Question

• Compare and contrast entrepreneurship with working in a corporate environment as a department head. What are some responsibilities, rewards, and risks associated with each role? How does this affect your decision to be an entrepreneur instead of working in a large company?
• How would you determine if your current skills fit into your new venture idea? What is important to learn about small business and entrepreneurship that may help you become a successful entrepreneur?
  

Answer 1

1.

Entrepreneurship involves developing ideas, setting up of business by scaling the ideas and take different types of risk, whereas a department head executes responsibilities to achieve the organizational goals. Entrepreneurship involves whole sole responsibility of the making a decision affecting the business, but the department head focuses upon the interests of the department while making coordination with the other functions and departments. Financial risk part is very high w.r.t. the entrepreneurship, whereas it is low or negligible with the department head in the corporate environment.

Entrepreneurship has the responsibilities to forecast the demand, testing of the ideas, to run the business, bring resources for the business, and taking risks. A department head has the responsibility to make efficient utilization of resources at the department level, build cooperation and coordination with the different departments, motivating the employees of the department, sharing of the resource with the project team.

Rewards are high with the entrepreneurship as growth in business will help the entrepreneur to grow and become the owners of the business. A department head will get incentives, bonuses and other performance linked benefits as the reward when the organization grows. Though the risk is also greater with the entrepreneurship. Failure of the business will make a huge financial loss as well as loss of confidence and reputation to the entrepreneur. Though such risks are minimized with the department head. He can be laid off or fired due to his wrong decisions.

So, it is the risk taking ability, availability of the sound idea that can create its own market and resources (including the financial resources) that make the decision to either opt for the entrepreneurship or go for the position of the department head. I can take risk, but I don't have enough resources that leads me to land the job of a department head.

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