Entrepreneurship and Management – Definitions and Skills
The word entrepreneurship is a French word which means “go-between” or individuals who take risks and starts something new. In the process, the same also assumes the risks and rewards.
An offshoot of the same is an intrapreneur – which is entrepreneurship within an existing organization.
However, we need to be able to distinguish between the entrepreneurial spirit and management abilities. Though they sound the same they are not. The former involves creating something from nothing while the latter involves running an organization that already exists. Entrepreneurs are not necessarily the best managers and vice-versa. You can often sharpen your managerial skills by experience but that’s rarely the case with being an entrepreneur. Either you have it or you don’t.
The best of entrepreneurs have been known to ruin their organizations because of lack of management experience and expertise. Managers have often killed the soul and spirit of an organization since they lack the ability to think outside the box.
Some skills required for entrepreneurship
Technical Skills
• Writing
• Oral Communications
• Monitoring environment
• Technical business management
• Technology
• Interpersonal
• Listening
• Ability to organize
• Network building
• Management style
• Coaching
• Being a team player
Business Management Skills
• Planning and goal setting
• Decision making
• Human relations
• Marketing
• Finance
• Accounting
• Management
• Control
• Negotiation
• Venture launch
• Managing growth
Personal Entrepreneurial Skills
• Inner control/ disciplines
• Risk taker
• Innovative
• Change oriented
• Persistent
• Visionary Leader
• Ability to manage change
Either way, entrepreneurship and good management are big supporters of capitalism – as Larry Kudlow puts it, “Free market capitalism is the key to prosperity!”