What is entrepreneurship?

Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit.

However, as a basic entrepreneurship definition, it’s a bit limiting. The more modern entrepreneurship definition is also about transforming the world by solving big problems. Like initiating social change, creating an innovative product or presenting a new life-changing solution.

What Is the Meaning of Entrepreneurship?

The meaning of entrepreneurship involves an entrepreneur who takes action to make a change in the world. Whether start up entrepreneurs solve a problem that many struggles with each day, bring people together in a way no one has before, or build something revolutionary that advances society, they all have one thing in common: action.

It’s not some idea that’s stuck in your head. Entrepreneurs take the idea and execute it. Entrepreneurship is about execution of ideas.

What the entrepreneurship definition doesn’t tell you is that entrepreneurship is what people do to take their career and dreams into their hands and lead it in the direction of their own choice. It’s about building a life on your own terms. No bosses. No restricting schedules. And no one holding you back. Entrepreneurs are able to take the first step into making the world a better place, for everyone in it.

Who is an Entrepreneur?

An entrepreneur is a person who sets up a business with the aim to make a profit. Besides, an entrepreneur can be defined as someone who starts a side hustle that can eventually create a full-time, sustainable business with employees. If your entrepreneurial mindset is focused on creating a profitable business, you fit the entrepreneur definition.

However, the entrepreneur meaning involves much more than being a business or job creator. Entrepreneurs are some of the world’s most powerful transformers. From Elon Musk sending people to Mars to Bill Gates and Steve Jobs making computers part of every household, entrepreneurs imagine the world differently. And the entrepreneur definition rarely ever talks about the enormous impact that entrepreneurs have on the world.

Entrepreneurs see possibilities and solutions where the average person only sees annoyances and problems.

Understanding what is an entrepreneur can help more people recognize the value they contribute to the world.

Main Differences between a Businessman and Entrepreneur

Are you a businessman or an entrepreneur?
Have you ever wondered what is the difference between these two? Business people and entrepreneurs have many similarities. They both provide jobs for the unemployed, give solutions to the consumers, and help developing the economy of a certain nation. However, they are not the same kind of people.

The following are 10 differences between a businessman and an entrepreneur:

1. On the originality of idea

A businessman can make a business out of an unoriginal business or product idea. He enters into existing businesses, such as franchising and retailing. He chooses a hot and profitable business idea regardless of whether it is his original idea or borrowed from someone else.

2. On the purpose of doing

Most businessmen are doing business for profit, livelihood, for reaching their financial goals, and for becoming their own boss. Though, there are some business people who are not profit-oriented but people-oriented, that is, they are more concerned on the welfare of their workers and the satisfaction of their customers. Entrepreneurs are more concerned on changing the world. They want to pursue their passion and achieve an ultimate goal. They are not keen on financial returns, rather they are focused on what they can offer to the world. Their purpose for entrepreneurship is simply to make a difference in this world.

3. On the degree of risks taken

Businessmen take calculated and managed risks. They cannot afford to lose money and suffer from bankruptcy. That is why they always do the Math when it comes to business. Entrepreneurs are like sky divers. They take crazy risks. They often don’t care of losing time and money just to pursue their passion. But since they do it with love, joy and passion, they often gain extraordinary rewards. Entrepreneurs, since they do the things, they love the most, they do it with the best of themselves, resulting to greater success.

4. On how he treats employees

A business owner is an employer and a manager. He hires employees and workers to help his business grow. An entrepreneur is a friend and a leader. He finds peers and PEOPLE, whom he will never treat as machines. He invites them to help them grow.

5. On how he treats customers

A business owner usually sees customers as his source of sales and revenues. For him, customers are the lifeblood of his business. An entrepreneur sees customers as his source of duty and fulfilment. For him, customers are his own life blood.

6. On how he sees the competition

A business owner tries hard to beat his competitors and win the competition. He also considers cooperation rather than competition to achieve certain goals. An entrepreneur tries hard to beat his worst competitor – himself.

7. On what he thinks of money

Losing money is one of the biggest worries of businessmen. Most business owners rely on a good economy to start, operate and attain success in business, especially in the retail, franchising and financing industry. Entrepreneurs do not worry a lot about money since they can always start from a scratch. Some entrepreneurs don’t really care about money at all.

8. On how he deals with time

A businessman doesn’t waste time. He always checks the clock and doesn’t want any work or output to be delayed out of schedule. He is fast and always on the go. An entrepreneur works like an artist or a scientist in a lab. His product is his masterpiece. That is why he can be slow and could spend a longer period of time to finish and perfect his product.

9. On how he sees the world

A businessman sees the world as an opportunity. He sees it as an opportunity to make a living. He also sees it as an opportunity help the people living on it. An entrepreneur sees the world as a duty rather than an opportunity.

10. On how he defines success

A businessman defines success as the success of his business and its stakeholders. Its stakeholders include himself, co-owners, employees, customers, investors, and even his community. An entrepreneur doesn’t define success. He simply does his job and lets history define the success that he accomplished. Therefore, to sum up the above-mentioned issues, we can say that both businessman and entrepreneur are two types of individuals who enter the business world with two different goals.