What is the Difference Between a Business Owner and an Entrepreneur?
The term 'Entrepreneur' is a category that most business owners would put themselves into, but is there a difference?
An entrepreneur is a person who loves a challenge. A person who can think of an idea and profit from them almost instantly. Sometimes there is an element of risk involved, but this only inspires an entrepreneur.
Entrepreneurs try to make an income not only during business hours, but while they sleep too. They like to be involved in business ventures which would have considered high risk, high reward. They try to develop a business structure which would allow them to create a passive income and live by the motto 'work smarter, not harder'. Convincing other people to invest capital into their business idea is another technique sometimes used by entrepreneurs.
An entrepreneur does not needly need to be knowledgeable in one particular area. They usually know how to find the information when it is needed. They are always looking for and will only ever invest in good business opportunities in the current business for sale market, while also taking into account the current economy trends.
Business owners usually start a business which is low risk, low reward and try to build it into a successful business. Business owners typically develop a totally different business plan right from the get go. They like to play it safer than an entrepreneur would, much safer.
A business owner will use statistics to base their business model from, and learn from past experiences. If you look at the hours required and overall work that you have put into some businesses, you would be better off getting a job, but as a business owner this comfort of regular income and being your own boss is enough to keep them going forward. An entrepreneur on the other hand needs to see big results fast, or they will sell this business, while at the same time looking to buy another business.
Whether you consider yourself to be an entrepreneur or a business owner, you should always be on the look out for other business opportunities, or consider selling your existing business at the right time for maximum rewards. There are many business for sale websites who specialize in this.