Professional Managers vs. Entrepreneurs

Management is the art of getting things done through people and other resources (Nickels, p. 302). In the past, the model was that of a "boss" who exercised autocratic control over his subordinates. Discipline and firing were common tools used in ensuring productivity on the part of employees. If a worker performed poorly, his pay would be cut or he would be demoted, with a warning that next time, he would be fired. The common philosophy used by such managers in days past, emphasized the "stick" rather than the "carrot" with respect to subordinates. The idea of being a "tough boss" prevailed in most business circles, and employees were often treated more like children than adults. Thus, until a few decades ago, management emphasized the autocratic approach vis-a-vis the treatment of the workforce.

Management has evolved to the concept of providing guidance and encouragement to employees, emphasizing the "carrot" more and "stick" less (Nickels, p.302). Teamwork and cooperation are emphasized rather than coercion, discipline, and order-giving. Training is used extensively to upgrade skills in today's increasingly sophisticated and technological workplace (e.g., with respect to computerization). Informality is more common with respect to dress codes and conduct, and hierarchical differences between management and subordinates are less important. Employees are increasingly encouraged to partake in decision-making by managers, which is sometimes formali

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select, train, and develop employees, and place them where they will be most effective. Leadership is another major component of management (Nickels, pp. 308-311). It encompasses establishing values, sharing visions, creating enthusiasm, and maintaining focus on clear objectives. Traits that tend to characterize managers with good leadership skills include sociability, intelligence, judgment, ambition, energy, popularity, vision, good appearance, adaptability, decisiveness, tact, courage, cooperativeness, and sense of humor. In addition, good managers tend to provide leadership by example and communicate well with subordinates and fellow managers. Finally, management includes the control process, which encompasses the following steps (Nickels pp. 313-315). First, clear standards must be set. Then performance must be monitored and recorded, and results must be compared to against plans and standards. Next, the results, and deviations therefrom, must be communicated to the relevant employees. Finally, corrective measures must be taken where needed. Entrepreneurship An entrepreneur is an innovator who organizes, manages, and assumes the risk of starting a business and of marketing a new product or service (Drucker, p

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