Managers The person responsible for operating the business may be the owner (an owner-manager, also called an entrepreneur) or a professional manager employed by the owner. Both types of managers seek to achieve profit, growth, survival, and social responsibility. The owner-manager sets his or her own objectives, whereas a professional manager attempts to achieve objectives set by others. The professional manager is accountable to the owners of the business, who judge the manager's performance by how well their objectives have been accomplished over a pe,-riod-cf-tim&r Many.of these. business owners ace entrepreneurs^, people- who take- the- risks_ -necessary to organize and manage a business and receive the financial profits and nonmonetary rewards. In Chapter 3, a more thorough discussion of entrepreneurs will be presented. The entrepreneur of the 1990s is expected to be innovative, practical, and strong willed. This view was actually established years ago by noted Austrian economist Joseph Schumpeter. He stated: The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, opening a new source of supply of materials or a new outlet for products, by reorganizing a new industry.6 The owner-managers who fit Schumpeter's description are too numerous to list. The list would include names like Ted Turner (CNN), Ken Olsen (Digital Equipment Corporation), Fred Smith (Federal Express), Bob Reis (Final Technology, Inc.), Frank Perdue (Perdue Chickens), John McCormack (Visible Changes), Bill McGovem (MCI Communications), Liz Claiborne (Liz Clai-borne), Barbara LaMont (WCCL-TV), and Akoito Morita (Sony). Each of these entrepreneurs practices what Schumpeter described. They personify the term entrepreneur.