This study explores the relationship between entrepreneurship and small business management. Business founders are classified as entrepreneurs and nonfounding chief executives are classified as small business managers. Findings indicate that (a) on personal and firm characteristics, eight variables differentiate the groups; (b) onfinancial performance indicators, entrepreneurial firms show higher growth rates; and (c) hard-driving competitiveness consistently associates with financial performance for small business managers but not for entrepreneurs. Data come from questionnaires completed by members of the Smaller Business Association of New England.