Difference Between Management Skills and Entrepreneurship Essay Example for Free

Difference Between Management Skills and Entrepreneurship studyWhat do you think is the difference between management skills and entrepreneurship?. How do they contribute to the economic success of a pipeline? Management skills is about making an existing business work effectively and efficiently, organizing and coordinating the activities accord to certain policies and achieving clearly defined objectives (i. e. vision, mission). Usually, the foundation of the business has been laid and established.It involves planning, controlling, leading and directing and the managers are ordinarily focused on managing and growing the business Entrepreneurship is someone who transforms innovation into a business process peculiarly for market which never exists, often associated with uncertainties. An entrepreneur will look for changes, respond to it and seize it as an opportunity. The adjoining step is to assemble a team, locate resources, raise the needed capital and start the new bus iness idea.An entrepreneur is flexible in adapting to the rapid changing to the market conditions and ideas which are important factors in growth strategies for a companys growth. The economy has become more competitive and more demanding, thus the ram of having the best management skills and entrepreneurship skills are becoming more important. Management skills will ensure that an established fundamental law is managed effectively and efficiently towards achieving clearly defined objectives.