Enterpreuers help bolster the economic development of a nation. An entrepreneur is a visionary who looks up to the future vision of business expansion and growth, and in India, they contribute as much as 37% to the GDP.
It has been seen that there is a considerable rise in entrepreneurship mindset in the past few years. As per the Global Entrepreneurship Monitor (GEM) India Report 2016-17, around 11% of the Indian population is involved in entrepreneurial-based activities. (Economictimes. Indiatimes)
Only those entrepreneurs who have a perfect combination of managerial thinking and an entrepreneurial mindset can take their business ahead. While managerial thinking leads to convenient and tactful management and mitigation of risk, an entrepreneurial mindset is about innovation, embracing challenges and having a vision. It is important to understand and develop both to succeed.
Basics to Understand the Entrepreneurial Mindset
Role of an Entrepreneur vs Manager
Understanding The Entrepreneurial Mindset Vs Managerial Mindset
Join the entrepreneurship development program
Key Points
Talking about India's Startup Ecosystem, India has the 3rd largest startup ecosystem in the world that is expected to display 12-15% YoY growth. (https://www.startupindia.gov.in/)
There were nearly 50,000 startups in India in 2018. About 1300 new tech startups commenced in 2019 which means 2-3 tech startups commence every day.
To be a successful entrepreneur, train yourself to develop an entrepreneur mindset, learn how to think like a manager to execute tasks efficiently, and understand the essential entrepreneur skills like Innovation and Design Thinking, Funding Entrepreneurial Ventures, making a Business Plan and more by joining an entrepreneurship development programme.
Role of an Entrepreneur vs Manager
When it comes to any organisation, both entrepreneurs and managers take up pivotal roles to run the organisation. An entrepreneur usually works on conceptualising the business idea, gathers funds, and takes on challenges and risks courageously. He looks at everything with a broader perspective.
A manager on the other hand focuses on operational and functional management for a swift workflow and work execution. He is a key person responsible for maintaining an administrative hold over the organisation. Every department and employees and staffs need to work co-operatively, with discipline, and towards an aim to complete targets. A manager overlooks this seamless workflow operation and takes up compulsive decisions to enhance the workforce, set priorities, staff management, client requirement management, etc. to lead the entire organisation towards obtaining higher goals and improved performance.
Both these responsibilities are significant in an organisation. They determine the development, progress, prospect, and profitability of an organisation. And hence, the executive program in business management now focuses on honing both these skill sets. Here are the key differences in the role of an entrepreneur and a manager:
The primary difference between an entrepreneur and a manager is their position in the organisation or company. While an entrepreneur is the business owner, a manager is responsible for all operational and managerial jobs.
Not only is an entrepreneur the visionary and founder of the business, but he even endures all financial risks while bringing a concept into reality. A manager, on the other hand, is just an employee with a vast set of responsibilities. He also needs to work to ensure minimal financial loss or risk.
An entrepreneur works with a futuristic aim of business growth and expansion, broadening prospects; while a manager primarily focuses on day-to-day hassle-free workflow, better work culture, and operation within the organisation.
An entrepreneur focuses on long-term business goals like business expansion, while a manager majorly focuses on short-term goals like completing projects at hand. For an entrepreneur, his reward is the growth of his business and the profits he earns. Whereas salary, increment, and promotions act as a reward for his services to a manager.
Motivation for an entrepreneur is his achievement and his dream to attain new heights of achievement. However, for managers, the powerful position in the organisation offers them motivation.
Since an entrepreneur is the owner and stands at the highest hierarchy in a company, he can be informal and casual. However, being an employee in a high position, a manager needs to be formal in his workplace.
It is perhaps within the work structure of an entrepreneur to evaluate and take up calculated risks to grow the business. Whereas being a manager, one cannot afford to take the risk since it's within his job role to maintain a status-quo of the company.
Understanding The Entrepreneurial Mindset Vs Managerial Mindset
A mindset is a cognitive belief system that voluntarily and involuntarily controls our actions. As an entrepreneur, you are bound to think differently. The approach of the entrepreneur has changed with time. They think differently and embrace risk.
A managerial mind looks at problems as a threat to attaining goals. He tries and resolves problems after careful analysis. He takes important decisions based on quantitative analysis. he makes decisions based on past events. For an entrepreneurial mind, problems are new business opportunities to be explored. Such a mindset is quick in taking decisions about the business future. Sometimes even a single incident is enough to make a key decision. An entrepreneurial mind values real-world experiences and new developments. For him, a new idea points toward an emerging trend.
Further, an entrepreneurial mindset is triggered by an ambition to attain something big. It has the seed of all innovations which is a result of an imbalance to attain goals that are bigger than the resources available. Even with a penny in the pocket, an entrepreneurial mind aims for something big as reforming the world. They go beyond the resources to reach their business goals. Compared to this, a Managerial mindset does not think beyond the available resources. If he thinks big, he is not appreciated as such by seniors.
Right from planning to management of finance, land, labour, business sources, and stakeholders, an entrepreneur needs to take up all responsibility for the establishment of a business. Identifying market prospects to analyse risks, evaluating risks and the scope of growth at various aspects to take the enterprise to higher achievements is what an entrepreneur does.
Whether it's capital management or dealing with investors, collaborating with new business clients to bring an innovative business concept into reality, the skills and leadership of an entrepreneur add value to a business.
Join the entrepreneurship development program
When you seek to start your venture, you must brush your skills and learn from the top institute like IIT Delhi which has come up with an Executive Management Programme. The entrepreneurship development programme is designed to offer aspiring entrepreneurs the to turn their dream into reality. The course modules are intensive and offer deep understanding. They are listed below:
Entrepreneurial Ecosystem and Venture Creation
Creativity, Innovation and Design Thinking
Marketing Management and Digital Marketing
Marketing Research for Entrepreneurship
Entrepreneurial Operations and Decisions
Strategic Leadership, Digital Transformation and Team Management
Entrepreneurial Finance, Business Plan Development and Pitching Skills
Funding Entrepreneurial Ventures and Mentoring
Business Laws and Policy Regulations
Growing and Scaling Up Entrepreneurial Ventures
Entrepreneurial Failure Management
On-Campus Immersion (Business Plan Evaluation) Entrepreneurship Conclave (with funding opportunities)
If you desire to own a company, here is your opportunity to learn all the essential aspects by joining the executive program in business management today.
