Living the Life: A Businessman v/s An Entrepreneur !!
Business people and entrepreneurs may sound same but there is a fine line amidst the two.
The demarcation lies –
1. Originality of idea:
A businessman can make a business out of an unoriginal business or product idea. They enter into existing businesses, such as franchising and retailing. They choose a hot and profitable business idea regardless of whether it is their original idea or borrowed from someone else.
An entrepreneur is an inventor and the first creator of a product. They invest time, energy and money on their own idea. They don’t start a business from an unoriginal idea. That is why they start on a startup while a businessman starts on a business.
2. Business-management skills and entrepreneurial thinking:
Business leaders tend to guard innovation while entrepreneurs want to share and exchange ideas, even with potential rivals.
3. Purpose of doing:
Most businessmen are doing business for profit, livelihood, for reaching their financial goals and for becoming their own boss. Though, there are some business people, who are not profit-oriented but people-oriented, that is, they are more concerned on the welfare of their workers and the satisfaction of their customers.
Entrepreneurs are more concerned on pursuing their passion and achieve an ultimate goal. They are not keen on financial returns; rather they are focused on what they can offer to the world. Their purpose for entrepreneurship is simply to make a difference in this world.
4. Degree of risks taken:
Businessmen take calculated and managed risks. They cannot afford to lose money and suffer from bankruptcy. That is why they always do the Math when it comes to business.
Entrepreneurs are like sky divers. They take crazy risks. They often don’t care of losing time and money just to pursue their passion. But since they do it with love, joy and passion, they often gain extraordinary rewards. Entrepreneurs, since they do the things they love the most, they do it with the best of themselves, resulting to greater success.
5. How they treats employees:
Business owner is an employer and a manager. They hire employees and workers to help their business grow.
An entrepreneur is a friend and a leader. They find peers and PEOPLE, whom they will never treat as machines. They invite them to help them all grow.
6. How they treats customers:
A business owner usually sees customers as his source of sales and revenues. For them, customers are the lifeblood of his business.
An entrepreneur sees customers as their source of duty and fulfillment. For them, customers are their own life blood.
7. How they sees the competition:
A business owner tries hard to beat the competitors and win the competition. They also consider cooperation rather than competition to achieve certain goals.
An entrepreneur tries hard to beat the worst competitor – herself/himself.
8. What they thinks of money:
Losing money is one of the biggest worries of businessmen. Most business owners rely on a good economy to start, operate and attain success in business, especially in the retail, franchising and financing industry.
Entrepreneurs do not worry a lot about money since they can always start from a scratch. Some entrepreneurs don’t really care about money at all.
9. How they deals with time:
A businessman doesn’t waste time. They always check the clock and don’t want any work or output to be delayed out of schedule. They are fast and always on the go.
An entrepreneur works like an artist or a scientist in a lab. The product is a masterpiece. That is why they can be slow and could spend a longer period of time to finish and perfect that product.
10. How they sees the world:
A businessman sees the world as an opportunity. They see it as an opportunity to make a living. They also see it as an opportunity help the people living on it.
An entrepreneur sees the world as a duty rather than an opportunity.
11. How they defines success:
A businessman defines success as the success of their businesses and its stakeholders. Its stakeholders include herself/himself, co-owners, employees, customers, investors and even the community.
An entrepreneur doesn’t define success. They simply do their job and let history define the success that they accomplished.
Both entrepreneurs and business people can be wildly successful with their businesses. It’s not about one style being better than the other; it’s about choosing the style that’s best for you.