describe how concept of management is preceived in entrepreneurship

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describe how concept of management is preceived inentrepreneurship

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Entrepreneur and management are two opposite words Entrepreneurs look for new markets new products and work with new ideas Management on other hand is rigid hierarchical business oriented and mostly work on bureaucratic principles A new venture needs completely different perspective and style of management The books and material in market mostly deals with organizations and businesses which has attained certain size There are stories how a small new venture turn out to be great success But there is hardly any material which talks about how to manage early stage ventures Or a new venture which is in idea stage There is enough audio video content about what steps needed to follow from idea to execution to business But such tips or guidelines vary tremendously from company to company Uber s marketing strategy can not be completely copied by a grocery start up Entrepreneurial management is an evolving domain It is mature version of management as a discipline This is exciting phase for management as a discipline New challenges New market dynamics need to be entangled with old proven principles As entrepreneurship and start ups are about unproven and uncertain products and markets Innovation is at the heart of entrepreneurship that is why it is equally important for start ups to manage innovation It demands different kind of management skills and techniques Peter Drucker did write about innovation and entrepreneurship in his seminal book in 1985 Peter Thiel in his book Zero to one focused successfully on business side of start ups and innovation Peter Drucker had said Innovation has to deal more with economic aspects than technical aspects of product or service Entrepreneurial management is discipline that deals with ventures innovation strategies which will take idea into market and to make venture a successful business I did not address some obvious points which are not directly related to entrepreneurial management in Many ways but crucial to new ventures such as funding equity sharing etc The major and primary aspect of entrepreneurship is to decide limitations If limitations are not kept in mindthe new idea or venture is bound to fail sooner or later There are numerous testimonies to this event 1 First of all it all starts with an idea I must confine the discussion to Idea and not how to get an idea Once a person gets an idea she immediately starts looking everywhere about the potential of that single idea How this idea can turn into a successful business enterprise And how people will benefit tremendously from this idea As in How it will make world and society a better place to live in Well even if this is true it is in virtual world But taking idea into a product A venture and then turn that venture into business enterprise is altogether a different game from getting an idea It will be better if we discuss it with an example Suppose If one has a good idea of an See Answer

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