Management and Entrepreneurship

Management is the process of getting things done through & with the people in formally organized group. A manager in an organization gets the thing done by performing five basic functions viz. Planning, Organizing, Staffing, Directing, Controlling. To perform above functions, a manager has to take a variety of decisions. Thus, decision making is a fundamental pre-requisite for each of the foregoing process.The term "entrepreneurship" is often used synonymously with the "entrepreneur". Though they are two sides of the same coin, conceptually they are different. The entrepreneur is essentially a business leader and the functions performed by him are entrepreneurship. Entrepreneurship is the purposeful activity of an individual or a group of associated individuals undertaken to initiate, maintain or organize a profit oriented business unit for the production or distribution of economic goods and services. The concept of entrepreneur is associated with three elements risk- bearing, organizing and innovating. Hence an entrepreneur can be defined as a person who tries to create something new, organizes production & undertakes risks and handles economic uncertainty involved in enterprise.