How is being an entrepreneur different from being a business manager?

The job of an entrepreneur is to predict a future structure of production (marginal cost) VS the future marginal utility (sales price) of a product for a specific need and to invest ressources in order to fulfill this need in a profitable way VS the inherent risk due to the uncertainty caused by the possibility of the prediction being incorrect.

The job of the manager is to allocate those ressources in the most efficient way possible to achieve those goals.

Put differently : The entrepreneur sets the vision and the manager gets you there.

Hi Janet,

The key difference is that an entrepreneur is generally the owner of a business - a creator, and is someone who has an idea, sees it through, and starts a business!

A business manager is someone who help make decisions which are in the best interest of their business, their teams, and/or their employees.

Almost all entrepreneurs are business managers (if you start a business, it is in your best interest to make sure it's successful), but not all business managers are entrepreneurs.

Entrepreneurs are their own bosses, while managers are bosses, but usually have a boss themselves.