The term “entrepreneur” and the term “business owner” are two titles that many people unfortunately think are the same thing. However, while they are similar, being an entrepreneur and being a business owner are actually two very different things. To put it simply, an entrepreneur is an individual who comes up with an idea for a business and starts and runs that business with limited planning and resources. Typically, entrepreneurs create a new business model, service or product instead of using an existing business model to open a business.
Small business owners on the other hand, are still running a business, but typically with more established products and services. However, above all things, there is a difference in attitude and ambition between someone who just wants to be a business owner and someone who wants to be an entrepreneur. While both are hardworking individuals, there is a major difference between someone who runs a small business and sells established goods and services. For most individuals today who want to take their careers to the next level, it is important that they are doing more than just being a business owner, but that they are really embody that entrepreneurial mindset.
If you can’t tell whether you are an entrepreneur or a business owner, then there are a few key differences to keep in mind. Understanding these differences will help you understand the difference between these terms and understand what it really means to be an entrepreneur instead of a business owner and to really view your business as your passion instead of your job.
Entrepreneurs don’t say they’ve “made enough money this year”.
There are so many business owners who get so caught up in how much money that they make every year. This is because they view their company as a way to make money and as a means. If there is one thing that you will never hear from a true entrepreneur it is “I haven’t made enough money this year.” A real entrepreneur is going to be more focused on the non-financial successes that the business made and about their goals for the company’s overall growth and well-being. No matter how much or how little a company makes in a year a true entrepreneur is not going to be focused on the paycheck, but rather on the well-being of the company. True entrepreneurs usually have their sights set on something other than money when it comes to building their business.
Yes, successful entrepreneurs tend to be some of the most financially successful individuals today, but they get to this point because they are not worried about money. They are focused on the business and doing what is right for their company and their dream. They know that by putting the company first instead of putting money first that they are doing what is best to build the strongest and most stable organization possible.
Entrepreneurs have dreams and are passionate about them.
Running a business is a job, but being an entrepreneur is a passion. In order to truly be a successful entrepreneur, it is important to have dreams and to be passionate about those dreams. If you talk to any established entrepreneur about what their workday is like, chances are you will hear them talk with passion and vigor about their work. They don’t feel like they are going to a job because they are so passionate about what they are doing that it doesn’t feel like work.
When you talk to an entrepreneur, they will say their business is their passion, when you talk to a business owner, they will say it is their job. They are truly passionate about what they do and love their work and they are always looking ahead to the new challenges they can take on and the new success they can have with their company.
A business owner on the other hand, may be more focused on running the day-to-day of their company, of making well-thought out decisions and making sure that their company is surviving in today’s economy. The economy needs business owners in order to survive. However, when you talk to a business owner about their job, chances are they won’t speak with the passion that an entrepreneur will have. While they may have some sentimental value over their company, they aren’t going to have the same dedication as an entrepreneur will; their company won’t be their entire life.
Entrepreneurs don’t believe in weekends.
For any busy entrepreneur in today’s competitive market, there is no such thing as a weekend. Some business owners may only work when their business is open and when they need to, but real entrepreneurs never take a break. They are always working, no matter what time it is. A truly successful entrepreneur will be grinding and working no matter what the day or time, which means they aren’t going to be one of those people who relaxes and does nothing all weekend, they are the ones who don’t even know what the term “weekend” means, because they are always working and always on-the-go. An entrepreneur’s job is never done. In their minds, they don’t have a start time or an end time to their day, they are just constantly working and constantly trying to grow and do more with their business.
Entrepreneurs aren’t afraid to take risks.
One of the most defining differences between those who identify themselves as entrepreneurs as opposed to business owners is that entrepreneurs are people who are not afraid to take risks. When you look at a true entrepreneur, you will see that they love to take risks and to jump in with both feet. When you look at a small business owner on the other hand, they are much more likely to plan and calculate their decisions. They want to make decisions where they know what the outcome will be. They may not have big rewards like some entrepreneurs, but they can also rest assured knowing they aren’t taking big risks either.
In the end, business owners are those who have great ideas and have a plan for how to small a problem within their community. They tend to find a problem within their market and provide a solution for the problem at hand. They are there to change the lives of their customers. Entrepreneurs on the other hand have big ideas. They are coming up with ideas that are new to the industry. They are there to change the world.
This “bigger” mindset and willing to want to make real changes is one of the real big differences that separates the people who have that entrepreneur mindset as opposed to those who simply maintain that small business owner way of thinking. These risks don’t always pay off, and sometimes business owners end up being more successful because the don’t take risks. However, if you look at how most entrepreneurs started it was likely with a big idea and most of their life savings on the line. It is all about the risk and having the drive and passion to take that risk.
These are some of the key differences that make entrepreneurs so different from small business owners and some key differences that any small business owner should remember if they want to make that transition from just a small business owner to a full-fledged entrepreneur. Even those who still find themselves identifying as small business owners, but who want to make that transition into a more entrepreneurial mindset may find that if they pay attention to these key differences, they just may be able to make the changes they need in order to take the next step in their careers and to really become the entrepreneur they have always wanted to be.