Entrepreneur V/S Businessman?
Are you an entrepreneur or a businessman? Are there any differences? Actually, businessman and entrepreneurs have many similarities. They both are job creators. They both provide solutions to customers and they both contribute in the development of the economy of a country. However, there are still major differences between them. Below are 10 differences between a businessman and an entrepreneur.
A businessman can make a business out of an existing idea or concept. A businessman conducts businesses such as franchising and retailing. He is more concerned by the profit side of the business regardless of whether it is his own idea or a copied one. An entrepreneur starts a business based on his own unique idea or concept. An entrepreneur innovates. He starts his business from scratch and invests time, money and other resources in his own idea and concept.
A businessman is mainly concerned by profit. Most of his decision making is profit oriented even though there are businessman who have good human resource management skills. An entrepreneur is more concerned about what he can offer to the world. Their ultimate goal is to change the world for the better by pursuing their passion. For an entrepreneur, profit making is secondary.
3. Risk Management
A businessman being more profit-oriented, invest more in risk management. A businessman cannot afford to lose money; therefore, he takes more calculated and measured risks. An entrepreneur is more passion driven. This allow themselves to take enormous risks to fulfill their dreams even though they can lose some money at the beginning, but they eventually recover financially as they are working out of love and passion which propels them to unbelievable amount of success.
4. Human Resource Management
Driven by profit, a businessman employs people to work for him in order to grow his business to eventually make more money. An entrepreneur is more of a leader and a counsellor. He builds a working environment that allows his employees to grow and provide them with good and sound advice on their respective careers.
5. Customer Relationship Management
Entrepreneur V/S Businessman can be so confusing. Keep reading and see the difference. A businessman sees customers as a target. For a businessman, his customers are his source on income and revenue. An entrepreneur sees customers as a means to fulfil his dream and passion. An entrepreneur works for his customers whereas a businessman works for himself.
6. Resource Management
A businessman cannot afford to lose resources specially time and money. For a businessman, all deliverables should be met and all milestones must be on time. An entrepreneur prefers to take a bit more time to create a masterpiece. A businessman is like a lumberjack whereas an entrepreneur is like an artist.
A businessman is a market player. He dives in the existing market to build and grow his business. An entrepreneur is a market leader. He creates his own market and leads by example.
Another difference for Entrepreneur V/S Businessman is that a businessman is self-reliant and he is a one man show and believes than he can succeed on his own. An entrepreneur believes more in team building. The entrepreneur believes that in order to succeed, having a strong and a motivated team is crucial.
A businessman faces a lot of competition as he is working on an existing idea or concept. On the contrary, an entrepreneur faces much less competition as he is working on his own idea or concept.
The businessman has a more holistic approach when managing his business. He manages his business as a whole body. An entrepreneur has more of an atomistic approach. He manages his enterprise in parts and each part is given its due importance.
To conclude, Entrepreneur V/S Businessman, both have pros and cons however a businessman is a businessman, but an entrepreneur is a leader, a risk taker and a manager. The former focuses on competition, but the latter focuses on coordination and cooperation of all the resources.