Management - Entrepreneurial Managers Term Paper

Management - Entrepreneurial Managers - Term Paper Example In such an environment, the competitive advantage of a business or manager may be insufficient. This indicates that mangers need to have an extra skill or advantage. Entrepreneurial skill is an essential skill that managers need to have. This essay will seek to establish why managers in modern 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 knowledge. In addition to the knowledge, a manager is expected to bring innovations into the business. Their role therefore, involves discovering new ideas that are based on proved management knowledge. Ideas and innovations are critical to organizations. However, they are in sufficient to sustain an organization in the modern, competitive business environment (Bade, Michael, 2001). By becoming entrepreneurs, mangers will 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 working 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 planning 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 played by entrepreneurs is of greater importance since it includes the other role. Acquiring entrepreneurship skills will enable managers to balance the two roles within an organization. Becoming an entrepr eneur will also enable managers to have long-term objective for the business. The main duty of an entrepreneur is to organize other factors of production and such roles involve taking of risks (Hirshleifer & Hirshleifer, 2005). Entrepreneurs therefore, expect a reward 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 their working 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