This week is National Small Business Owner week! Did you ever wonder what the difference is between an entrepreneur and a business owner? First, it can simply be a matter that of the person was an entrepreneur first and now they are a business owner. That means that at the beginning, they were creating something new and now it is a business.
The word “entrepreneur” should only be connected to someone who is taking a resource on the marketplace (product, service, process, experience) and coming up with a fresh and unique way for that resource product or service to be more productive. In order for the person to take advantage of this, they have to build a business around it in order to get a return and a reward from the innovation itself. They have to own it in order to get paid for their idea.
Frequently, people hit a period of profitability and they try to ride it out as long as possible. They are no longer in creative mode, henceforth making them a business owner rather than an entrepreneur. Just because someone was really successful as a business owner does not mean they are an entrepreneur. This is the definition of a business owner. Maybe for twenty years, they had a large future ahead of them and then they decided to stop innovating, stop creating and stop producing a new value into the market. This is when they become a business owner. They get themselves to the end of their career by taking advantage of something they created in the past.
In order to be truly entrepreneurial, you have to constantly be growing, learning and creating. While business owners are content with making the same progress each year, entrepreneurs never stop wanting to grow their business, no matter where that may take them. Entrepreneur writes that while their team is thinking about what they’re doing that week, they tend to skip the now and focus on the future of the company. They have people to manage the business, and if they don’t, they soon will.
It can be difficult to differentiate between an entrepreneur and a business owner. When it comes down to it, it’s all about the mindset. Business owners are content while entrepreneurs are never ready to settle. Entrepreneurs are constantly looking for better, faster, more efficient ways to get things done.