Peter Drucker is one of the topmost authority in the subject of management. Management is art of managing things and entrepreneurship is the art of living on chaos.
While management is more about control , strategy and process , entrepreneurship is often perceived as chaotic, non-process oriented and individual effort. In fact many a times entrepreneurs would love to stay at arms length from anything that is related to management ( because of its control style work).
The truth is however, entrepreneurs do need management , now or later. Without a good effective management, entrepreneurs will burn out and be resource starved exactly at the point when their venture just starts to grow.
Peter lays out the criteria how entrepreneurs can exploit opportunities based on changes in technology, processes , new demographics and needs. He provides a number of examples on how many companies in their own ways have exploited these criteria to become innovators and earn more money. To him it does not matter if the company is small or large. Any company that has great policy and processes on innovation and work to spot the opportunities can win the day.
In one chapter Peter outlines how companies should develop management practices to encourage innovation. He describes a few policies where managers are encouraged to seek new opportunities while dropping the old technologies that do not work for them. He goes on to tell how much important it is for entrepreneurs to develop a management team and to do it as early as possible.
The killers for me are last few chapters where Peter outlines various areas where an entrepreneur can see an opportunity. He also explains each and every area with their pros and cons and examples of companies who have been there.
I have not seen a book that has outlined the connection between management and entrepreneurship laid out so nicely. It is very important to see entrepreneurship from the eyes of a manager too. And who can explain it better than Peter Drucker.
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