Difference Between Entrepreneur and Entrepreneurship?
Difference Between Entrepreneur and Entrepreneurship.
Both terms (entrepreneur and entrepreneurship) are related to each other very specifically as the former one gives you a person’s overview and the latter one is its procedure.
We all know something about them, but still, feel confused about the exact meaning and application of these two words (entrepreneur and entrepreneurship).
Well, let’s begin with understanding them a bit:
An entrepreneur is a person, who basically, take initiative to start a new business and operates it as well.
While Entrepreneurship is a procedure by which an entrepreneur starts or initiates a new business.
Let’s not forget that in a business, both risks and opportunities come are a free gift but entrepreneurs are always ready for it.
So, now let’s discuss them in more detail:
|He is the initiator /founder of a business and has a vision for it.
|The process by which an entrepreneur initiates a new business under his supervision and vision is known as entrepreneurship.
|An entrepreneur can start single/multiple projects to support society.
|The entrepreneurship process can be applicable on single or on multiple projects and can help in generating employment opportunities.
|An entrepreneur could be a person or a team, who will try to support a social cause by launching related products, services, and business scenarios.
|Entrepreneurship is the process of transforming ideas into reality. Entrepreneurship sets a path on which people are working towards achieving a goal.
|Entrepreneurs are those critical thinkers, who bring innovative solutions and new ideas in order to make a better world around us.
|Entrepreneurship facilitates innovators and critical thinkers to think out-of-the-box for bringing out creative and innovative solutions to social problems.
|Entrepreneurs are the one who initiates the idea of a new business and help in operating it, considering -the risks involved.
|Entrepreneurship is the process, which helps entrepreneurs, to begin with, a new business. Entrepreneurship also helps him in pre-planning his business’s upcoming risks alongside the opportunities.
|An entrepreneur could be a leader, who motivates people and give them directions to put efforts into multiple dimensions of business.
|Entrepreneurship not only facilitates the entrepreneurs to optimize their efforts, resources, etc. under coordinated effort but also helps them in planning their daily tasks with priorities efficiently.
|In short: An entrepreneur is the initiator.
|In short: Entrepreneurship paves a process, which will facilitate the entrepreneur to walk on it and begin the initialization of the business idea.
Hence: Entrepreneur (Initiator) + Entrepreneurship (Initiation Process) = Business (Solution)
Difference Between Entrepreneur and Businessman?
Another confusion comes to our minds when we talk about the difference between entrepreneur and businessman.
You need not worry, we will provide each and every detail required to understand the differences.
On a basic level, an entrepreneur is the one who initiates an idea of his into a product or a business while a businessman only runs a business with old ideas.
To be more clearly speaking; when you’re walking on a defined path (created by others previously) for running a business, you’re a businessman and when you’re making a new path (with new ideas) for running a business, you’re an entrepreneur.
I hope the misconception about the difference between entrepreneur and businessman might have got cleared.
So, no let’s delve into some more details about both of these terms:
|He runs the business on his own, with new/unique idea
|He runs the business on existing / non-original ideas.
|Initiator of a business idea/ product
|Follower of old or someone’s idea.
|He is the leader of his new idea’s market
|He is a market player in an old or someone’s idea’s market.
|His nature of business is very intuitive in his approach.
|His nature of business is very calculative in his approach.
|He creates his own market space with his new business idea.
|He creates his place in an old market space for his business dedicatedly.
|The risk factors included are quite high for him, as his new business idea/ product might work or might not.
|The risk factors included are quite low is he already knows that the same idea of business/ product is already working previously, he just has to create a good competition for old players.
|His new methods of doing business might sound unconventional to some old school business players.
|His methods of doing will be conventional methods only, as he has to walk on an old paved business method.
|His business idea/ product is more people/ employee/ customers oriented in approach, to make his idea work for the benefit of the society.
|His business idea/ product is profit oriented in approach, to make his business thrive in the market.
|Focusses and emphasizes more on coordination with the cooperation of resources under optimization.
|Focuses mainly on handling his competition in the market.
|His competition factor is very low, as he is the only one with that idea of business and will have no competitors in the same line of business
|His competition factor is quite high, as he is working on a previously created idea on which many businesses might be running successfully and will have a lot of competitors in the same line of business.
Difference Between Entrepreneur and Manager?
Here comes the common contrast about the difference between entrepreneur and manager.
Well, let me first explain it to you in brief, and then we will sail our boat of understanding toward a more detailed environment.
To begin with, from a broad perspective an entrepreneur is a person with a vision of making this world and society a better place by bringing his unique business ideas/ products into reality with his courage and dedication to tackle all the risks on his way.
While, a manager on the other hand is a person who mainly manages his team, optimizes his organization’s functions & operations to bring out productivity and profit.
|A person is known as an entrepreneur when he takes a lot of risks (financial) to create an enterprise that works for the benefit of the society giving some profit as well.
|A person is known as a manager when, he fulfills his responsibilities of managing a team of workers, controlling their best actions in favor of the company, and administering the organization’s manpower for gaining maximum profit with optimization of workflow.
|The prime focus of any entrepreneur is to land his business idea into reality in the favor of the social cause.
|The main focus of any manager is to optimize the ongoing operations of the organization.
|The prime motive is to achieve something for the greater good of the people.
|The primary motive of any manager is to create control over all loose ends and empower the weakest link in the working chain of employees, thus establishing his power within the organization.
|Usually, every entrepreneur’s approach towards his tasks is very informal but supports his employees, customers, etc.
|Managers normally follow a formal approach towards their subordinates and higher authorities in the organization.
|Entrepreneurs are generally stated as the leader / owners of their businesses.
|Managers are mostly the employees working under management to gain profit and manage the staff.
|At the end of the day, the real reward for any entrepreneur is business profit in any form whether it is money or it could be the benefit for the society.
|At the end of the month, managers are rewarded with a handful of salaries in their bank accounts.
|When it comes to some decision-making, entrepreneurs always make an intuitive judgment (depending on logic inductively) in favor of all the people.
|A manager’s decision is for the benefit of the company; hence they always make a calculative decision (depending on logic deductively), meetings outcomes & advisories in favor of the company.
|So, what’s the motivation driving them to become an entrepreneur? It is their own creativity to think the unthinkable and ability to innovate some unique ideas to support this world.
|Now, what’s the motivating thing behind managers to do their jobs is, to perform well in the organization and take promotions on time. Apart from this, to save their status quo among the society and maintain a stable state of affairs.
|An entrepreneur never hesitates to take risks.
|A manager always tries to take a safer and risk-free route.
Hopefully, this covers all the doubts you’re having in your mind regarding the differences and visions, as everyone is trying and working hard to make this world a better place.