The entrepreneur is the pioneer, the managers are the implementers of existing best practices. The entrepreneur engages in strategic activities, managers must focus on tactical or operational activities. The entrepreneur formulates a strategy, the manager implements it. Business success will depend on the continuous renewal and application of the entrepreneurial spirit. Business success depends on the application and an effective management team. The abandonment rate of any new business is extremely high. In the United States, a champion of entrepreneurship, many new businesses fail every year. However, from a long-term historical perspective, business success is short-lived. Today there are only a handful of the largest breakeven status companies that existed in any country at the beginning of the twentieth century. Even those businesses that risk being unrecognizable as original creations. The causes of small business failure, according to the cited study, range from inadequate accounting systems to an inability to cope. Finally, the underlying problem appears to be a general lack of strategic management that begins with the inability to plan the strategy to reach the customer and ends with the inability to develop a system of controls to track performance. What considerations should small business owners keep in mind when deciding whether a business should follow a growth or stability strategy? The launch of any new initiatives, which are best undertaken with a detailed understanding of the resources available and the strategic actions needed to achieve the project objectives. There should be an indication of what should be done in various contingencies. In other words, a new venture must be planned in detail. This is the situation above. The frequent lack of such planning, even meaningful strategic management, will help explain the extremely high attrition rate of small businesses across all types of economies. However, companies can choose a stability strategy because the entrepreneur mainly generates employment for family members. Provide your family with a "decent life" and be the "boss" of a business small enough to run comfortably. Finally, some entrepreneurs don't pursue a growth strategy because they don't want to lose the control it brings. derives from bank debt or from the sale of shares to external parties. Question 12. What are the advantages and disadvantages of privatization of state-owned enterprises? Privatization of state-owned enterprises is likely to continue globally as most of these enterprises need to expand internationally in order to survive in an increasingly global environment.