Entrepreneur and businessman are two different words, referring to different types of professions. But nowadays, from social media to tea parties, the two words are being merged. Entrepreneurs are sometimes called businessmen, and businessmen are sometimes called entrepreneurs. Although the two seem to be similar in simple thinking, there is a big difference between them.
A businessman starts his business by following a specific and established idea. Most of the time he trades in products or services that are in high demand in the market, so his business is less risky and the maximum profit is his goal. However, there is a lot of competition here as it is an established idea.
An entrepreneur, on the other hand, starts his own business to establish a unique, new idea. This new type of idea mainly makes its difference with the trader. Being a new and untested idea, he has huge risks, he has to constantly apply creative strategies to handle them. But if he could establish it, he would create a new kind of market that would change people's lives.
Originality
A businessman starts his business by applying an old idea. So the type of market he enters already exists, such as: franchise or retail market. Its main goal is to achieve maximum profit. So he doesn't have to worry about the originality of the business.
An entrepreneur is the first inventor of his product and market. He has to establish that market. He has to invest enough time, energy and money behind this but still there is a huge risk. So, he can’t always establish his idea. His idea has to be fundamental as he has to create new products and new markets. This is why its start-up is called start-up.
Purpose and nature
The entrepreneur spends all his efforts to make his venture a success. The risk of his own time and money comes comparatively less in his thinking. His main purpose is to establish his idea in the world. He is an inventor. However, innovation does not mean that he has to create a new type of technology or a brand new type of app. He can improve any existing service with his innovative power. For example: taxi service was already in the world. Companies like Uber, Lift have made technological improvements to this service. Entrepreneurs never give up for such a stimulating nature. Constantly trying new strategies and not giving up to make your dream come true.
On the other hand, the purpose of the trader to do business is different. His goal is to make the most profit. He does not show the attitude of applying new types of strategies. Because, the risk is much higher in new strategies. He usually thinks about the established methods and follows them. Thus his business became successful. His main goal is to make his business strong and grow fast. For this purpose the trader can introduce various products to his company. For example: Unilever is constantly buying different brands from all over the world and selling them as their own products. The main goal of the entrepreneur is to establish his idea, the goal of the entrepreneur is to make profit.
Risk
Entrepreneurs' entire ventures are a huge risk. Most entrepreneurs spend a significant amount of time in life trying to establish their thinking. Because they believe that their thinking can change the world. An entrepreneur can realize at the time of taking a risk that he is thinking of something completely new that no one has solved before. However, running after this goal motivates him to take risks. If he succeeds, he will lead because he is the founder of this market. An example of Netflix can be given in this case. While big media houses like HBO, Amazon, Disney have started streaming services, Netflix has gone out of reach in terms of competition.
On the other hand, traders want to keep the amount of risk to a minimum. They are not bound to spend time but the risk factor is not on their list. So if they fail, they have the mentality of closing down the business and starting a new business. Even if the trader takes the risk, it is a calculated risk and he follows any established method, where the risk becomes mild. He went through a long process to make sure his decision would bring good results. However, he has to face many rivals while walking the established path.
Skills
Entrepreneurs and entrepreneurs have two types of skills. Entrepreneurs show an attitude of coming out of negative results and mentality. He can make quick decisions in any bad situation. He continues to move towards success through the morale that each previous failure builds on him.
The businessman relies more on his experience. As a result of his long experience, he is able to sort out strategies in such a way that he can anticipate what kind of problems might arise. By calculating in this way, he can move towards success.
The definition of success
Entrepreneurs do not know how the general public will accept their product or service. If it doesn't match the way he thinks it will, then there will be no need for his product in the market. His initiative must therefore have an impact on the lives of ordinary people. So the success of an entrepreneur is defined by his buyers. Thus, there is no definite limit to his success.
The trader has a clear goal. He can call himself successful if that goal is reached. However, this goal is not entirely new and it cannot be said that he is the first to walk towards such a goal. Rather, he came this way after seeing the success of others. So failure here is unbearable for him.
Adaptation
In the real world, lumbering elephants are exposed by the aggression of speeding midgets. Any market can change very quickly. Entrepreneurs and businessmen adapt differently to this change.
Entrepreneurs survive by relying on change. Its main purpose is to bring change to the market with its own startup. For this reason he wants to adapt to rapid change. Even if it is a change of one's own idea. The start-up of entrepreneur Richard Hendrix in the HBO TV series 'Silicon Valley' can be a good example of this. Faced with various obstacles, the idea of his startup has changed in different ways. In this way the entrepreneur changes his idea to adapt to the new type of situation.
The businessman follows the traditional, established path, so change is not pleasant for him. If an established system that worked well before does not work now, it becomes a challenge for them. They do not want to change their products so easily. Usually they believe that change will bring negative results. But more often than not, consumers may feel bored with an existing product and look for something new.
Attitude
Perhaps the biggest emotional difference between an entrepreneur and a businessman is in how they view the world and think about it. A businessman seeks opportunities in everything in the world. It is possible to make a lot of profit by using this opportunity properly. Thus, economic motivation is at the heart of their business and they think about how to create opportunities to succeed in this way.
Entrepreneurs, on the other hand, are imaginative and problem solvers. They see the world around them as a challenge and think about how to solve or improve it. In this way they constantly find out the problem. But their solution is not always good, but with that solution they dream of changing the world.
Many people make mistakes while trying to differentiate between entrepreneurs and businessmen. It must be remembered, however, that no one here is comparatively better or worse than the other. Because, the world needs both entrepreneurs and businessmen and no one's contribution is less in any part. We have to rely on both.
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