Fresh looks, fresh legs, tons of imaginations and outrageously passionate about their work are some attributes that are vibrantly visible in entrepreneurs. So, what makes these bright men and women spark up so much talent and be so different in comparison to the rest of the lot? What marks their methods as being unique or exclusive? There are definitely some areas that these individuals have check marked appropriately in the things to do, that gets them the millage to lead an enterprise. Let us discuss some vital differences and subsequent information that holds weight for anyone considering venturing out as an entrepreneur.
Key Differentiators Between Entrepreneur and Businessman
1) Original Ideation
It is generally acknowledged that a good businessman is interested in his products out in the market and always in comparison with similar products in the market floated out by business rivals. In contrast to this nature of thinking, an entrepreneur is 9 out of 10 times keenly interested in investing his or her time in imagining something new, something out of the box. Willing to take the path untaken, this is what makes the difference. Instead of going down the path of choosing an existing solution and making small amendments to it, the preferred choice now is to find an idea that has never been executed before.
2) Inherent risk taking
While it is true that all businessmen are risk takers in their own specific domain and the fact that day to day operations and investments have their own scope of risks, the kind of risks taken by entrepreneurs surpass the high-risk decision making which may have compounding effects. An entrepreneur, for example, may run a unit or propose to build one with lower capital since his products are not tried and tested in the market, but most times the entire capital invested is a result of savings or borrowed funds, failure in realizing appropriate returns in a timely manner may set the individual back for a few years, or worse it may bury everything that was ever started.
3) People Management
Another factor that differentiates a businessman from that of an entrepreneur is that the way his team is handled. As and when an organization is on the growth process by way of normal behavior a businessman is thinking of how he needs to hire people that strengthen the vision of his growth and overall increases the productivity in the business. While an entrepreneur is often focused on getting his team to be more productive than ever and produce more effectively rather than just efficiently. The focus of entrepreneurs lays in him empowering his team with both decision making as well as the use of various tools that the team delivers more with less, hence productivity is derived out of existing or leaner staff.
4) Embracing change
There is one thing that is considered as a constant in the world we live and that is change. Everything around us changes and this defines everything that is connected to the financial systems too. Entrepreneurs feed on change, they breathe and swear by the principle that change is for the good. Readiness to change everything if it requires gives entrepreneurs the edge over the pervading market conditions as well. It’s a different story with most businessman since they bask in the glory of an earlier formula that worked well and strongly believe that it should not be altered too much to upset an existing customer base and its acceptance in the current market.
5) Revenue Growth
There is yet another aspect that differentiates they mode of operand between a businessman and an entrepreneur – the manner in which revenue is generated. While pushing for returns is a criterion for both categories to achieve, a typical businessman is interested in the compounding value of the revenue that is generated. While on the other hand, an entrepreneur may continue to enhance a product or his team’s skill set, having a long-term view over matters and hoping to encase his investments with the passage of time.
Most entrepreneurs often have small beginnings coupled with tons of challenges, before they find their mojo. It’s the persistence, dedication and the ability to see the bigger picture that takes them through. There are many inspiring true-life stories of simple individuals that work their way to become great entrepreneurs, be it the entertainment business or that of product sales, the journey of an entrepreneur is filled with excitement and challenges.
It is the principles and education derived from this experience which is truly priceless. Modernizing the world with their innovative and creative thinking is often the best acknowledgment earned. Transforming an individual to learn deeper, getting to build a small team. This individual grows into a successful businessman or an industrialist, bringing greater rewards to many.
