Why become an entrepreneur? Describe the difference between entrepreneur and manager?

 

Why become an entrepreneur? Describe the difference between entrepreneur and manager? Some people become entrepreneurs because they see it as a mandatory journey to take. Entrepreneurs are driven by the need to succeed and control their own destiny. Owning a business gives them no limitations on the profit and opportunities that they can gain. There are some reasons which are given below 7 Reasons People Become Entrepreneurs •       Reason 1: Achievement, Challenge, & Learning. •       Reason 2: Independence & Autonomy. •       Reason 3: Income Security and Financial Success. •       Reason 4: Recognition and Status. •       Reason 5: Family. •       Reason 6: Dissatisfaction with Current Work Arrangements. •       Reason 7: Community and Social Motivation.     1.      An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. While A Professional Manager is one who specializes in the work of planning, organizing, leading, and controlling the efforts of others by the systematic use of classified knowledge and principles. He subscribes to the standards of practice and code of ethics established by a recognized body. 2.      The entrepreneur differs from the professional manager in that he undertakes a venture for his personal gratification. As such he cannot live within the framework of occupational behavior set by others. 3.      Failure to the professional executive may mean a little more than locating a new job perhaps even at a higher salary. Whereas the failure of an entrepreneur in his efforts would mean a devastating loss to his career.   4.      He may engage a professional manager to perform some of his functions such as the setting of objectives, policies, procedures, rules, strategies, and formal communication network.   5.      The entrepreneur and professional managers are, therefore, a critical input of socioeconomic development. 6.      The professional manager has to work within the framework of policy guidelines laid down by the entrepreneur. 7.      The professional manager translates the entrepreneurial vision into a reality by adopting his professional efficiency and managerial skills.