Have you ever wandered what a businessman or an entrepreneur is? Most people have a misconception of the two terms. No one is wrong that case however let’s understand the key difference between a business man and an entrepreneur. They have many similarities such as providing employment to people and driving economic growth of the country.
What is the difference between Businessman or an Entrepreneur in definition?
An Entrepreneur – is an individual who is innovative and conceives unique ideas or concepts to start an enterprise. These guys bring ideas into live reality. They are able to run a successful business on limited resources and planning, taking account of all the risks and rewards of a business venture. Entrepreneurs take high risks without the consent of losing either money and time in the process. Only entrepreneurs in the world create the so called Startup Companies.
A Businessman – a person who basically starts and run a successful business based on an existing or old idea. These ones a very and very calculative, before taking any high risk, they will plan for the fall back. Business men work so hard to beat a competitor in their industry, they face a lot of them because the idea already existed out there in the world. Because they don’t come up with innovative ideas, they always enter into existing businesses such as franchising and retail.
What are the key differences between a Businessman or an Entrepreneur?
- Entrepreneur bring new innovative offerings while a Businessman deal with a well know concept and works from an existing ideas.
- Businessman ventures into a business for mainly profit and reaching financial goals on a limited growth potential. Entrepreneurs target rapid grow and willing to change the world. They are not driven by financial returns rather the focus to pursue their passion in making a difference in this world.
- A businessman makes his place in the market with his efforts and dedication, whereas an entrepreneur creates the market for his own business.
- The businessman is a market player while Entrepreneur is a market leader because he is the first to start such a kind of enterprise.
- Business Owners are usually employers and managers who hire people to help grow the business while an entrepreneur invites people to help them grow.