Assignment 1 The terms Entrepreneur and Manager are considered one and the same.

But the two terms have different meanings. The following are some of the differences between a manager and an entrepreneur. The main reason for an entrepreneur to start a business enterprise is because he comprehends the venture for his individual satisfaction and has personal stake in it where as a manager provides his services in an enterprise established by someone. An entrepreneur and a manager differ in their standing, an entrepreneur is the owner of the organization and he bears all the risk and uncertainties involved in running an organization where as a manager is an employee and does not accept any risk. An entrepreneur and a manager differ in their objectives. Entrepreneurs objective is to innovate and create and he acts as a change agent where as a managers objective is to supervise and create routines. He implements the entrepreneurs plans and ideas. An entrepreneur is faced with more income uncertainties as his income is contingent on the performance of the firm where as a managers compensation is less dependent on the Attribution: http://www.citehr.com/23096-distinction-between-entrepreneurmanager.html#ixzz25ko8iTMO performance of the organization. An entrepreneur is not induced to involve in fraudulent behavior where as a manger does. A manager may cheat by not working hard because his income is not tied up to the performance of the organization. Entrepreneur is required to have certain qualifications and qualities like high accomplishment motive, innovative thinking, forethought, risk-bearing ability etc. Conversely its mandatory for a manager to be educated in the fields of management theories and practices. An entrepreneur deals with faults and failures as a part of learning experience where as a manager make every effort to avoid mistakes and he postpones failure. An entrepreneur could be a manager but a manager cannot be an entrepreneur. An entrepreneur is intensely dedicated to develop business through constant innovation. He may employ a manager in order to perform some of his functions such as setting objectives, policies, rules etc. A manager cannot replace an entrepreneur in spite of performing the allotted duties because a manager has to work as per the guidelines laid down by the entrepreneur. Attribution: http://www.citehr.com/23096-distinction-between-entrepreneurmanager.html#ixzz25koUDRk6 On the downside, typical manager brings professionalism into working of an organization. They bring fresh perspectives, ideas and approach to trouble shooting which can be invaluable.

Lately there has been convergence of the entrepreneur and the manager in certain sectors like software. An employee is being given highly valuable stock options, which make a typical manager a part owner. Reply Attribution: http://www.citehr.com/23096-distinction-between-entrepreneurmanager.html#ixzz25koYvXmA

All organizations depend upon group efforts. Group action and joint efforts have become necessary in every walk of life. Management is required wherever two or more people work together to achieve common objectives. The success in group efforts depends upon mutual cooperation among the members of the group. Management creates teamwork and coordination among specialized efforts. Management is indispensable in all organizations whether a business firm, a government, a hospital, a college, a club, etc. Management is a creative force which helps in the optimum utilization of resources. Competent managerial leadership alone can convert the disorganized resources of men, money, materials and machinery into a productive enterprise. In the absence of management, an organization is merely a collection of men, money, materials and machinery. According to Trucker, "management is the dynamic life-giving element in every business. Without it the resources of production remain resources and never become production". Management is the catalyst without which no organization can survive and grow. Management is required to plan, organize, direct and control group efforts. Management provides leadership and motivation to individuals. There is continuous need for management in an organization. As an innovative force, management performs the same role in an organization which brain does in the human body. It is the fundamental coordinating mechanism that underlies organized endeavor. The importance of management has increased tremendously in recent years due to increase in the size and complexity of organizations, turbulent environment and growing responsibilities of business. Sound management helps in maximizing output and minimizing costs. It maintains a dynamic equilibrium between an organization and its ever changing environment. Management is responsible for the creation, survival and growth of organizations The significance of management in the modern business world has increased tremendously due to the following challenges. (i) Growing size and complexity of business. (ii) Increasing specialization of work, (iii) Cut throat competition in the market,

(iv) Growing unionization of labor. (v) Sophisticated and capital intensive technology, (vi)Increasing complexity of business decisions, (vii) Growing regulation of business by the Government, (viii) Need for research and development, (ix) Turbulent environment of business. (x) Need for reconciling the interests of various groups, e.g., owners, workers, customers and the public, (xi) Need for optimum utilization of scarce resources
Assignment 2
Planning facilitates management by objectives.

a. b. c. d.

Planning begins with determination of objectives. It highlights the purposes for which various activities are to be undertaken. In fact, it makes objectives more clear and specific. Planning helps in focusing the attention of employees on the objectives or goals of enterprise. e. Without planning an organization has no guide. f. Planning compels manager to prepare a Blue-print of the courses of action to be followed for accomplishment of objectives. g. Therefore, planning brings order and rationality into the organization.
Planning minimizes uncertainties.

a. Business is full of uncertainties. b. There are risks of various types due to uncertainties. c. Planning helps in reducing uncertainties of future as it involves anticipation of future events. d. Although future cannot be predicted with cent percent accuracy but planning helps management to anticipate future and prepare for risks by necessary provisions to meet unexpected turn of events. e. Therefore with the help of planning, uncertainties can be forecasted which helps in preparing standbys as a result, uncertainties are minimized to a great extent.
Planning facilitates co-ordination.

a. Planning revolves around organizational goals.

b. c. d. e.

All activities are directed towards common goals. There is an integrated effort throughout the enterprise in various departments and groups. It avoids duplication of efforts. In other words, it leads to better co-ordination. It helps in finding out problems of work performance and aims at rectifying the same.

Planning helps in achieving economies.

a. Effective planning secures economy since it leads to orderly allocation ofresources to various operations. b. It also facilitates optimum utilization of resources which brings economy in operations. c. It also avoids wastage of resources by selecting most appropriate use that will contribute to the objective of enterprise. For example, raw materials can be purchased in bulk and transportation cost can be minimized. At the same time it ensures regular supply for the production department, that is, overall efficiency.