You might have heard the words from someone that he wants to be an entrepreneur, and looking for the most profitable business ideas so that he can establish a great business model.
And after a couple of weeks, after doing deep market research, he starts a trending business that is supposed to give a massive profit, and makes his business stable in a couple of years, and presents himself as an entrepreneur.
Nothing is wrong with this, he’s very glad to become a success in life, but he is called the businessman, not an entrepreneur.
Because starting an existing business idea is not called entrepreneurship, it’s called business establishment.
So what is the difference between a businessman and an entrepreneur? Which things make an entrepreneur quite different from a businessman?
No worries, we are going to help you recognize all the facts and differences between an entrepreneur and a businessman in this article.
Well, before starting the explanation, let me let you know that the entrepreneur and businessman both are essential for the growth of their countries and the planet as well.
But they are shining in their own place, so this article states the difference between them, not comparison.
Difference Between Businessman And Entrepreneur
This whole article is about describing the difference between the businessman and entrepreneur, but if we want to define the gap between both, we can state that:
The businessman does not take a risk whereas the entrepreneur takes risks to change the world, and he is prepared to endure the upcoming ups and downs.
A businessman works for his own growth, and an entrepreneur does not care about his own growth, he is interested in solving people’s problems.
There are very few differences between the entrepreneur and businessman, in this article, we are going to explore almost all the aspects which differentiate both in various terms.
We are going to discuss all the characteristics of the businessman and entrepreneur, his behavior, and his intentions in every aspect, and how he acts in different conditions in this article, which will make your fundamentals clear.
Biggest Difference Between The Businessman and Entrepreneur
Businessmen earn more and more every day, and entrepreneurs learn more and more every day.
Who is Called The Businessman?
A good businessman avoids initiating unpredictable business ideas which are not sure to give favorable results, and that is why he has to face massive competition.
There are thousands of people doing the same, and due to this reason, the supply of products increases, and they fall into the competitive world.
When there is a sign of being a loss in the business, a businessman works on strategies to change the direction, and sometimes he goes on the backfoot also.
Who is Called The Entrepreneur?
An entrepreneur is a person or individual who thinks beyond the world, he does not care about the profit from the business.
The intent of starting the business is not to make personal growth, he is supposed to try to root out the problem, and make the life of people easier.
An entrepreneur is always prepared to endorse unpredictable outcomes from the stuff which he starts with courage.
In the case of an entrepreneur, challenges are his friends, instead of making deals with problems, he challenges the problems.
Moreover, entrepreneurs do not have any plan B. If they have made up their mind to do anything, then they do so at any cost.
They are not insecure about revenue, fame, wealth, worth, or popularity, they just work for people and the planet.
These were the basic characteristics of the businessman and an entrepreneur which make them different from each other.
Now, let’s dive into the depths of the characteristics of an entrepreneur and businessman so you can have a clear vision.
A businessman invests the money in making assets, he thinks that how can he grow his business by savings, compounding, and rotating the money.
Before making any deal with any individual or company for any task, he goes for the maximum negotiation and picks the most affordable deal.
But if you see, an entrepreneur invests the money plus time in learning, self-improvement, team improvement, grabbing the knowledge, and upgrading himself.
He values time more than money, he never seeks the most affordable deals, he looks for the people who can save his time so he can utilize it in improvement.
The risk factor is the biggest differentiator between the entrepreneur and businessman. It clearly shows whether a person is a businessman or an entrepreneur.
A businessman commits the risks with the perfect calculations, outcomes, possibility ratio of success and failures.
He collects all the as possible as accurate data, analyzes it in very deep, and finally concludes.
If it seems too risky to go ahead with any particular decision, he goes on the backfoot for an uncertain time, plans with the shield, and then bounces back.
Whereas, for an entrepreneur, the changes matter, he commits to taking the risk with just predictions only. Yes, of course, he also makes the strategies, but he is ready to endorse the negative outcomes as well.
He knows how to deal with the negative outcomes and how to respond to them and convert them into opportunities.
An entrepreneur does a future-oriented business that can add value in people’s life instead of his life only.
For example, Elon Musk is working only on future-oriented plans and he established the Tesla motor, neuralink, and Paypal, and many more companies which can change the entire planet’s life.
Orientation is another essential factor to identify whether someone is an entrepreneur or a businessman.
A businessman does the present and the near future-oriented business whereas an entrepreneur creates the long-term futuristic business plan.
Again, we refer to the example of Elon Musk, the neuralink is the company to convert the life of people, they are trying to establish a microchip that can read the data of our mind and the device and make the connection between both.
