Why is it important for managers today to be entrepreneurial Essay

Why is it important for managers today to be entrepreneurial - Essay Example The 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 business and economic arena is expanding every day swiftly. Now money is not only dealt with at organizational level, instead it has seeped into the lives of individuals. That means that in this twenty-first century, an individual can be an organization in itself given he/she is creative and capable enough. Such individuals are called entrepreneurs who are replacing managers. Whether this new 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 terms entrepreneur and manager need to be defined separately. According to the Merriam-Webster dictionary, an entrepreneur is that individual â€Å"who org anizes, manages and assumes the risks of a business or enterprise† or â€Å"one who organizes a new business venture in the hopes of making a profit. On the other hand a manager is â€Å"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 â€Å"creativity, intuition, goal-oriented, responsibility, self-confidence, independence, optimism, discipline and fantasy† can come up with possible 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 relationship 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 figureh ead, leader, liaison, information roles of monitor, disseminator, spokesperson and the decision making role of entrepreneur, disturbance 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 phase that is pre start-up phase requires relevant knowledge of setting up a business, demand of the market and one’s 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 acceptable at this stage. The second phase is the survival stage. This is a