Are you a businessman or an entrepreneur? Have you ever
wondered what’s the difference between the two? Business people and
entrepreneurs have many similarities. They both provide jobs for the
unemployed, give solutions to the consumers, and help in developing the economy
of a certain nation. However, they are not the same kind of people.
Most of the people have a
misconception that the terms businessman and entrepreneur, carry the same
meaning.
A businessman walks on the defined path, but an entrepreneur believes in making
his own path, which becomes a guideline for other businessmen. In this
article, we will help you know the difference between businessman and
entrepreneur.
A businessman is person who is engaged in carrying out any activity, related to commercial and industrial purposes. He sets up his business as a new entrant in the market as for the existing business. When it comes to originality of ideas, most of the businessmen go for a business which is highly in demand or which can make huge profits for them irrespective of uniqueness.
A businessman faces tough
competition because there are hundreds of rivals already existing in the market
undertaking the same business. Although the risk factor is low because he
walks on a path that is already tested by the rivals so the chances of failure
are relatively low. The main objective of a businessman of conducting the
economic activities is to generate revenue by employing the human, financial
and intellectual resources. By virtue of this, customers are treated as
the king of business by the businessman.
While An entrepreneur is a person who conceives a unique idea or concept to
start an enterprise and brings it into reality. He is the person who bears
risks and uncertainties of the business. The venture established by the
entrepreneur is known as Startup Company, which is formed for the very first
time regarding the idea, innovation or business process. They are the ones who
lead the market always no matter how many competitors will come later, but
their position will remain untouched.
In economics, the entrepreneur is
considered as the most important factor of production, which assembles and
mobilizes the other three factors of production i.e. land, labor and
capital. In the long run, these entrepreneurs become a businessman.
Entrepreneurs are known for their
creative approach. They introduce innovation and coordinate the resources. They
offer such products and services which bring about a change in the world.
On originality of ideal.
A businessman can make a business out of an unoriginal business or product
idea. He enters into existing businesses, such as franchising and retailing. He
chooses a hot and profitable business idea regardless of whether it is his
original idea or borrowed from someone else.An entrepreneur is an inventor and the first creator of a product. He invests time, energy and money on his own idea. He doesn’t start a business from an unoriginal idea. That is why he starts on a startup while a businessman starts on a business.
On the 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 changing the world. They want to pursue 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.
On the 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.
On how he treats employees
A business owner is an employer and a manager. He hires
employees and workers to help his business grow. An entrepreneur is a friend
and a leader. He finds peers and PEOPLE, whom he will never treat as machines.
He invites them to help them grow.
On how he treats customers.
A business owner usually sees customers as his source of
sales and revenues. For him, customers are the lifeblood of his business. An
entrepreneur sees customers as his source of duty and fulfillment. For him,
customers are his own life blood.
On how he sees the
competition
A business owner tries hard to beat his competitors and win
the competition. He also considers cooperation rather than competition to
achieve certain goals. An entrepreneur tries hard to beat his worst competitor
– himself.
On what he 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.
On how he deals with time
A businessman doesn’t waste time. He always check the clock
and doesn’t want any work or output to be delayed out of schedule. He is fast
and always on the go. An entrepreneur works like an artist or a scientist in a
lab. His product is his masterpiece. That is why he can be slow and could spend
a longer period of time to finish and perfect his product.
On how he sees the world
A businessman sees the world as an opportunity. He sees it
as an opportunity to make a living. He also sees it as an opportunity help the
people living on it. An entrepreneur sees the world as a duty rather than an
opportunity.
On how he defines success
A businessman defines success as the success of his
business and its stakeholders. Its stakeholders include himself, co-owners,
employees, customers, investors, and even his community. An entrepreneur
doesn’t define success. He simply do his job and let history defines the
success that he accomplished.
Remember both businessmen and entrepreneurs are supposed to
be the kind of people that our world needs. A businessman needs an
entrepreneur. An entrepreneur may also need a businessman. There can also be a
person who is partly a businessman and partly an entrepreneur.
