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Mr. Romney has spent most of his career in the business world, founding Bain Capital, one of the largest venture capital investment firms in the country that built dozens of businesses into major employers.

He ran against Ted Kennedy in 1994 and lost. Then, after rescuing the Salt Lake City Olympics from scandal and bankruptcy in 2002, he won the governorship in 2002.

Despite an overwhelming Democratic legislature, he eliminated a $3 billion deficit, established a rainy day fund, and enacted a near-universal health care law with the help of the conservative Heritage Foundation.

Mr. Romney has changed his mind on some issues - as Mr. Gingrich has from time to time - but he is the opposite of Newt in terms of temperament, discipline and focus.

He is running on his lifelong executive experience and his knowledge of economics, business and creating jobs at a time when America is in a steep economic decline.

If Mr. Romney has a weakness it is his tendency to play it safe. His reform agenda on spending and tax cuts doesn’t promise more than he believes he can deliver. The weak Obama economy suffers from a lack of private investment in business expansion. But Mr. Romney limits his capital gains tax cut to the middle class, instead of an across-the-board cut that would yield the most bang for the buck.

In that sense, Mr. Gingrich is more of a political risk taker. He took a big chance of alienating his party’s conservative base when he proposed giving some level of legal status to illegal immigrants who’ve lived here for 25 years or more.

Some strategists predicted he would lose much of his conservative base on that issue, but, in fact, his support has only grown.

He was left for dead earlier this year when his senior staff resigned in frustration after he went on a cruise to the Greek Islands with his wife, Callista, just as his campaign was getting off the ground.

His performance in debates has pushed him to the top of the field, but he has no national campaign organization to speak of and he plunged his early campaign deeply into debt by flying luxury private jets and staying in plush hotel suites.

The Washington Post reported Thursday that his Iowa campaign headquarters appeared nearly empty this week, with only two volunteers, an out-of-state mother and a grandmother making phone calls.

Mr. Romney has begun running ads and cautiously beefing up his presence in the state, while focusing on what senior strategists have always believed will be a long and steady race with no clear winner until they call the convention delegate rolls in Tampa in August.

Donald Lambro is a syndicated columnist and former chief political correspondent for The Washington Times.