Management - Entrepreneurial Managers Term Paper

Management - Entrepreneurial Managers - Term Paper ExampleIn such(prenominal)(prenominal) an environment, the competitive advantage of a business or passenger car may be insufficient. This indicates that mangers need to down an extra skill or advantage. Entrepreneurial skill is an essential skill that managers need to have. This essay go forth seek to establish why managers in newfangled organizations need to become entrepreneurs. An organization cannot dispense its duties without a manager. This proves that mangers are critical for the existence of an organization. However, critical role of mangers might be organization requires managers who have relevant entrepreneurial skills. Management revolves around management ideas and theories. An effective manager is therefore, expected to have sufficient of such cognition. In addition to the knowledge, a manager is expected to bring innovations into the business. Their role therefore, involves discovering new ideas that are found on p roved management knowledge. Ideas and innovations are critical to organizations. However, they are insufficient to sustain an organization in the modern, competitive business environment (Bade, Michael, 2001). By becoming entrepreneurs, mangers lead be able to apply their knowledge and innovations to produce useful products and services. Application of established knowledge and innovations creates competitive advantage of a business. ... The future of a business is therefore, essential for its existence. Managers are trained to produce gaining solution to immediate business problems. This implies that manager operate to attain short-term goals and objectives in an organization. Although short-term goals and focus is essential in an organization, long-term think is of equal importance. Unlike managers, entrepreneurs focus on long-term objectives of a business organization and their implications to the business. Entrepreneurs therefore, conduct a business with long-term objectives and plans. An entrepreneur will focus on how a new product will create a breakthrough in the market while a manager will be concerned with the improvement of existing products. The two roles are important to a business however, the role play by entrepreneurs is of greater importance since it includes the other role. Acquiring entrepreneurship skills will enable managers to balance the two roles inside an organization. Becoming an entrepreneur will also enable managers to have long-term objective for the business. The main commerce of an entrepreneur is to organize other factors of production and such roles involve taking of risks (Hirshleifer & Hirshleifer, 2005). Entrepreneurs therefore, expect a respect for the risks they assume. On the other hand, managers have the responsibility of ensuring that things in an organization are running according to the plan. Managers therefore, work according to a preset strategy or plan. Unlike managers, entrepreneurs are capable of varying thei r functional strategy to cope with their expectations. Entrepreneurs are flexible in their duties and operations. Flexibility is an indispensable quality in modern business environment due to the unpredictability. Becoming entrepreneurs will