Question

Successful ventures balance entrepreneurial characteristics with managerial style. What does this statement mean?

Answer 1

Successful ventures balance entrepreneurial characteristics with managerial style because the qualities of managers and entrepreneur are quite different. the entrepreneur is always looking for new business opportunities, while managers are mainly focused on resources whatever they have. the entrepreneur is always toward taking risks while the managers are risk neutral. they both need each other to make a balance in an organization or to make it a successful organization. that's the reason why ventures need a balance entrepreneur characteristics with managerial style.
In fact, Timmons (1999) quotes a statement which is "New venture that flourishes beyond start-up and grows to become substantial, successful enterprises can be headed by entrepreneurs who are also effective managers".