Entrepreneurship

1. DIFFERENCES BETWEEN
ENTREPRENEURS & OTHER
BUSINESS PEOPLE
Entrepreneurship – Lesson 5

2. Topics to be
Discussed…………..
 Differences between entrepreneurs and
other business people
 Entrepreneur Vs Manager: A Comparison
 Competencies needed to be an
Entrepreneur
 Knowledge
 Skill
 Trait

3. Differences between
Entrepreneurs and Other Business
People
Businessman / Business Entrepreneur /
Entrepreneurship
Own an enterprise or venture Own an enterprise or venture
Usually a profit oriented Customer oriented
Usually plays safe Bold and ambitious (motivated)
May be purchased, donated or
inherited
Creates his own idea and realize it as
a business
Generally traditional An innovator
Employee's role is not too significant Employee's role is significant as ideas
are shared with them
Usually distressed and faces more
pressure
Happy and enthusiastic businessman

4. Entrepreneur Vs Manager:
A Comparison
 There are misconceptions that entrepreneur
and manager are the same. However, the
reality is that they are different.

5. Entrepreneur Vs Manager
Entrepreneur Manager
Owner - An entrepreneur is the owner
of his own business.
Servant - A manager is a servant of
his employer.
Profits - An entrepreneur earns profits
from his business which is uncertain
and unlimited.
Salary - A manager earns salary which
is generally certain and limited.
Full Risk Bearing - An entrepreneur is
a person who has to take high risks for
starting and running venture.
Less or No Risk Bearing - A manager
takes less or no risk while performing
his job.
All Functions - An entrepreneur has
to look after all the functions of his
organization.
Selective Functions - A manger looks
after selective functions of an
organization.
Innovator - An entrepreneur is always
an innovator, in the lookout for new
products and services.
Executor - A manager is simply an
executor who is responsible for
executing the decisions of the owner
and entrepreneur.

6. Competencies Needed to be an
Entrepreneur
Knowledge
TraitsSkills
Enterprise

7. Competencies Needed to be an
Entrepreneur
 Competencies may be defined as:
 A body of knowledge
 A set of skills
 A cluster of traits

8. Competencies Needed to be an
Entrepreneur
 Knowledge consists of a set or body of
information stored, which may be recalled at
an appropriate time.
 Knowledge in the context of business may be
to have information with aspects such as
business opportunity, customers, the
market, business management and
different processes etc.

9. Competencies Needed to be an
Entrepreneur
 Skill is the ability to apply knowledge. It can be
acquired or developed through practice. In the
context of business, it is possible to distinguish
between skills of a technical and managerial
nature. Such as:
Technical Skills Managerial Skills
Engineering Organizing
Computing Planning
Carpentry Marketing (including
selling)
Mechanics Financial management

10. Competencies Needed to be an
Entrepreneur
 Trait is the total of qualities or characteristics
that constitutes (comprise, form) personal
individuality.
 Traits like initiator, persistent, efficiency
oriented, take calculated risks, persuasive,
self-confidence, assertive etc.

11. Review…………..
 Differences between entrepreneurs and
other business people
 Entrepreneur Vs Manager: A Comparison
 Competencies needed to be an
Entrepreneur
 Knowledge
 Skill
 Trait