To successfully manage any business be it small, medium or large, one of course needs capital, labour and a market. More than that what one really requires is the capability of executing the right business decisions to translate viable business concepts into reality. One needs to be grounded in the real world, make himself familiar with the actual realities and be capable of handling the basic logistics for swift execution. Talented minds with great ideas and business vision often fail to take off. Reason- lack of entrepreneurial capabilities!
Indeed, entrepreneurship and traditional concepts of management appear two different worlds altogether. Management often tends to appear bureaucratic, hierarchical and rigid. In contrast entrepreneurship looks to explore new business ideas and markets, always innovating and experimenting. Indeed entrepreneurship is all about business innovation and exploration. And as management guru Peter Drucker once noted, Innovation has to deal more with economic (read entrepreneurial) aspects than technical aspects of product or service.