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The Entrepreneur and The Manager

       Given the fact that almost all of the traits of an entrepreneur were discussed in my previous post, it still does not utterly terminate the uncertainty between entrepreneur and manager. Many people still tend to interchange the meaning of these two terms. Sometimes, people think that they were the same thing but in reality, entrepreneur and manager bear unalike definitions. According to S. Surbhi, an author, “entrepreneur is a person with idea, skills and courage and courage to pursue that idea, to turn it into reality.” On the other hand, he said that manager, as the name suggests is the person who manages the operations and functions of the organization. Entrepreneur is a person who founds and operates an innovative business while manager is a person who runs an existing business. In a nutshell, entrepreneurs are the the ones who setup their own business while the managers only manages things such as businesses. (Dubrin, 2013) Clear Reddy, another author, also explained t
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Barriers of Entrepreneurship

E ntrepreneurship, although bears many rewards also have many barriers. B efore an entrepreneur taste the sweetness of victory, he and his company should first undergo to the different barriers that will prevent and prolong them from achieving their triumph. A ccording to SP. Arun, a management student in Calicut University, barriers of entrepreneurship are divided into three major types, environmental barriers, personal barriers and social barriers. He said that environmental barriers are those barriers that arise inside the business. S ome examples of these barriers are lack of resources, manpower, funds and inadequate machinery and infrastructures. Personal barriers according to him, are the barriers that the entrepreneur causes. E xamples of these barriers are aversion to risks, unwilling to invest money, lack of confidence, innovation, knowledge, patience and inability to vision. T he last type of barrier is the social barrier. This social barrier is the  barrier to entry which
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Role of Entrepreneurship in Economic Development

     According to Michael Schaper, entrepreneurship is the center of functions of market economies. Entrepreneurs are the lifeblood of the market, and thus they greatly affect the economy. The relationship between business and economy is very directly proportional. As one increases, the othe r  also  increases. Thus, if one of them failed, then definitely the other one will also fail.      The growth and development of an economy lies on the hands of entrepreneurs. They can solve the problems that the economy faces by the use of their innovative ideas and risky but effective decisions. By doing this, they do not just solve the problem of the economy. Instead, they open more doors of opportunities and they expand the scope of economic activities. Schaper stated that the best example of importance of entrepreneurship in the economy was illustrated the best by the South East Asia. Many countries in this region such as Singapore, Malaysia, South Korea and Thailand transformed because
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Evolution of the Concept of Entrepreneurship

A s any other thing, entrepreneurship has history too. E ntrepreneurship is like human who started from a simple organism and then after so many years , evolved as a complex living. E ntrepreneurship back then is just a word. N o one really know the concept behind it. I n 1600, the French word “entreprende” which means go between was coined. T his word is the root word of entrepreneurship and entrepreneur. In 1700, the concept of entrepreneurship was related to risk. I n order to gain profit, you should first invest in risks.  M any books said that the words entrepreneur and entrepreneurship were first used by Richard Cantillon, an Irish-French economist in 1755 and Jean-Baptiste Say, a French economist and businessman in 1803. (Cherukara and Manalel, 2011) In this period, Cantillon also cleared that risk taker are different from capital suppliers. Capital suppliers are people who take risks in order to not miss out an opportunity of success. I n 1803, Say develop the process of s
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The Entrepreneur and the Intrapreneur

       E ntrepreneur and intrapreneur may sound alike but they are two different words with different meanings. T hey may be related to each other but still they have their nuances. Below are explanations about entrepreneur and intrapreneur.            Entrepreneur by definition is an individual who, rather than working as an employee, founds and  runs a small business , assuming all the risks and rewards of the venture.  On the other hand, intrapreneur is a manager who focuses on innovation and creativity; who brainstorms, dreams and puts ideas into profitable venture by operating within the organizational environment. He is a tool for capitalizing the entrepreneurial spirit of employees in the organization. He gives managers the freedom to try new ideas by employing firm’s resources in a unique way. The major difference being an entrepreneur is he risks his own money where as an intrapreneur works with his employer’s money. Therefore, the risk level of an intrapreneur is considera
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The Functions of Entrepreneurs

        A ll companies have entrepreneurs. Entrepreneurs are the ones who create new ideas. T hese ideas were implemented with the help of other social actors in the company. I t is obvious that the role of an entrepreneur as an idea generator is very vital in the operation of a business. H owever, there are more that an entrepreneur can do. B elow are the functions of an entrepreneur.   1.  Planner. Entrepreneurs are the ones who conceive an idea. T herefore, he is the one who plans to launch a project and innovate a product.  2.  Management. Entrepreneurs also manages their business. T hey function as the lead manager of their won business. H owever, they seek the help of professional managers in the other areas of business management.  3.  To Face Risks. Entrepreneurs are the risk-takers. T hey are the ones who have the courage to try something that were not already tested by anyone. T hey also face the risks that their businesses encounter. T hey are the ones who are respons
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