None of us are new to any of these terms, “Businessman” and “Entrepreneur.” But the thing is that we often find ourselves in a state of confusion that these two are the same. But no, they are not the same. Being a businessman and being an entrepreneur are not the same thing. The one thing that is common between them is that they both approach business, but differently from one another. No worries, though. Because there are many things about which we find ourselves in confusion, no matter if that is due to less clarity or due to our lack of understanding on or about those topics. But this is not the topic of discussion, though. What we are going to do is to find out and learn the differences between a businessman and an entrepreneur.
Continue reading ahead as it will provide you with some insight into both entrepreneur and businessman.
An entrepreneur is someone who makes their way by themselves, which means who starts afresh with a new and unique idea. They do not follow the path of someone else. With their unique concept or idea, they start their venture and after that, they take and face the risks and uncertainties of their business that come along the way on their journey. Entrepreneurs hold significant creativity in themselves and they are innovative. The business they start, we know it, or call it a startup. And then gradually, when he starts to make progress in his entrepreneurial journey, becomes a businessman. Entrepreneurs are recognized for their creative approach. And they introduce, innovate, and coordinate the resources. Furthermore, entrepreneurs are believed to be an important part as they play a significant role in a company’s economic growth or progress.
A businessman or businesswoman is someone whose business idea is not new to the market and many people have already tried and experienced those ideas. Usually, the business that is done by businessmen or businesswomen is the ones that are high-on-demand in the market. And due to this, they face huge and cut-throat competition as there are thousands of competitors already in the playground with years of experience with the same business idea but still, their chances of failure are very low because the path they are on is already taken by numerous other people like them. So the way is quite hassle-free. And because the business they are doing is in high demand, it is easy for them to make a good amount of profits.
So, as of now, we know the definitions of both businessman and entrepreneur. But are we able to figure out the key differences between businessman and entrepreneur from the definitions above? To make it easy for you to understand the key differences between businessman and entrepreneur, I thought to write them separately in this article. We are going to learn it ahead.
Key Differences between Businessman and Entrepreneur
- An entrepreneur is someone who brings their unique idea to life and then starts their business by following and working on that idea, and a businessman is someone who has chosen the path that is already taken by many people like them, which means their business idea is not new.
- A businessman has to put his effort and dedication into making their place in the market, while an entrepreneur has to create their place in the market, for their product and services.
- A businessman is a player in the market, and because the entrepreneur is the one who first started a particular enterprise that is followed by the businessman, they (entrepreneurs) are the leader in the market.
- The steps a businessman takes, are calculative. While an entrepreneur follows their intuition.
- There are very less chances for a businessman to fail because they are on the path that is already taken by the other businessmen, but this is not the case for the entrepreneurs as their path is completely new and created and followed by themselves first, chances of them to fail are high. And in India, failure chances are extremely high for startups. Do you want to know the reasons? Read these 8 reasons why do 95% of startups fail in India.
- A businessman is profit-oriented and an entrepreneur has their focuses and has their attention more on their clients, employees, and the public.
- Competition for a businessman is tough because of the already existing players from the same market, and for an entrepreneur, it is relatively less as their market is new.
After reading this till the end, I hope you got some useful information regarding the topic differences you need to know between entrepreneur and businessman. And I also hope that now you understand that these two terms are not the same as we used to think of them, earlier reading this article.