It’s a common notion to mistake an entrepreneur for an innovator and vice-versa or sometimes even think that they are the same. Although an innovator can become an entrepreneur if they have the business acumen and the will to take a risk, they are still very different in nature from each other.
The basic definition of an entrepreneur is a risk-taker who identifies gaps in the market and finds an appropriate product or service to fill that up with. An entrepreneur is someone whose knowledge of the business is very sound.
Whereas an innovator is someone who is extremely creative in the way they think and work. They are interested in existing products or services and develop a better or more evolved version of those.
With this blog, let’s look into the difference between an entrepreneur and an innovator.
Characteristics and Skillsets:
They are thrilled by the idea of the setting-up shop, with a product or service that has the edge over its competitors in the market and, more often than not, an agenda of creating a business and generating profits. They may or may not introduce an innovative product or service.
A strong business acumen, the ability to take a risk, being financially sound, and great networking skills are highly desirable and essential traits of someone aspiring to take on entrepreneurship.
Sometimes an entrepreneur identifies an innovator who happens to be the right fit for the kind of product or service they are looking to push into the market and decides to work together. There are also cases, for example, with Steve Jobs, who was an innovator and an entrepreneur.
Some of the most famous examples of successful entrepreneurs are Mark Zuckerberg for Facebook and Jeff Bezos for Amazon.
Foresight, or the ability to anticipate a need or a void of a product or service in the market, is one of a successful innovator’s most distinct and important characteristics.
Their risk taking sensibilities are similar to those of an entrepreneur, however the difference is in their agenda of taking the risk. Innovators test new technologies and methods to produce better versions of existing products or services. They take a chance with emerging trends and are solution-oriented.
E.g., a laptop is a better and more convenient version of a computer, and an iPad is an even more portable and convenient version of a laptop. These are classic examples of innovation, and Steve jobs, a classic example of an innovator!
Another famous example of an innovator is the genius behind Google glass, Sergey Brin! He pushed the boundaries of technology to create groundbreaking innovations like the self-driving car, which was only a thing of the dreams until a few decades ago!
So, what do you think who you really are? An Entrepreneur or An Innovator? To know that learn about your traits in-depth with Wealth Dynamics personality test designed by Roger J Hamilton to give you a clear direction on what path to follow in your job, business, and investments.