Do You Think a Successful Entrepreneur Has to be a Good Manager?

An entrepreneur must be creative, innovative, and provide new or unique ideas to help gain sales and attract customers. They also need to be willing to take risks to benefit from the reward or profit generated from the business. Perseverance and determination are essential traits as they need to keep going when faced with problems or issues that any new business is likely to encounter. While these qualities are crucial for an entrepreneur, the actual management of the business operations requires a different skill set.

A good manager needs to be able to organize operations effectively to ensure timely supplies and deliveries, which in turn leads to repeat orders. They must possess strong planning skills to ensure that production runs efficiently. Additionally, managers should be able to control and motivate employees, coordinate activities, and make sound decisions to prevent financial losses or damage to the business reputation.

Although being a good manager is important for the success of a business, it is not mandatory for the entrepreneur to excel in both roles. Entrepreneurs can always hire someone with managerial skills to handle the operational aspects of the business, albeit at an additional cost. For example, Steve Jobs, the founder of Apple, was a visionary entrepreneur but relied heavily on the managerial skills of Tim Cook, who later became CEO. This delegation of responsibilities allowed Jobs to focus on innovation and product development while Cook ensured the smooth operation of the business.

Ultimately, the success of a business hinges on the entrepreneur's ability to take risks and drive innovation, while effective management contributes to the sustainability and growth of the venture. A study by the Cranfield School of Management found that while entrepreneurial skills are essential in the early stages of a business, managerial skills become increasingly important as the business grows.

Conclusion

Thus, while being a good manager is beneficial, it is not a prerequisite for a successful entrepreneur. An entrepreneur's strength lies in their vision, creativity, and risk-taking ability. By recognizing their limitations and seeking managerial support when needed, entrepreneurs can build successful and sustainable businesses.