Article

ENTREPRENEURSHIP

by Muhammad Bilal

Entrepreneurship Definition:

The process by which individuals pursue opportunities without regard to resources they currently control. 


Difference Between an Entrepreneur & a Businessman:

A person who brings his unique idea to run a startup company is known as an Entrepreneur.


A Businessman is a person who starts a business on an old concept or idea.


The businessman is a market player while Entrepreneur is a market leader because he is the first to start such a kind of enterprise.


10 Basic Differences Between an Entrepreneur and a Businessman:

1. On the originality of idea

A businessman can make a business out of an unoriginal business or product idea. He enters intoexisting businesses, such as franchising and retailing. He chooses a hot and profitable business idea regardless of whether it is his original idea or borrowed from someone else.


An entrepreneur is an inventor and the first creator of a product. He invests time, energy and money on his own idea. He doesn’t start a business from an unoriginal idea. That is why he starts on a startup while a businessman starts on a business.


2. On the purpose of doing

Most businessmen are doing business for profit, livelihood, for reaching their financial goals, and for becoming their own boss. Though, there are some business people who are not profit-oriented but people-oriented, that is, they are more concerned on the welfare of their workers and the satisfaction of their customers.

Entrepreneurs are more concerned on changing the world. They want to pursue their passion and achieve an ultimate goal. They are not keen on financial returns, rather they are focused on what they can offer to the world. Their purpose for entrepreneurship is simply to make a difference in this world.


3. On the degree of risks taken

Businessmen take calculated and managed risks. They cannot afford to lose money and suffer from bankruptcy. That is why they always do the Math when it comes to business.

Entrepreneurs are like sky divers. They take crazy risks. They often don’t care of losing time and money just to pursue their passion. But since they do it with love, joy and passion, they often gain extraordinary rewards. Entrepreneurs, since they do the things they love the most, they do it with the best of themselves, resulting to greater success.


4. On how he treats employees

A business owner is an employer and a manager. He hires employees and workers to help his business grow.

An entrepreneur is a friend and a leader. He finds peers and PEOPLE, whom he will never treat as machines. He invites them to help them grow.


5. On how he treats customers

A business owner usually sees customers as his source of sales and revenues. For him, customers are the lifeblood of his business.


An entrepreneur sees customers as his source of duty and fulfillment. For him, customers are his own life blood.


6. On how he sees the competition

A business owner tries hard to beat his competitors and win the competition. He also considers cooperation rather than competition to achieve certain goals.


An entrepreneur tries hard to beat his worst competitor – HIMSELF.


7. On what he thinks of money

Losing money is one of the biggest worries of businessmen. Most business owners rely on a good economy to start, operate and attain success in business, especially in the retail, franchising and financing industry.


Entrepreneurs do not worry a lot about money since they can always start from a scratch. Some entrepreneurs don’t really care about money at all.


8. On how he deals with time

A businessman doesn’t waste time. He always check the clock and doesn’t want any work or output to be delayed out of schedule. He is fast and always on the go.


An entrepreneur works like an artist or a scientist in a lab. His product is his masterpiece. That is why he can be slow and could spend a longer period of time to finish and perfect his product.


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