Every entrepreneur is a businessman but every businessman is not an entrepreneur. When it comes to creating jobs, improving the economy, organizing the jumbled sectors, both of them are in common accord. But hey! They are not the same breed. It is essentially the motivation that sets them apart and there are much more than just subtle differences.
1. Purpose
One point of purpose that binds them together is they are their own boss, working to bring a noticeable change. But if we analyze a bit deeper, we can comprehend that many businesses solve “wants” while entrepreneurs solve “needs”. Businessmen are more concerned with personal fulfilment, money making, profit etc. whereas entrepreneurs hardly bother about riches. They are cool people trying to solve real life problems of the society. Even if they fail, their zeal is high enough to start again from square one. Businesses can’t simply do that. This is probably why we have heard a lot about “social entrepreneurship” but doubts exist if there is any “social business” at all.
2. Originality
Entrepreneurs are the creators of today’s era. Innovation is always at the top of their list. They start from the scratch and always fabricate new things. Doing the same old stuff just don’t interest them. On the other side of the coin, businesses generally lay their foundation on what had already been created. Undoubtedly, they add value to the society but not in a unique way. They are often based on unoriginal ideas with may be some minute changes to make them feel out of the crowd.
3. Difference in struggles faced
If we consider the start, both businessmen as well as entrepreneurs struggle a lot to create their base. But once businesses are established, they get saturated. There is not much of innovation and hence the struggle is not quite big. On the other side, the whole profession of entrepreneurship itself is a struggle. They are in a constant battle with investments and revenues. Moreover, they are the individuals who struggle just not with the society but with themselves and sometimes even with their families. They may even become the loneliest creatures on the planet and no struggle can get bigger.
4. Difference in innovation
Entrepreneurship is based purely on innovation. They always bring unique things on the desk. They are the artists painting their own canvas (startup) to impress the onlooker (customers). The sole reason why they are sustaining is because they are doing different things or may be the same things differently. In case of businesses, it is the R&D that steps in. Businesses are centred more around profits than R&D and data often shows that investments in R&D are not quite serious.
5. Degree of risks taken
Businessmen cannot afford to go bankrupt. They are often under pressure and hence take calculated and limited risks. Entrepreneurs tend to be high on their adrenaline when it comes to taking risks. They actually have nothing to lose. They are the innovators of today’s generation looking for opportunities. Also, unlike businessmen who are doing their tasks as a career to make boatload money, entrepreneurs are following their passion. And as they love their work, they end up in greater success.
6. How they define success
A businessman’s success is based on the money he and his stakeholders make. But an entrepreneur loves to embrace the success of his products and services. He defines success by the change he has been able to bring in the society. His success depends on his consumers. Positive customer reviews bring the biggest smile on any entrepreneur’s face.
7. How they view time and experience
Businessmen are always on the go, running and chasing success, which in most common terms mean money to them. They just can’t afford to waste their time and hence get everything pre-scheduled. To them, experience means growth. An entrepreneur doesn’t pay heed to all these. He spends his time learning and working for the community, for everyone who surrounds him. He is always inspired and he counts experience by the number of failed attempts he has made.
8. How they treat their employees
Businesses are never short of employees. Whether the reason is money or greater exposure, they never fall short of people who are yearning to work for them. Hence, this totally explains the reason why businessmen are never hesitant to lose their employees. Corporate sectors are infamously known for long work hours, heavy pressure of work and strict, merciless bosses. Entrepreneurs cannot survive without their employees and this fact is imbibed in their mind. So any startup becomes a family in itself, where there remains no clear demarcation between a co-founder and an employee.
9. How they treat their customers
Clients are the spinal cord of any business. A company may have a strong service/product, amazing team coordination, but they can never do without their customers. Why is marketing at the core of any business? It is because it brings bunch of customers. For businessmen, consumers are purely a source of sales and income. For entrepreneurs, customers are even more than a responsibility. Sometimes it is the clients who depend on businesses while it is the entrepreneurs who are purely dependent on customers.
10. How they see the competition
Businessmen are concerned in surpassing their competitors by hook or by crook. According to them, this is the best way to maximize profits. They can utilize their revenues and do anything they want to compete- hire the best talents, go for acquisitions and what not. But entrepreneurs are only concerned in beating their worst competitor- themselves! They are always on the verge of growing, inclined to get better with every passing day. They believe in serving their customers well and in that process, competition takes care of itself.
So which category do you think you fit in? What makes you different from others? Let us know by leaving a comment below.
