Final answer:
The statement that many skills needed in managing profit-making and nonprofit organizations are the same is true, as both require essential management skills like leadership and financial acumen.
Step-by-step explanation:
Many of the skills required to manage profit-making organizations are indeed similar to those needed for managing nonprofits. This statement is true. For both types of organizations, key management skills such as leadership, strategic thinking, financial acumen, and the ability to work with a variety of stakeholders are essential. Although the primary goals may differ, with profit-making organizations focusing on generating profits for shareholders and nonprofits aiming to fulfill a mission or provide services to the community, the fundamental management skills overlap significantly.
Many skills needed to manage profit-making organizations are indeed the same as those needed in managing nonprofits. Both types of organizations require skills such as financial management, strategic planning, leadership, and communication. For example, both profit-making organizations and nonprofits need to have a solid understanding of their finances and budgeting, regardless of whether the goal is to generate profit or fulfill a mission.