Forums | GRADUATE SUCCESS ATTRIBUTES UHMT1012 SEM 2 SESION 2020/2021

26 May 2021, 3:05 AM

1.What are the similarities and differences between entrepreneurs and businessmen?

The similarities between an entrepreneur and a businessman is that both are managing the project or business they are running and the head in the decision-making part. The differences between entrepreneurs and businessmen are that entrepreneurs begin a business from scratch and expand their idea or concept while a businessman starts a business from an existing idea and concept. Not only that, the specification of business for an entrepreneur is that it is innovative and revolutionary while a businessman follows existing traditions. Furthermore, the risk propensity for entrepreneurs is a risk-taker and accountable and for a businessman, it stays safe. Entrepreneurs are market leaders while businessmen are market players. To conclude, entrepreneurs enrich and expand their business while business keeps the businessman going.

2. What are the similarities and differences between entrepreneurs and managers?

The similarities between an entrepreneur and business managers reveal that they are both decision-makers and have managing abilities and can project forward. The main difference between entrepreneurs and managers is that their role in the organization where an entrepreneur is the owner of the company while a manager is the employee of the company. An entrepreneur is a risk-taker, they take financial risk for their enterprise. A manager usually works for a salary and does not have to bear any risks. Moving on, entrepreneurs always focus on beginning and expanding the business ideas and managers focus on the daily smooth functioning of the business. Not only that, the key motivation for an entrepreneur is achievements while a manager's motivations come from the power that comes with their positions. In conclusion, the reward for all the efforts for entrepreneurs is the profit he earns from expanding the enterprise and as for managers remuneration is the salary he draws from the company.

3. Have you ever think that you have an entrepreneurial mindset?

In my opinion, i think i have an entrepreneurial mindset but i do believe that a balance of managing abilities and entrepreneurial characteristics is essential to face the everchanging work industry. Without the right basic knowledge and capabilities, becoming a successful entrepreneur is difficult due to the fact that entrepreneurs need to always be able to adapt to different situations while factoring risk and reward.