Differentiate, distinguish, compare and explain what is the difference between entrepreneurship and entrepreneurs.

Entrepreneurship means start a new business or own company. For accomplishing these entrepreneurs, requires a business plan and resources. In today’s era, it is a key to economic development. Several aspects like industrial growth, employment, regional development etc are nowadays dependent on entrepreneurship. Let’s see some of the facts about Entrepreneurship and Entrepreneurs.

Who is Entrepreneur?

The word entrepreneur are derived from the French word ‘enterprendre’ it means “to undertake” and literally translated means “between-taker” or “go-between”. An Entrepreneur is an individual who takes a risk and starts something new.

Entrepreneurship and Entrepreneurs

Entrepreneurship and Entrepreneurs

Entrepreneur Entrepreneurship
Visualizer Vision
Organizer Organization
Decision Maker Decision Making
Innovator Innovation
Risk bearer Risk bearing
Motivator Motivation
Creator Creation
Leader Leadership
Manager Management
Initiator Initiation
Planner Planning
Technician Technology
Communicator Communication
Administrator Administration

Entrepreneurship and Entrepreneurs

It requires optimization of performance by continuously evolving ideas for the business operation to get an effective and efficient system from it. New ideas are always tentative so entrepreneurs required patience in order to get a positive result and should also have an ability to bearing the risks in the process of it.

Entrepreneurship process enhances the managerial capability of entrepreneurs. It increases their decision-making skills.

There are many types of entrepreneurs like:

  1. Innovative – They have an ability to think economical ideas for business organization
  1. Imitating – They follow the innovative entrepreneur’s path
  1. Fabian – They required some kind of motivation to perform the entrepreneurship
  1. Drone – These are satisfied with the existing mode and not have any inclination towards market leadership

Functions of Entrepreneur

• Innovation
– The unexpected success or failure or any unexpected outside event.
– Innovation based on process need.
– Changes in industry and market structure.
– Demographics changes.
– New knowledge.
• Risk and uncertainty bearing.
• Organization building.
– Perception of market opportunities.
– Purchasing inputs.
– Marketing the products.
– Dealing with bureaucrats.
– Managing human relations within the firm.
– Managing customer and supplier relations.
– Managing finance.
– Managing production.