Recently he has announced that Tesla is going to launch a smartphone that will be operated by your thought frequency instead of your fingers, isn’t it amazing?
Now, Apple was also supposed to do that, but he didn’t do it, because they are not sure whether it will succeed or not.
Once Tesla succeeds in this task, many smartphone companies will launch the same featured smartphones.
But here you should think about who took the initiative?
Tesla, who does not have efficient calculations for success, even they don’t know how much time will be taken, and will they ever be able to make this kind of smartphone or not.
But still, they are experimenting and investing too much money, time, and effort because Elon Musk is an entrepreneur, not a businessman.
In a nutshell, the businessman picks the existing and tested business idea that can increase his net worth.
In the case of the entrepreneur, he doesn’t accept the existing business ideas because it is already being done by many people and solving the problems of people.
He dives deep to scan the present problems and possible future problems and start working on them from now, so when the problems start to come, he would already have pulled the shocks to give the fight.
For the entrepreneurs, profit doesn’t matter, they work for the results and transformations, if they commit the loss, they are prepared to face it and bounce back with double energy.
That is the main reason why they are able to offer their product at a very affordable price to the people.
An entrepreneur thinks about how he can root out the problems instead of solving them temporarily.
A person with the businessman mentality can not afford this approach, his focus is on growing his business, so he has to compromise in this aspect.
For an entrepreneur, transformation is his ultimate goal, when he starts any experiments and fails with loss, he does not sit quietly.
He restarts the preparation and comes again very soon instead of picking up any other idea. He changes just the way, not the idea.
A businessman focuses on increasing his business growth and revenue with the employees. Follows the market trends, whereas the entrepreneur creates the market trends.
A businessman thinks for the upcoming 5-10 years, and an entrepreneur considers it as the temporary vision, and he thinks and plans for the upcoming 25-50 years, and designs the plans according to this vision.
Is every business owner an entrepreneur?
This is a very good question that can come to your mind, and the answer is really quite interesting.
Every business owner can not be an entrepreneur, because all of them are not pursuing the new and unique business idea, many of them are carrying the tasted business models.
For example, if you start the tea stall, and make it an international business by offering the franchises in 5 years, but you are not considered as an entrepreneur.
Because it is a 1 to N business idea, not 0 to 1, this business has already been done by many people, and you are just following them.
But if you start a mobile garage business, and then even you don’t make the turnover of Rs 1 crore, you are considered as an entrepreneur because you are introducing a new business idea.
Is a small business owner an entrepreneur?
If he is going beyond the risk factors and jumping into it, he is considered an entrepreneur, entrepreneurship doesn’t rely on the size of the business.
An entrepreneur means a person who has a significant goal and agrees to pay anything to achieve it, and he does not be kind to himself.
So, if you are introducing a new business idea and for that, you are applying all possible methods and strategies, then yes, you are an ENTREPRENEUR!
Can I be an entrepreneur if I don’t own my own business?
With a big surprise, the answer is YES! You can become an entrepreneur without having a business.
Because if we want to define the term entrepreneur in short, the entrepreneur is a person who takes risks beyond the thinking, and surrenders himself to the task which he has taken in his hand.
According to the law of nature, when you sow something, you got something respected at the root.
So, if you are sowing your efforts in the organization where you are doing the job you will learn new things which you can implement when you are going to start a business.
What business will make me rich?
Every business has the potential to make you rich. Do you believe that a business of tea making can make the person a Billionaire?
If you don’t believe that let me let you know that the owner of chai sutta bar Anubhav Dubey has won this tag by starting a small tea stop in Indore in 2016.
So, your strategy of doing the business will make you rich, not a business. One more thing that you should take care that you need to choose the right business idea.
Conclusion on Difference Between Businessman And Entrepreneur
Entrepreneurs and businessmen both are the main pillars of every country’s growth and economy, and both are required for the development.
It depends on a person what he wants to become, and in fact, a businessman or entrepreneur can not become intentionally, it depends on our nature.
For example, Elon Musk is an entrepreneur by nature, and Jeff Besos is a businessman by nature.
Elon Musk declared the fourth launch of the reusable rocket after the massive failure of the first 3 rockets and gave a very big shock to the world.
He was not sure whether it would be succeeded or not, if it did not succeed, he would become a defaulter as well, but he did not think so.
He wanted to make reusable rockets so that NASA and other space research centers can reduce the transportation cost for the space journey for research and inventions.
So, now you can judge what is the difference between businessman and entrepreneur, and why they are two shores of a river who walk together but can never meet.