Final answer:
Entrepreneurs are individuals who take the initiative to start a business by organizing resources and making investments, even in the face of risk. They are often considered risk-takers, but successful entrepreneurs carefully assess risks and potential benefits. On the other hand, managers are responsible for overseeing and coordinating the daily operations of a business.
Step-by-step explanation:
Entrepreneurs are individuals who take the initiative to start a business by organizing resources and making investments, even in the face of risk. They are often considered risk-takers, but successful entrepreneurs carefully assess risks and potential benefits. On the other hand, managers are responsible for overseeing and coordinating the daily operations of a business. They focus on planning, organizing, and directing resources to achieve organizational goals.
A key difference between entrepreneurs and managers is the level of risk and autonomy involved. Entrepreneurs bear the financial risk of their ventures and have full control over decision-making, while managers have a more structured role within an established organization. Additionally, entrepreneurs are driven by their own ideas and visions, while managers implement and support the strategies set by entrepreneurs or other higher-level executives.
Overall, entrepreneurs are innovative risk-takers who start new businesses, while managers focus on efficiently managing existing businesses within established structures.