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320 EXAM REVIEW

Difference between managers and entrepreneurs?

|Characteristic |Entrepreneur | |
| | |Manager |
|Behavior |Desire for control |Delegation of Authority |
|Management Style |One-man show |Management Team |
|Driving Force |Creativity & Innovation |Organize and maintain what exists |
|Organizational Growth |Rapid Reaction to opportunities |Medium/Long term Strategic Planning |
|Organizational Structure |Informal and flexible to adapt to changes |Organized, formal, rigid org. structure |
|Decision-making |Based on their intuition and gut feeling |Collect info& seek advice from inside and outside |
|Description of Company |In terms of “vision, dream and mission” |In terms of market segments & profitability |
|Attitude to Money |A by-product of their effort |Define its aims purely in financial terms |
|Attitude to Risk |Calculated risks (risk-takers) |Avoidance of risks |
|Organizational Culture |“Entrepreneurial Culture”

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