When it comes to the workplace, there are two very different types of people: entrepreneurs and managers. While the two have a lot in common, there are key differences between them that set them apart.
Today, many businesses accept online payments. In fact, many people no longer carry cash or even checks. One way to help protect yourself is to use a secure payment terminal like the ones offered by SecurePay. With SecurePay, your card information is encrypted and protected from unauthorized access. You will feel confident that your financial information is safe and secure when making online payments. Try SecurePay today and experience the peace of mind that comes with knowing your payments are always safe and secure!
Whether you are an entrepreneur starting a business or a manager of an existing company, the skills, and mindsets required for success.
Here are some of the 5 most important distinctions between these two roles:
1. Entrepreneurs take risks while managers minimize risk.
Managers are often tasked with managing projects that already exist, and the success of these projects is often at risk if something goes wrong. Entrepreneurs, on the other hand, get to call all their own shots in terms of what they pursue in a business venture. While this means a lot more responsibility in the hands of an entrepreneur, it also means a lot more risk. If you’re going to be successful at being an entrepreneur – which no one can ever guarantee will happen – you have to be okay with taking big risks when necessary.
2. Managers focus on efficiency while entrepreneurs focus on maximizing profits.
While both entrepreneurs and managers need to watch costs closely in order for their companies to be profitable, entrepreneurs also need to work towards finding ways to increase revenue. If your business is open 24/7 and you know you can increase income by bringing in more customers, then there’s a good chance you will be the one making that call. You might even come up with an idea or two that will take things even further than just increasing revenue alone. The bottom line here is that entrepreneurs always want to maximize profits, while managers are generally satisfied if their companies simply run efficiently enough to keep the lights on every day.
3. Managers look at the long-term while entrepreneurs look at the short-term.
Entrepreneurs should never forget about looking forward; however, they also have to understand and accept the fact that they cannot plan for everything. As a result, they are more likely to focus on making the big decisions that will positively impact their businesses in the short term rather than worrying about what might happen down the road. Managers, on the other hand, have more time to focus on planning for not only weeks and months but years down the road as well.
4. Entrepreneurs take risks while managers minimize risk.
While entrepreneurs can get away with taking some risks when necessary, employees who work under managers should never feel comfortable enough to do something that goes against company rules or procedures without getting permission first.
5. Managers are responsible for maintaining relationships while entrepreneurs prioritize customer satisfaction above all else.
While both entrepreneurs and managers need to put effort into maintaining good relationships with key stakeholders, entrepreneurs are more focused on delivering the best customer experience possible. The moment that any stakeholder – whether it’s a client or an employee – becomes unhappy with the way your company is run, you risk losing them altogether. Your customers come first in this equation, while managers can expect their employees to take care of their own individual relationships.
Bottom line
Entrepreneurs and managers might have to get along with each other in order for their companies to succeed, but that doesn’t mean they’re always going to be on the exact same page. The key thing entrepreneurs can learn from managers is how important it is to keep the long-term future of their business in mind when making decisions.
