Friday, June 10, 2011

Distinguish between the terms entrepreneur and entrepreneurship.

Though both the terms entrepreneur and entrepreneurship are almost similar they possess several differentiating terms with them. The differences between the entrepreneurs and entrepreneurship are as follows:-
Entrepreneur
Entrepreneurship
An entrepreneur one who undertakes and operates a new enterprise and assumes some accountability for the inherent risks.
Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in responses to identified opportunities.
Entrepreneur is often synonymous with founder.
Entrepreneurship ranges in scale from solo projects to major undertakings creating many job opportunities.
The person who starts and operates a business enterprise is an entrepreneur.
The process in which an entrepreneur starts and operates his business enterprise is entrepreneurship.
The entrepreneur is a coordinator as he coordinates all the three elements of production i.e. land, labor and capital.
Entrepreneurship is the coordination maintained by an entrepreneur.
The person who innovates something new is an entrepreneur.
The innovation of something new or the process of innovation is entrepreneurship.
He who leads an enterprise towards its vision thorough leadership, motivation is an entrepreneur.
The way in which an entrepreneur leads his manpower, motivates them for the achievement of the firms goal is entrepreneurship.
He who bears risk of the firm for the sake of making a reasonable profit is an entrepreneur.
The risk bearing practice that is done by an entrepreneur is entrepreneurship.
From the above table we can easily distinguish between these two terms entrepreneur and entrepreneurship as they are far different from each other.

Source: Here 
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