Differences between Entrepreneurship and Management

Management and entrepreneurship are similar and often interrelated business concepts. However,
subtle differences do exist. Management is the operational activities of an owner or manager of a
business. Entrepreneurship is the conceptualization of a new business or of an innovative idea for
business.
Entrepreneur typically involve in the creation of a new business department, product line, change
in production methods or a different approach to leadership. While this represents the innovative
side of the business, managers focus on the accomplishment of entrepreneurial ideas. Engaging
in entrepreneurial activities can include high levels of risk. Managers are looking at external
factors that can endanger the business, formulating strategies to reduce risk and controlling the
business environment to create favorable conditions for entrepreneurial goals. Entrepreneurs
typically are more "big picture" planners than managers. Rather than focusing on accomplishing
tasks, they look toward the benefits derived from goals, opportunities and objectives. Managers
make strategic decisions to accomplish goals and objectives.