You’ve heard the two terms: Entrepreneur and Manager.
Which one are you? Do you know the differences between the two?
An entrepreneur is someone who starts something from scratch. A manager manages people, processes, projects, or resources.
That’s an oversimplification of it and you may be wondering Isn’t there some crossover? There sure is!
In this article, I’ll talk about the differences between Entrepreneurs and Managers and what each type of person does.
What is an Entrepreneur?
An entrepreneur is someone who creates new businesses or products. An entrepreneur is also someone who takes risks and tries something new.
The word “entrepreneur” comes from the French verb entreprendre which means to undertake.
So when we say that someone is an entrepreneur, they’re taking on a big risk by starting their own business.
It’s not easy. It requires lots of hard work, dedication, and perseverance.
If you want to be an entrepreneur, you should also know that most businesses fail within five years. So, you are going to have to be prepared to take risks and try things out without knowing whether they will succeed or fail.
And that’s why most people don’t do it. They get discouraged because it seems like such a huge task.
More often than not, entrepreneurs start something new with limited resources and little money. That’s really all it takes.
Traits of an Entrepreneur
Entrepreneurs are people who take risks, work hard, and are willing to learn new skills. They are self-starters, have strong leadership qualities, and are able to see opportunities where other people would miss them.
Learn more about the Essential Entrepreneurial Skills for Success.
There are a number of traits that are common among entrepreneurs, including:
- Determination – You must have determination to overcome failures if you want to become an entrepreneur.
- Ambition – You need ambition if you want to be successful as an entrepreneur.
- Creativity – If you can think outside the box, then you can be creative and innovative in your approach to products and services.
- Perseverance – You must persevere through tough times to achieve success.
- Self-discipline – Self-discipline is another trait of entrepreneurial minds. There’s no one boss above you that’s telling you to clock in and clock out each day.
- Risk-taker – Entrepreneurs are people who take risks and try new things. They are willing to fail and learn from their mistakes.
- Problem Solver – They are independent thinkers and problem solvers.
- Passionate – They are passionate about what they do because they live it 24 hours a day.
- Confident – They are confident and self-assured, believing they will succeed.
- Optimistic – A positive will help them continue working, while also keeping team morale up.
- Flexible – Problems will arise and entrepreneurs need to be flexible and adaptable to roll with the punches.
What is a Manager?
A manager is a person who manages a group of people. Managers work closely with their employees to ensure that the goals of the company are met.
Managers make sure that their employees are doing what they are supposed to be doing and that they are working efficiently. A manager makes sure that his/her employees are happy and well taken care of.
Managers are responsible for making sure that their employees perform their jobs properly. Managers make sure that their employees know what is expected of them.
Managers set goals and deadlines for their employees. They also help their employees learn new skills and keep up with changes in technology.
Traits of a Manager
A manager is someone who takes responsibility for the well-being of other people. He or she makes sure everyone is happy and healthy. Managers are usually helpful, kind, patient, and understanding.
Here are common traits of managers:
- Organized – Managers like to plan ahead. They organize meetings, schedules, budgets, and projects.
- Empathetic – Managers understand how others feel. They listen carefully and respond appropriately.
- Competent – Managers are good at delegating tasks and helping others complete their duties.
- Persuasive – Managers use logic and reason to persuade others to agree with them.
- Trustworthy – Managers are honest and trustworthy. They don’t lie or cheat on their coworkers.
- Patient – Managers have patience when dealing with problems. They are able to calm down and think clearly when faced with stressful situations.
- Communicative – Managers communicate effectively with others. They are able to explain ideas and concepts easily to others.
- Responsive – Managers are responsive to requests and complaints. They are quick to solve problems and implement solutions.
Many of these traits are also good for entrepreneurs to have, because they’re technically “managers” as well, managing the company and staff.
Key Differences Between Entrepreneurs vs Managers
There are a number of key differences between managers and entrepreneurs.
- Successful entrepreneurs have high levels of confidence and independence. They believe in themselves and their abilities. They are not afraid of failure.
- Entrepreneurs are highly motivated. They want to make money and become rich. They do not care about the social status of others.
- Entrepreneurs are more creative than managers. They think out of the box and come up with unique solutions to problems.
- Entrepreneurs are risk-takers. They take chances and try something new. They are willing to fail if it means trying again later. Managers are more measured in their approach and their goal is not to fail.
- Entrepreneurs are optimistic by nature. They expect things will turn out well and look forward to success.
- Entrepreneurs are independent thinkers. They are not afraid to speak up and express their opinions.
- Entrepreneurs tend to be perfectionists. They strive to do everything perfectly. They are very hard workers.
- Entrepreneurs are more passionate, because they’re often working on their own products and services.
- Managers are focused more on execution, while entrepreneurs focus on the bigger picture and innovating.
- Managers usually have more experience managing and motivating employees than entrepreneurs.
Can You Be Both an Entrepreneur and Manager?
Absolutely! Entrepreneurship and management go hand in hand.
Both involve creating something new from scratch. Management involves planning, organizing, leading, and controlling people and resources. Entrepreneurship involves starting a business, managing employees, and marketing products.
Entrepreneurship and management are not mutually exclusive. It’s possible to start a company and run it at the same time.
Most successful companies started by entrepreneurs who then became CEOs were started before they became CEO. For example, Steve Jobs was an early employee at Apple and later its CEO.
How Managers Become Entrepreneurial
The best way for a Manager to become an Entrepreneur is to just do it!
Take the leap and start your own business. This can be done through creating a new startup or a new product/service in an existing company where you are a manager.
The best way to become entrepreneurial is to start your own business. If you don’t want to do this, you can always find someone else who does and hire them. But if you really want to be entrepreneurial, then take some risks and try it yourself.
Entrepreneur vs Manager Final Thoughts
All in all, entrepreneurs are much more confident than managers. They are also better problem solvers. They are less concerned with other people’s opinion and more interested in solving problems.
They are more likely to innovate and create new ideas. And most importantly, they are more passionate about their work.
On the other hand, managers are more experienced and have more knowledge about how to manage people. They are more measured and conservative when making decisions.
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