''Book Review''

Entrepreneurial Management

Submitted to
Mr. Anand Tuladhar
Course Instructor
Entrepreneurship and Innovation

Submitted by
Pradipta Kafle

September 22nd, 2015

South Asian Institute of Management
Kathmandu

Entrepreneurial management
Entrepreneurial management can be defined as the practice of taking entrepreneurial knowledge
and utilizing it for increasing effectiveness of new business venture, whether it's big or medium
sized business. It focuses on managerial strategies for:
1. The new venture
2. The existing business and
3. The public service institution.
The existing business needs to learn different things as it faces different problems, limitations,
and constraints from the solo entrepreneur. The existing business knows how to manage but
needs to learn how to be an entrepreneur and how to innovate. The nonbusiness public service
institution also faces different problems. It has different learning needs. It is prone in making
different mistakes. And the new venture needs to learn how to be an entrepreneur and how to
innovate, but above all, it needs to learn how to manage .For each of these three; the existing
business, the public service institution and the new venture a specific guide to the practice of
entrepreneurship must be developed. They need to know;
What does each have to do?
What does each have to watch for?
And what had each better avoid doing?
Todays businesses, especially the large ones, simply will not survive in this period of rapid
change and innovation unless they acquire entrepreneurial competence. After the World War I
there was rapid destruction of the existing businessesespecially the big ones .There was not
much big and middle-sized business. Today, it is not only in the self-interest of the many existing
big businesses to learn to manage themselves for entrepreneurship as they have a social
responsibility to do. They have a genuine social threat today to employment, to financial
stability, to social order, and to governmental responsibility.
Existing businesses will need to change. In order to impart stability and leadership existing
businesses will have to learn how to survive. And that they can only do if they learn to be
successful entrepreneurs. Existing business has the necessary resources, especially the human
resources. It has both the opportunity and the responsibility for effective entrepreneurial
management as it has already acquired managerial competence.
The same holds true for the public-service institutions. Public service institutions includes
hospitals for hospitals, schools, universities, community agencies and volunteer organizations
such as the Red Cross, the Boy Scouts, and the Girl Scouts; churches and many more. Publicservice institutions have an opportunity for dealing with new tasks, for experimentation, and for
social innovation. And responsibility to be entrepreneurial and to innovate. Because of being

public-service institution, it faces specific different obstacles and challenges, and are prone in
making different mistakes. Entrepreneurship in the public-service institution thus needs to be
discussed separately.
Finally, there is the new venture. This will continue to be a main vehicle for innovation, as it has
been in all major entrepreneurial periods and is again today in the new entrepreneurial economy
of the United States. There is indeed no lack of would-be entrepreneurs in the United States, no
shortage of new ventures. But most of them, especially the high-tech ones, have a great deal to
learn about entrepreneurial management and will have to learn it if they are to survive.
The gap between the performance of the average practitioner and the leaders in entrepreneurship
and innovation is enormous in all three categories.
The heart of entrepreneurial management is continually managing these vital management
issues:

What is this venture about? (mission and values statement)

Where should it go? (goals and objectives)

How will it get there? (growth strategy)

What does it need to get there? (people and resources)

What structure is best? (organizational capabilities)

How much money does it need and when? (financing strategy)

How will it recognize the final destination? (vision of success)

All organizations must acquire entrepreneurial competence to keep pace with changes in
economy and society. Entrepreneurship is based on the same principles, whether the entrepreneur
is an existing large institution or an individual starting his or her new venture. It makes little or
no difference whether the entrepreneur is a business or a nonbusiness public-service
organization, nor even whether the entrepreneur is a governmental or nongovernmental
institution. In every case there is a discipline which we call Entrepreneurial Management.