The Difference Between An Entrepreneur And A Businessman.
“All Entrepreneurs are businessmen, but not all businessmen are entrepreneurs” – T Tom Jones
Ipswich harbour was the location, waterfront building was the setting. Here, two intellectuals engaged in an argument about the difference between a businessman and an entrepreneur. One is adamant there are little or no differences while the other one put a good case forward about the fundamental differences between the two. It was interesting to hear both sides of the argument but from past experience, I knew there were differences.
I am sure you are familiar with both entities but have you ever wondered if there are any differences (if any) between a businessman and an entrepreneur? You will be forgiven if you believe there are no differences and that both actually mean the same thing. Believe it or not, there are some differences.
Although they both provide jobs for the unemployed and are both beneficial to any economy and society, the similarity ends there in terms of attitudes and approaches. Here are 10 differences I have been able to identify:
1) Aim – Entrepreneurs just want to change the world with their inventions, ideas and products while businessmen simply want to make a living.
2) Ideas – Entrepreneurs as we all know are creators and sometimes invent, while businessmen, just want to sell to make profit. In that light, businessmen don’t really mind who the creator of the idea is, they just spot a business opportunity and go for it.
3) Attitude to life – Entrepreneurs are voyagers, adventurers. They see business itself as an experiment and treat it like so. On the other hand, businessmen are realists. They do business to make money and are not interested in adventures.
4) Risk taking – Entrepreneurs by their very nature are quite comfortable with taking risks. The whole process of starting a business from scratch itself is a risk entrepreneurs are happy to take. Businessmen are risk averse and will only take the most calculated risk or at least attempt to reduce the uncertainty in every business situation.
5) Employees – Business owners take total control of their businesses as managers and leaders. Their employees are predominantly hired to help their business grow. Entrepreneurs see employees as peers and are invited to be part of the growth journey.
6) Competition – Businessmen hate competition, they regard them as threats and will do anything to mitigate them. Entrepreneurs welcome threats, it allows them to continually innovate and refine their ideas.
7) Money – Entrepreneurs don’t worry too much if they lose money, they know they can always start afresh. A businessman’s biggest concern is losing money.
8) Time – Businessmen are notorious sticklers to time; they hate wasting time. Entrepreneurs can spend a lot longer getting their ideas ready because they see their idea as a masterpiece.
9) Character – Entrepreneurs are thinkers, a lot of thinking go into their ideas. Businessmen are doers; they are impulsive and opportunistic.
10) Success – The more profitable a businessman is, the more successful he is deemed. On the other hand, entrepreneurs want to be judged by history and posterity.
As mentioned, both sets of people are extremely beneficial to any economy and both are employment providers. With that in mind, none is ‘better’ or ‘greater’ than the other. Both are people I completely adore. I am one of them. Which are you?