As said by Zig Ziglar, America’s most influential author, and motivational speaker, that “Honesty and integrity are by far the most important assets of an entrepreneur.”
Very often we get confused with the difference between a businessman and an entrepreneur.
Often the two are used interchangeably. It is also a fact that if a person is an entrepreneur, he needs to collaborate with investors or start his own business to popularize his product. So, many times, an entrepreneur turns into a businessman.
However, it is his own choice whether he would stick to his innovative ideas and better its productivity for future use and give the responsibility to someone else to sell and make profits or he would do it all.
Hence, we use the terms vice-versa in many cases. However, there are very many distinguishing aspects between the two.
Let us see to it what makes an entrepreneur different from that of a businessman.
An entrepreneur is more on the creative lines. He can be compared to an artist who innovates something new. He brings in a new idea and adds value to the lives of the people.
Whereas a businessman plans to get engaged in something that already exists in the market. He starts his business with a pre-existing product catering to the pre-existing customers.
For an entrepreneur, it is not only about money. It is about the challenges he faces on the path of making an identity for his product.
On the other hand, for a businessman, it is only about money to sustain himself and his family.
Using the opportunity
As said by Peter Drucker – “The entrepreneur always searches for change, responds to it and exploits it as an opportunity.”
Whereas a businessman uses the already existing opportunity and tries to emulate a successful business model to chalk out his own business plan out of it.
An entrepreneur has a vision for his product. He tries to bring the best out of it by becoming a visionary to evaluate the prospect of his innovation.
Whereas a businessman has his eyes set on the number of products sold in the market and the targets achieved.
Since businessmen think mostly about money and making profits, they avoid taking big risks and afford not to lose money. They try to play safely in the market.
Whereas a successful entrepreneur ponders upon ways to market his unique product come what may. Even if it involves taking risks, he goes ahead to establish the identity of the product.
Businessmen are mostly profit oriented. They give priority to the money they make.
Entrepreneurs are people oriented. They value to bring a difference in the lives of the people. That is what which counts for them.
A businessman makes space for himself in the existing market. He competes with the prevailing contenders to grab a share of the marketplace.
Whereas an entrepreneur creates a new market altogether for him to play and makes sure to turn the desire of the people into a need, to ensure his product to survive.
As discussed, a businessman can be termed as a market player who looks for his share in an existing market, an entrepreneur is a market leader, who plays a monopolistic game in the market.
When it comes to employees, a businessman is an employer. But an entrepreneur adorns the garb of a friend and a motivator who looks into the growth of his employees on an individualistic level along with the growth of his company.
A businessman sees his customers as a medium to earn money and improve sales target. Whereas an entrepreneur finds contentment by fulfilling the needs of the people. He contemplates this as his duty.
Use of resources
A businessman makes use of new resources to play in the market. On the other hand, an entrepreneur makes use of the existing resources and creates something new out of it to generate a fresh market.
A businessman is always competing with his prevailing and new rivals in the market.
Whereas an entrepreneur is his own rival and hence tries to do better day in and out. An entrepreneur is his own competition.
Perseverance, tenacity, and focus make an entrepreneur.
Also to become a successful businessman one needs confidence, passion, and determination.
Bill Gates, the Co-founder of Microsoft, once noted that “Business is a money game with few rules and a lot of risks”.
However, this space is not to prove if one is superior as against the other. Both are good at their job and at their own places.
Both of them are dependent on each other, and the world needs them both.
The innovative ideas of an entrepreneur to build something to fulfill the requirement of the people and the strategies adopted by a businessman to sell the distinctive product and market it effectively to make money to build an empire and a brand in itself goes hand-in-hand.
In both the cases, what is important is to connect with the people and fulfill their needs.
Some of the famous entrepreneurs and businessmen who have inspired us throughout, like, Dhirubhai Ambani, J.R.D.Tata, Indra Nooyi, Azim Premji, Gautam Adani, Bill Gates, Warren Buffet, Mark Zuckerberg, leave a strong impression on our minds and inspire us to turn our dreams into a reality.
This discussion is only to help you think that – if you desire to be into business, just make sure, what you truly are – a businessman or an entrepreneur.
Realize your true potential so that you can develop a sense of independence and do not get torn down between the two jargon, thus, in turn, under -estimating the real potential in you to make it that big!
Good luck to all the budding entrepreneurs and businessmen! Please share your views and let me know what you think about this.
Credit: This post was written by Mehul Panchal, an entrepreneur, business adviser, mentor, speaker, writer, gymer. He is also the founder and Chief Managing Director of Filter Concept Pvt. Ltd. You can check out his website mehulpanchal.com for more!