According to Oxford, an entrepreneur is a person who makes money by starting or running businesses, especially when this involves taking financial risks. Conversely, Quora says that a business owner is is someone who owns, runs or operates a business, whether big or small. Therefore, it appears that the key difference in these definitions is ‘risk’.
If you’re unsure whether you’re a business owner or entrepreneur, we’ve outlined the key elements of each role.
An entrepreneur:
- Is always looking for opportunities and lessons.
- Consistently learns from challenges and treats them as lessons.
- Thinks outside of the box.
- Works ‘on’ the business.
- Has the capacity to span across multiple industries and markets.
- Demonstrates repeatedly that they can grow great businesses.
- Thrives on business systems rather than a specific product or service.
- Is always fixed on growth and has the ability to scale.
- Has a formidable self-belief to achieve outcomes.
- Has discipline to work hard on their business every day, even without results.
- Reevaluates when something isn’t working.
- Shares their WHY and purpose with their team.
- Possesses a great deal of creativity to overcome obstacles.
- Has determination to continue when times get tough.
- Is comfortable being uncomfortable and making sacrifices to grow the business.
- Reinvests in their business and has no problem with ‘going broke’.
- Thinks laterally.
- Explores their capabilities as a human.
- Sees beyond what is in front of them.
- Tests unchartered waters and takes risks.
- Is always planning ahead.
- Solve problems in the world.
A business owner:
- May have been given an opportunity to own a business.
- Owns one great business.
- Lives in a comfort zone.
- Thinks literally.
- Remains small.
- Focuses on the day-to-day tasks.
- Solve problems in their community.
- Has no notion to sell the business.
Both business owners and the entrepreneurs play important roles in the community and the world at large.
Which one are you? Let us know your thoughts!