Match List I with List II. LIST I LIST II A. Primary economic reward…

Match List I with List II.

LIST I	LIST II
A. Primary economic reward for management	I. Informal
B. Approach to the task for entrepreneurship	II. Achievement
C. Risk orientation for management	III. Salary
D. Primary motivation for entrepreneurship	IV. Risk-averse

Choose the correct answer from the options given below.

Answer & explanation

Correct answer: option 3

The correct answer is option 3- A-III, B-I, C-IV, D-II.

LIST I	LIST II
A. Primary economic reward for management	III. Salary
B. Approach to the task for entrepreneurship	I. Informal
C. Risk orientation for management	IV. Risk-averse
D. Primary motivation for entrepreneurship	II. Achievement

Differences between Entrepreneurship and Management

Basis of Differentiation	Entrepreneurship	Management
Focus	Business start-up	Ongoing operations of an existing business
Resource orientation	The entrepreneur does not feel the constrained by resource. Entrepreneur mobilizes the resources	A manager is constrained by his resources at his disposal.
Approach to the task	Informal	Formal
Primary motivation	Achievement	Power
Status vis-a vis the enterprise	Owner	Employee
Primary economic reward	Profit	Salary
Innovation orientation	Challenges the status quo i.e. the existing	Maintains the status quo i.e. the existing
Risk orientation	Risk-taker	Risk-averse
Approach to decision-making	Driven by inductive logic and personal courage and determination	Driven by deductive logic and research
Scale of operations	Small business	Large business
Primary skill requirement	Opportunity spotting, initiative, resource negotiation	Organising, systems design and operating procedures, people management
Specialisation orientation	Generalist has to know and do all the trades by himself	Specialist

Match List I with List II.

LIST I	LIST II
A. Primary economic reward for management	I. Informal
B. Approach to the task for entrepreneurship	II. Achievement
C. Risk orientation for management	III. Salary
D. Primary motivation for entrepreneurship	IV. Risk-averse

Choose the correct answer from the options given below.

Answer & explanation

Correct answer: option 3

The correct answer is option 3- A-III, B-I, C-IV, D-II.

LIST I	LIST II
A. Primary economic reward for management	III. Salary
B. Approach to the task for entrepreneurship	I. Informal
C. Risk orientation for management	IV. Risk-averse
D. Primary motivation for entrepreneurship	II. Achievement

Differences between Entrepreneurship and Management

Basis of Differentiation	Entrepreneurship	Management
Focus	Business start-up	Ongoing operations of an existing business
Resource orientation	The entrepreneur does not feel the constrained by resource. Entrepreneur mobilizes the resources	A manager is constrained by his resources at his disposal.
Approach to the task	Informal	Formal
Primary motivation	Achievement	Power
Status vis-a vis the enterprise	Owner	Employee
Primary economic reward	Profit	Salary
Innovation orientation	Challenges the status quo i.e. the existing	Maintains the status quo i.e. the existing
Risk orientation	Risk-taker	Risk-averse
Approach to decision-making	Driven by inductive logic and personal courage and determination	Driven by deductive logic and research
Scale of operations	Small business	Large business
Primary skill requirement	Opportunity spotting, initiative, resource negotiation	Organising, systems design and operating procedures, people management
Specialisation orientation	Generalist has to know and do all the trades by himself	Specialist