An entrepreneur and a businessman both are professional individuals and both struggle only for profit but both of them have a big difference. If you read this article carefully you will know all differences between an entrepreneur and a business owner and can decide about your future what you want to become.
Shortly a businessman just manages and runs a business but an entrepreneur manages other people’s money, time, skills, and resources, to turn their vision into reality.
Once I enrolled in a course about entrepreneurship and I researched a lot about this. The entrepreneur tries to find a deficiency in the market and then struggles to fill this deficiency. The entrepreneur always tries to make easy ways for human difficulties. The business owner simply runs a business to earn profit like shops, stores, factories, etc. the business is not bad it’s also good but entrepreneurship is most reliable for all world.
Here are particular major differences between business owners and entrepreneurs:
START
Usually, you saw a businessman start a business by purchasing an existing company, or by starting a new company of an already existing business, or transferring a family business.
Entrepreneurs start a business with their idea, their skill, and their business depends on it from start to management, an entrepreneur seeks the need in the market for the new product, then build a team that can produce or invent it, and then creates a new market to sell this product. Like mobile phones, electricity, rockets, electric vehicles, E-commerce, and E-learning.
OFFER
A Businessman offers in the market only existing products and fulfills the need of the people with existing products and services. Businessmen look into the market and understand a product and service that earns well and offers the same thing with another name.
An entrepreneur offers a completely original product or service in the market that does not available in the market. The entrepreneur is passionate to satisfy the customer and the main focus is creativity and innovation in the market.
RISK
As you know the business owner starts a business that already exists, and the customers of that business are already available in the market. Business owners analyze risks themselves or hire a team that analyzes any kind of risks that can be harmful in the future and advise to mitigate them.
An entrepreneur always welcomes risk because they offer services or products which customers do not exist in the market. They create new markets and pursue new customers. These types of risks and difficult decisions make them successful and daring.
TIME
When you see a businessman who managing any business after many years you found them doing the same thing, if a businessman sells something after many years you found them only selling not doing another activity in the business.
When you see an entrepreneur today, you see them again, a completely different thing five years later. Maybe they have expanded, built a business within a business, invested in other companies, acquired some companies, and leveraged one industry into another industry. The entrepreneur is opportunity-oriented. They pursue different opportunities. Usually, they are not linear and get involved with different businesses in different sectors.
They can make one business successful in one category, and then apply the same mindset, the same skill set, the same team, and the same system, to make other businesses work.
GOALS
The main goal of a business owner is to generate profit. They manage companies that work with a specific purpose to only increase income. For this reason, they struggle to increase the number of existing products and customers.
Entrepreneurs work on new ideas on how to help people, how to fulfill their needs of people, and how to introduce new products. These ideas grow their business continuously. The main goal of the entrepreneur is growing business and building professional networks. The entrepreneur struggle with value instead of the number of customers and products.
MARKET
Business owners create a place in the existing markets. They want to grow the same type of markets. They chose markets and the conditions and regulations of markets affect their business even positive or negative.
Entrepreneurs create new markets instead of working in existing markets, they control all conditions and rules of markets according to their ideas to facilitate the people and grow the business.
ROLE
The role of business owners in society and the market is not too effective. They generate profit and pay different types of taxes to their states and donation for the betterment of humanity.
The role of entrepreneurs is very effective, they introduce new markets, and new products, facilitate people with their innovative ideas along with generating a profit and pay taxes to the state and donations for the betterment of humans.
COMPETITION
Competition is higher for business owners in the markets because they offer services and products that are already available in the markets, and people already purchasing these. A massive strive needs to stay in the market for a businessman.
Entrepreneurs face no competition in the markets because they introduce new markets or products and services to facilitate the people. Before entering the new businessman in their formed field, the entrepreneurs earned a huge profit and start on new ideas.
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me?