Question

What are the differences between an entrepreneur and a manager? First of all, investigate these differences and explain them with two famous identities to choose from the business world. Add your own thoughts to the end of the assignment.

Answer 1

Differences between an entrepreneur and a manager are as follows:

· The difference in taking company risks: An entrepreneur has the visionary skill, and he is ready to take any financial risks. For example, Jeff Bezos takes all the responsibilities if Amazon faces a loss. On the contrary, managers need not bear any financial risks because they are paid for their responsibility. For example- Sheryl Sandberg manages all the responsibilities carefully as Chief Operating Officer(COO) of Facebook Inc but is not ready to take risks.

· Difference functioning: Entrepreneurs focus on starting, and expanding business operations with innovative business ideas which can be found in the activities of Jeff Bezos. In contrast, managers focus on the daily functioning of the business. For example- Sheryl Sandberg properly supervises all the business functions that are assigned to her.

· Motivational differences: Achievements are key motivations for entrepreneurs. For example, becoming one of the most profitable entrepreneurs is a motivational factor for Jeff Bezos. On the contrary, motivations of managers come from the power of their position. For example- Sheryl Sandberg holds the position of COO of Facebook Inc, where she can be motivated with additional incentives or a handsome enhancement of salary, and other organizational benefits.

Entrepreneurs are more enthusiastic about their business. They come up with a zeal to make a profit in the market they are planning to operate. On the contrary, managers are free from all these responsibilities. They are more efficient in handling the task the company assigns them.