Why is it important for managers today to be entrepreneurial Essay

Why is it important for managers immediately to be entrepreneurial - Essay ExampleThe world is witnessing competition in every corner and at every scale. The globe revolves around money. Money is the game changer and for that matter the occupation and economic bailiwick is expanding every day swiftly. Now money is not only dealt with at constitutional level, instead it has seeped into the lives of individuals. That factor that in this twenty-first century, an individual can be an organization in itself given he/she is originative and capable enough. Such individuals be called entrepreneurs who are replacing managers. Whether this hot trend could be successful depends on certain skills required that form the prerequisite of booming businesses. How similar are entrepreneurial skills similar to managerial skills would determine whether these two are contradictory or complementary in an organization. To start off with, the impairment entrepreneur and manager need to be defined s eparately. According to the Merriam-Webster dictionary, an entrepreneur is that individual who organizes, manages and assumes the risks of a business or enterprise or one who organizes a new business venture in the hopes of qualification a profit. On the other hand a manager is a person who conducts business or household affairs and does the job of management.... This is because it is believed that only entrepreneurs with their skills of creativity, intuition, goal-oriented, responsibility, self-confidence, independence, optimism, discipline and fantasy can come up with manageable solutions to the problem of poverty, unemployment and environmental hazards.(Papulova & Makros 2007). For managers, the required and basic skills are technical, interpersonal, conceptual and communication. These are the pre-requisites for having a healthy blood with the leader and subordinates of the organization. If the manager fails to do so, the organization will also be deemed to fail. It would mean that the core of the organization is corrupt. Managers need to be prepared for the best and worst case scenarios. They have to play the role of entrepreneurs when at the peak of success or on the verge of tipping over. There are a few traits that should be present in both managers and entrepreneurs simultaneously. The interpersonal roles of figurehead, leader, liaison, information roles of monitor, disseminator, spokesperson and the decision making role of entrepreneur, break handler, resource allocator and negotiator need to show face at the right time. (Papulove & Mokros 2007). There are five stages of growth of an organization where the founder/leader needs managerial and entrepreneurial skills. The first variety that is pre start-up phase requires relevant knowledge of setting up a business, demand of the market and ones own abilities. To be successful in this competitive world, one needs to have a new and unique idea at the initial phase. That certainly requires entrepreneur skills because rigidity is just not satisfying at this stage. The second phase is the survival stage. This is a