Following an empirical study of the managerial systems of 116 small business owner-managers, the subjects were divided into two groups. A total of 74 were classified as entrepreneurs, and the remaining 42 as operators. The managerial systems of all the owner-managers in the sample were analyzed from the perspective of Fayol's P.O.C.C. elements (planning, organizing, commanding, and controlling). Each of the two groups had an activity system of its own. For the entrepreneurs, the activities in the system were visioning, designing, animating, monitoring, and learning, while for the operators, they were selecting, performing, assigning, allocating, monitoring, and adjusting. The text describes, explains, and discusses the findings.