Entrepreneurs employ different resources and strategies in the process of creating new ventures, whether the venture is for profit or not for profit. These differences influence the new venture created. Some entrepreneurs create new-to-the-world ventures by invention or synthesis, whereas others create new ventures by extension or duplication. This means that entrepreneurs may be grouped by how they learn and how they employ their knowledge in the venture creation process. Based on how entrepreneurs learn and employ their knowledge, entrepreneurs may be categorized as entrepreneurial leaders or entrepreneurial managers, which is the topic of this chapter. To this end, the authors contribute to the burgeoning literature on entrepreneurship and leadership by emphasizing the distinction between entrepreneurial leaders and entrepreneurial managers based on their preferred learning style and use of knowledge: essentially, entrepreneurial leaders place importance on knowledge exploration, whereas entrepreneurial managers emphasize knowledge exploitation in the new venture creation process.