What is the difference in the approach of business management by a person with a relevant academic background and a person with more work experience?

The later comes up with a practical approach..
The former one with a systematic approach...

I will reply to u shortly : Experience is vital, but working with academic background with experience ONLY , he should be report to leader for guiding him.
I believed that both vital for BUSINESS MANAGEMENT.

Statistics would show us that the one with work experience tends to do better.
Academics only means entry, performance is what matters! Work experience means performance, and that really matters! The difference is the one with the qualification tend to go by the books, the other one goes by it or not, the works always done.
Thanks Nitin C.

Academic theories are academic theories, good input for further research.
We who didn't choose academic career, know how important it is to have social skills, empathy, compassion and eye for the situation to know how to manage each individual and treat them as individuals with their talents and strengths and working on strengthening those further.
In the practical working life we as managers need to understand how important is our role in making it or breaking it.

With academics you get an entry ticket to market streets and with experience you become street smart

The prominent difference is, the one which relays only on his experience is more exposed to obsolescence risk ; as they relay heavily on best practices which is by default past practices....

The approach of the first person will be more meticulous, systematic & focused.
The approach of the second person will be more confident and may use logic & common sense.

Academic man will show u why to do And experienced one will show u how to do

The question is bit vague.
Nevertheless, the experienced person will be more smart in decision making and execution.
If the same experienced person with academic background will be more systematic and smart in decision making and execution.
If the person with academic background is new to position, he will have to get practical experience under a good leader to sharpen the skill.
The academic background require to sharpen in real market and business experience.
The bottom line, experience is vital in decision making and buisness management.

the first one have a method & logic also he can manage any new case ..
the second cannot manage new case

Your question itself got the Answer .you specified academic and Work expereince.(theory or practical)