THE DIFFERENCE (S) BETWEEN BUSINESS ONWER AND ENTREPRENEUR✅
The term entrepreneur and business owner is most times used interchangeably as one. Both can have businesses and engage in solving problems but they have different styles of leadership and thoughts on running their business.
When you ask a business owner what he does, the answer is usually like this; "I own a plumbing business", "I own a restaurant business", "I sell computer parts" etc. Their business is specifically narrowly focused. But when you ask an entrepreneur what he does, the answer is not so simple, what we do as an entrepreneur is we create wealth by execution and innovative ideas, it is not easy to narrow down to specifics. Yes, an entrepreneur can start a plumbing business but he is thinking of how to utilize online resources to serve customers in other states, he is thinking of developing an app that can help detect licking pipe in homes etc. He is always thinking of an innovative way of delivering his services and each different solution created by him equals a different line of business and stream of income.
An entrepreneur keeps evolving and in the process of evolvement businesses are created, they do many different things within the business, am not talking of the shiny object syndrome where you jump from one business to another.
For a business owner, their plumbing business still keeps the same pattern, same technology and same method over the years. Ask him after ten years what he does, the reply will still be same, I own a plumbing business...maybe now with bigger shop and more clients. That's a business owner and not entrepreneur.
Perfect example is Apple Computer, what business is apple in? It started as a computer business, later evolve to music business after introducing iPad to the market, then the iPhone which launched them into mobile phone business and the App Store for app business. So what does apple do? It's not easy to say, that's an entrepreneur.
Small-businesses owners are sentimental with their businesses.
They never plan on selling or handing their business off to someone else unless it's family. They like making the decisions and running the day-to-day.
Entrepreneurs focus on scaling.
They want to grow and grow they will. Although they may not focus on selling the business, they set it up to run without them. They surround themselves with experts while they end up being the rainmaker.
Small-business owners hold steady.
They like to know what’s coming next and where it’s coming from. They make calculated decisions where the outcome is clear. The result may not be huge, but it will typically keep them moving forward.
They step out on a ledge more often than not. They jump in with both feet knowing that if they put in their full effort, the risk will be worth it more often than not.
Through innovative ideas, how do I make what I do better? How do I recreate and add more value? That's what separates an entrepreneur from a business owner.
Entrepreneurship is largely a mindset, it is not limited to what you do but how you do it qualifies you as an entrepreneur. An employee can still exhibit the traits of entrepreneurs and create solutions that solve pressing problems in the organization he works for.
Entrepreneurs develop their mind, they employ experts in any area they need help. They don't try to do everything themselves.
Are you an entrepreneur or a business owner?
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