Entrepreneurship and business management

Document Type:Coursework

Subject Area:Business

Document 1

While there are various factors that distinguish entrepreneurs from business managers, the most important aspect lies in their scope of work. Basically, an entrepreneur sets up a business by taking all the financial risks involved in the hope of reaping profits while a business manager works within and outside office to run the business effectively and make profits. An individual may perform both roles, but the discrete skills enhance their ability to fulfil the two roles. Entrepreneurs start a business while the managers run it. Entrepreneurs plan and launch the new enterprises and handle a range of issues, including designing of the product, determining effective methods of production and even soliciting first customers to the company (Marks, 2012). Besides, they are not afraid of changing course nor failing in an attempt to solve a problem.

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