There is no common opinion among researchers about similarities of managerial and entrepreneurial competencies. Some researchers point out that psychological differences between managers and entrepreneurs are insignificant in large organizations. Other researchers report that entrepreneurs manifest more overconfidence contrary to managers. Other researchers assume that business owners’ competencies are combined from managerial and entrepreneurial. Recent studies emphasize that entrepreneurs are different from non-entrepreneurs in terms of the competencies they possess and entrepreneurial behaviour needs to manage culture, while the non-entrepreneurial one is oriented towards performance management. The purpose of the research was to analyse the relationship between managerial and entrepreneurial competencies.