Several studies have investigated the difference between entrepreneurs and managers. [6] examine differences in the decision-making processes between entrepreneurs and managers in large organizations. [60] conduct a comparison of entrepreneurs, small business owners, and corporate managers with special attention to the differences in achievement motivation, risk-taking propensity, and preference for innovation. [62] investigates the different impact on innovation and risk-taking between managers of large state-owned enterprises and entrepreneurs of small privately-owned enterprises. [61] perform a meta-analysis of achievement motivation differences between entrepreneurs and managers. This study differs substantially from those mentioned above, not only with regard to the research approach, but also with regard to the research focus, objectives, and method of analysis. The proposed competency model is a synthesis of the views of varied schools of thought about entrepreneurship activity or entrepreneurial features, and this study use it, with the RST and BAV methodologies, to explore the differences in the range of competencies between small firm entrepreneurs and large firm managers.