The 7 Steps To Success Silicon Valley Startups Swear By
July 27, 2021
August 5, 2021
It is quite often to hear a small business owner refer to themselves as an entrepreneur, but on closer analysis, it is quite clear that these two terms have entirely different meanings.
An entrepreneur is someone who has a specific path and pursues goals based on a plan that's been engineered to bring desired results while a business owner is someone who is follows the guidelines of running a particular business, guidelines that are proven to be effective in getting desired results.
While an entrepreneur can become a business owner, they are not bounded by the need to stick with that one business till it works. A small business owners on the other hand, place all their bets on a single business, and failure of the business, often results in monumental losses for the owner.
A business owner is a market player, while the entrepreneur, a market leader.
An Entrepreneur makes a market
While a business owner goes into a particular niche to devise a means of service delivery, an entrepreneur is entirely different, an entrepreneur conducts in-depth market research and creates a different market entirely. In this vein, it is fair to assume that entrepreneurs do not just become business owners overnight. A lot of thought processes are included into the service delivery of an entrepreneur and market research will tell if there's an opportunity to convert ideas into a successful business for entrepreneurs.
For a business owner, establishing a solid background in the market is key since there is a need to keep competitors in check. This is not often the case for an entrepreneur, as the entrepreneur owns the market and keeps up with marketing trends. The limitations faced by business owners remain constant as there are various arrays of service delivery channels available to consumers and this actuality is readily checked by the entrepreneur because of market uniqueness.
Entrepreneurs face multiple risks such as financial risks like sacrificing personal capital and relying on cash flow in the market. So much difference is made when there is perseverance to scale and produce results. On the other hand, a business owner already knows what works and so the extent of uncertainty can be controlled, for an entrepreneur to reach success in business so many factors must be considered and there is a requirement to test and take different risks in the long run.
One of the most important goals of a business owner is profit, as much as the satisfaction of customers has to be met and the employees also have to be sorted, the major aim of the business is till to make sure that there is an increase in revenue. The entrepreneur on the other hand focuses on growth, public awareness, customer satisfaction and service delivery.
In conclusion, there are pronounced differences between business owners and entrepreneurs and this must be considered in addressing both entities. The above concept is elucidated in detail to show that business owners often follow a set path and time-tested strategies, whereas an entrepreneur thinks and believes in making his own path with new ideas.
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