Archipod

A manager of one is someone who comes up with their own goals and executes them. They don’t need heavy direction. They don’t need daily check-ins. They do what a manager would do — set the tone, assign items, determine what needs to get done, etc. — but they do it by themselves and for themselves.
I usually refer to these people as people I love to work with, but manager of one sure sounds better. No surprise it's a 37signals idea.
Apparent risk is what keeps someone working at a big company, even if it's doing layoffs. It feels safer to stay there than to do the (apparently) insanely risky thing and start a new venture.