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| − | Seven Top Differences Between Entrepreneurs and Businessmen
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| − | Entrepreneurs and businessmen are most of the time interchangeably used. I too happen to be guilty of using one or even the another sometimes. However, I feel that there is a significant difference between the way entrepreneurs run their venture and businesses run their operation. Entrepreneurship is about assuming risk and accepting whatever rewards or failures that occur subsequently. A businessman on the contrary follows a well known path and takes lesser risk than an entrepreneur.Let us look at some of the points where entrepreneurship differs from running the business.
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| − | Entrepreneur are in the business of creating something new
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| − | The purpose of business is to recycle the products. Hence clients are more like trading. By trading I am talking about purchasing goods in one place and selling in the other. This may also involve manufacturing at some step however the fundamental principal remains the same. Entrepreneurs create something new. They identify an issue and work to create innovative solutions which help reduce and sometimes eliminate problems. Even when they do trading, they'll apply innovative methods to it. Let me give you an example. If the owner of retail chain is adding internet sales among his channel, he's just as being a businessman trying to find new ways of getting good business. If however he goes an creates a cutting-edge product which never existed before, he's becoming an entrepreneur. Here, he's taken the danger upon himself.
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| − | Entrepreneur's "Business" is unique
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| − | An entrepreneur will not work in areas where there is already an audience. He will use his scarce money to understand more about new. He'll for instance, go for new channels of sales( internet, m-commerce etc), innovative products ( a brand new software), innovative marketing strategies( viral marketing) etc. He side steps the market that's too competitive and works inside a niche area.
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| − | Entrepreneur puts their own money first
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| − | Since people are not convinced of his ideas, entrepreneur has to put his cash on the road first. He needs to show that a market exists for these products he's creating. Then only he is able to get external finance. This really is in contrast to a normal business, where it is known that market exists and therefore investors tend to be more willing to invest in such businesses
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| − | Entrepreneurs working with new innovative products convey more breakout chances
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| − | If the risks are high, so are the rewards. A successful entrepreneur reaps more monetary benefits than his business counterpart. A regular business with lower risk will get lower returns around the capital it invests. The surety of making profit regular business is in addition to that of entrepreneurship though.
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| − | Entrepreneurs experience more uncertainty than regular businesses
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| − | Entrepreneurship is definitely more riskier and uncertain than conducting a regular business. A business owner faces the question just about every day about success of his product, price of developing the product, customer's adoption, team motivation and everything else. There's uncertainty and un-evenness of sales. A regular business however has pretty much regular sales and it is less uncertain than an entrepreneurial venture
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| − | Entrepreneurs share businesses with team
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| − | Entrepreneurs build on vision plus they cannot do it alone. So an entrepreneur constantly needs to remind his team and himself by what they're creating and why it will work. A business owner has to look for brand new ways to motivate the workers. The roles of employees change frequently in line with the perceived business conditions In a business however, the roles of employees are same throughout the lifetime from the business
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| − | Entrepreneurs share the success using the team
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| − | Entrepreneurs don't have much cash to provide. So they offer equity to their employees. Once the venture works everyone that has a shares becomes rich. Among the prime example is Infosys technologies in Bangalore. It has created so many millionaires just by distributing equities to the founders and employees of the company. A company however is less open to sharing equity with employees and would pay higher salaries to compensate for this.
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| − | [http://www.streamingfaith.com/index.php/directory/broadcaster/29586/ david cerullo]
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| − | I nowhere say that businesses can't be entrepreneurial or the other way around but that there's a significant differences between your way a entrepreneurial venture along with a business works. A company however may become entrepreneur by doing something innovative while entrepreneur can help to eliminate the uncertainty when you are a lot more like a company.
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