Sample Solution

When managing a start-up business, it is important to have skills or characteristics that are different from those needed when managing a large established business.
During the start-up stage, managers must be able to think quickly on their feet and be comfortable with a high degree of ambiguity as they create structure and processes for the new business. Managers should also have strong leadership skills because they will need to establish credibility among employees and potential customers. Additionally, since resources are often limited in the early days of any company, managers should possess excellent problem solving skills to make the most out of what is available (Kasulis 2020).

At larger more established companies, however, different skill sets are necessary due to increased complexity. Managers need excellent communication skills for coordinating between departments; strong financial acumen for budgeting; strategic planning capabilities for long term success; and organizational development experience for driving change initiatives (Hoffman &Tropardo 2019). They also need an eye toward innovation so that these companies can remain competitive in their respective markets. Since these firms will typically employ many more people than smaller start-ups, managerial roles become more specialized with certain experts taking on specific tasks such as marketing or operations management.

In conclusion, while some skills—such as leadership—are applicable across both types of businesses, there are still distinct differences in terms of what is required by a manager depending on whether they’re working at an early stage organization or one that has been around longer and grown significantly in size.