Entrepreneurs vs. Project Managers

Outlined below is my reply to the following interesting article comparing entrepreneurs and project managers and how they view/ handle risk.

As the Entrepreneur Magazine quote states: Entrepreneurs assume risk. That does not imply they take more risks, are not risk averse, or do not thoroughly plan for risk. Indeed the successful entrepreneurs that I know are inherently risk adverse and as a result plan as thoroughly as possible in the uncertain and ever changing world of launching a new business. Where they do differ from project managers is that in addition to planning for, tracking and managing the risk, they "assume" or take full responsibility for the risks, their plans, activities and outcomes when reporting to their investors, including all mistakes, oversights and failures. This responsibility is that extra spark (or craziness) that we associate with entrepreneurs.

Of course, I remain a strong proponent of preparing and continually updating both your business plan and project (management) plan. They indeed will change often as new information surfaces and events arise that change the risk profile, timing and overall strategy/ business model.