It is by far the most common conception that an entrepreneur and a businessman are the same by definition and in terms of professional profiles; however, today, I will bust that myth!
Although very similar in their position in an organization, entrepreneurs and businessmen are extremely diverse in nature and their work approach. They set up shop with very different agendas and for very unalike reasons.
Let’s look at what a role entails as an entrepreneur and a businessman, respectively so that before you decide to take a plunge, you are clear about your intentions and choose the right path.
The Reason for being:
The reason why an entrepreneur wants to start a business is always innovation! They will never try to occupy a space that has already been spoken for. The whole reason for their being is to fill gaps and create a product or a service that others haven’t thought about yet.
A businessman sets up an enterprise, not necessarily to find innovative solutions but mostly to generate profits, hence more often than not, a businessman will not hesitate to start something that already exists in the market.
An Entrepreneur is a full-on risk taker! The stakes are quite high since they are entering the market with a brand new product or a service that no one else has attempted yet.
At the same time, a businessman doesn’t face such high risk since they work with a product or a service already been tried and tested and tasted some level of success. Also, since a businessman’s main goal is to profit, their risks are calculated and never exceed a certain percentage.
Boss or a Leader:
An entrepreneur takes a lot of interest in every little detail of every aspect of his business. The delegates but still acts like team members, hence boosting all his employees’ morale and keeping them motivated through times of stress.
This isn’t the case with a businessman. This person is more of a boss, and their employees are people that work for them. They may not closely work with their employees and be a part of every business process as an entrepreneur might be.
An entrepreneur measures the success of their business in terms of how useful their product or service has been and how fulfilling its cause has proven to be. They care a lot about their vision and always strive to better their output. Only when they can revolutionize people’s lives, do truly they consider themselves successful.
Businessmen gauge their success with the amount of profit generated, popularity gained in terms of competition from other similar businesses and sometimes also at the cost of overlooking the quality of products or services!
To know which role suits you best, an entrepreneur or a businessman, know your hidden personality traits with the Wealth Dynamics personality test and what steps they need to take to achieve success.