepreneurship on the contrary focus on generating new value and this value could be social, emotional, aesthetic and financial.
The main focus for a Businessman
- Administration of business.
- Search for truth, Short-term.
- Logical, Linear, Utility, Incremental.
- Facts, Verbal, Measure.
- Minimal Risks, Predictable.
- Smaller Rewards.
The main focus for an Entrepreneur
- The invention of the business.
- Search for what is interesting, intuitive, long-term.
- Holistic, Significance, Meaning, Leap forward.
- Emotion, Visual Thinking.
- Potentially High Rewards.
Entrepreneurship doesn’t necessarily require a great deal of knowledge about a particular business. An entrepreneur may be skilled at identifying excellent business opportunities and getting a business off the ground but may be lacking in actual management skills. A business manager, on the other hand, often needs intimate knowledge of the business to run it effectively. Depending on the size and scope of the small business, several managers may be needed who possess specific skills in areas like accounting or marketing.