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Entrepreneurship Essay

634 words - 3 pages

Questions:
1. What is an Entrepreneurship?
2. Who is an Entrepreneur?
3. Distinguish Entrepreneur from manager.
4. Give at least 10 characteristic of an Entrepreneurship.
5. What are the benefits that one can get from being an Entrepreneur?
Answers:
1. -Entrepreneurship is the act of being of being an entrepreneur, which can be defined as one “who finance and business acumen in an effort to transform innovations into economic goods.” This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.
-Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, ...view middle of the document...

-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.
- An entrepreneur is faced with more income uncertainties as his income is contingent on the performance of the firm where as a manager’s compensation is less dependent on the performance of 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...

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