unit and utilizes the other factors of production like land, labor and capital.
Manager :
A manager is the person responsible for
planning & directing the work of a group of individuals, monitoring their work, and taking corrective action when necessary. Difference Between Entrepreneur & Manager. Entrepreneur Manager Self employed Salaried person One Man Team As a Entrepreneur he sets the goal
As a manager he implies that goal
An entrepreneur is the owner of the enterprise but a manager is just an employee in the enterprise of the entrepreneur.
The main motive of an entrepreneur is
to start a venture by setting up an enterprise. But the main aim of a manager is to render services to an entrepreneur. An entrepreneur and a manager differ in their standing, an entrepreneur is the owner of the organization and he bears all the risk and uncertainties involved in running an organization Where as a manager is an employee and does not accept any risk. An entrepreneur and a manager differ in their objectives. Entrepreneur’s objective is to innovate and create and he acts as a change agent Where as a manager’s objective is to supervise and create routines. He implements the entrepreneur’s plans and ideas. Decision-Making The entrepreneur usually makes decisions, even those of critical importance for his business, on the basis of his own personal intuition and "gut feelings".
The professional manager makes
decisions after collecting detailed information and reaching operative conclusions, while relying on experts both from within and outside the organization. An entrepreneur is not induced to involve in fraudulent behavior where as a manger does. A manager may cheat by not working hard because his income is not tied up to the performance of the organization. Entrepreneur is required to have certain qualifications and qualities like high accomplishment motive, innovative thinking, forethought, risk-bearing ability etc. Conversely it’s necessary for a manager to be educated in the fields of management theories and practices.
An entrepreneur deals with faults and
failures as a part of learning experience where as a manager make every effort to avoid mistakes and he postpones failure. “An entrepreneur could be a manager but a manager cannot be an entrepreneur”. An entrepreneur is intensely dedicated to develop business through constant innovation. He may employ a manager in order to perform some of his functions such as setting objectives, policies, rules etc. A manager cannot replace an entrepreneur in spite of performing the allotted duties because a manager has to work as per the guidelines laid down by the entrepreneur.