Key Difference: An Entrepreneur is basically a person who set up their own business. A manager is a person who manages things. The primary difference between an entrepreneur and a manager is that while an entrepreneur works for themselves, a manager works for someone else.
Many people these days tend to use terms that other may not really understand. Entrepreneur and Manager are two such terms. What does an Entrepreneur or a Manager actually do? What are their duties? How are they similar or different?
An Entrepreneur is basically a person who sets up their own business. They are responsible for every single factor in that business, no matter how small or how big. They also end up taking the financial responsibility of the business, which means that if the business fails, they lose money and/or credibility. In the initial stages, an entrepreneur and their business are interchangeable, i.e. one means the other.
The definition of a manager is simple enough. A manager is a person who manages things. The thing that he or she manages can be anything, no matter how small, or how big. However, the primary difference between an entrepreneur and a manager is that while an entrepreneur works for themselves, a manager works for someone else. A manager is usually hired by something to handle or manager tasks on their behalf.
Depending on each individual, an entrepreneur may take on the tasks of the manager, especially in the initial stages of setting up the business. Here, the entrepreneur may need to hire people, manage them, as well as manage the business. Hence, in these kinds of scenarios the role of the manager and the entrepreneur are interchangeable.
On the other hand, some entrepreneurs may choose to hire a manager and delegate these tasks to them, so that they pay be able to focus on the larger scope of the business, such as getting more clients, or developing more products, etc.; though it should be noted that these tasks can be delegated to a manager as well, if the entrepreneur chooses.
Comparison between Entrepreneur and Manager:
|Definition (Oxford Dictionaries)||A person who sets up a business or businesses, taking on financial risks in the hope of profit.||A person responsible for controlling or administering an organization or group of staff|
|Business||Set up their own business||Work in someone else’s business|
|Financial Risks||Take on the financial risks of the business||Does not take on the financial risks of the business|
|Management||Manages the business and the people involved, i.e. staff||Manages the business and the people involved, i.e. staff|
|Focus||Business startup||Ongoing operations|
Reference: Wikipedia (Entrepreneurship and Manager), Business Dictionary (Entrepreneur and Manager), Key Differences, Wise Step, Chron Image Courtesy: thefrugalmillennial.com, licdn.com