Traits of managers that entrepreneurs could utilize
Management and Entrepreneurs are mostly considered opposites. I believe it is not a right thing to do. Management is an essential function of business and no matter how bad a few managers are, management as a concept cannot be whisked away
Here are a few things I believe managers do better than entrepreneurs. There may be exceptions to this list though.
Cost and resource management
Entrepreneurs tend to assume that if they just use their resources to the fullest extent , they will get successful. Managers rarely do that. They like to optimize their resources because even with large scale projects, the resources have a limit. Entrepreneurs can learn to be innovative, cut costs wherever possible and optimize the resources they have got ( both people and money)
Managers know that building team is essential to the success of the company. Entrepreneurs are mostly lone wolves fighting their battles alone. Managers know that in time of crisis they need team to back each other up. Entrepreneurs often do most of the work by themselves and ignore the team building.
Any project rarely happens within the team itself. One always need customers, vendors , partners etc. to fulfill the things that project team cannot do. Entrepreneurs often ignore building network and concentrate on their product only while managers spend a lot of time meeting people outside his/her team
Building a second line of leadership
Entrepreneurs are be all and do all of the project. If they fall sick or are unable to perform, the venture goes for a toss. Good managers build up a second line of leadership which helps to take care of the affairs when something goes really wrong.
Tracking and monitoring progress
Entrepreneurs often live on the edge. The important thing they forget is goal setting. Even if the goal setting is done, it is on a more ad-hoc basis The manager on the other hand is bound by the organization to create suitable goals and deliver on them. This helps to track and monitor goals and to know if the progress is being achieved.
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