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Differences between Business and Entrepreneurship
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There will always be a debate on the differences between business and entrepreneurship, except we research and grasp knowledge on these 2 concepts. Business in its light is broad and so is Entrepreneurship.
I’ve written articles on business and entrepreneurship simultaneously and I like most have used these concepts interchangeably failing to acknowledge that they have their differences and similarities. But most of us have only been able to acknowledge these similarities and not the differences between business and entrepreneurship.
Let’s now take a look at the differences between business and entrepreneurship, but before that let us answer these 2 relevant questions…
What Is Business?
To most, a business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business types range from limited liability companies, sole proprietorships, corporations, and partnerships… says a website called oblerg.
What Is Entrepreneurship?
Entrepreneurship is all about building a life on your terms without any bosses. It is the act of creating a business or business while building and scaling it to generate a profit. It is what people do to take their careers and dreams into their hands and lead them in the direction they want.
Now that you must have gotten a glimpse of knowledge through the definition of business and entrepreneurship you will see that while there are similarities, there are differences, and more of these differences between business and entrepreneurship can be…
Differences between Business and Entrepreneurship
It can be quite difficult to put out the differences between business and entrepreneurship but as I said, these are concepts that I’ve used interchangeably without acknowledging their differences. Now that I do know some of the differences, I would like to share my opinion with you…
1. Business Is Analytical, While Entrepreneurship Is All About Possibilities
Business is more of an ‘analytical thinker’ while entrepreneurship is more of a ‘possibility thinker’. This means that a businessman’s main focus is on making a profit while an entrepreneur’s main focus is on generating new value.
Let me break it down with an example, a businessman is different from an entrepreneur. Entrepreneurs are people like Jeff Bezos, Elon Musk, Oprah Winfrey, Dangote, etc, these are entrepreneurs who look for the possibility of anarchy. They are trying to solve issues by generating value for what they do. Take for instance Oprah Winfrey, she has her studio and she uses this studio to interview celebrities and get their ideas on issues around the world and also on issues where these celebrities have been misunderstood. What she does creates value because most people would never have thought of this idea which she is using to her benefit. That’s why I said entrepreneurs generate value in what they do.
Then, businessmen are those people who invest in things like the stock exchange market, cryptocurrency, and already existing successful businesses. their main aim is to invest in businesses that will give them maximum profit. These people never look at the losses, their goal is to make money and more money, and more money. That’s why they are more analytical because they believe more in the laws of economics than that of the human mind.
2. A Business Is an Existing Model While Entrepreneurship Is Not
Businessmen invest energy, resources, and time to run the business because it is existing. On the other hand, an entrepreneur is someone who invests energy, resources, and time to build a model that is original and has been founded from scratch.
Entrepreneurs find it hard to be accepted in society because there is the notion that they are all out to be Ponzi schemes and lies. Most times entrepreneurship is all about breaking barriers to be original and unique. If you notice, most entrepreneurs are unique and are different, even though they are all operating in the same industry.
On the other hand, businesses are existing and are known by the masses so it makes it easier to operate because it is existing and doesn’t need much to be valid because it is well known in society.
3. Entrepreneurship Is Centered On Risk-Taking, While Business Is Not
If there is any individual that loves to take risks when it comes to profit, it’s entrepreneurs. Entrepreneurs love to find out new things, new ways to get things done. They love breaking barriers and reaching new heights. But that can’t be said of a business individual.
Businessmen and women prefer to play it safe, they don’t want to see their pockets go lower than it already is, so they will keep doing the same thing as long as it keeps giving them the same positive results.
4. Business Works On Profit, While Entrepreneurship Works On Passion
I know I’ve written on business making profit its driving force numerous times but it is a fact and it is also a difference between business and entrepreneurship. Businesses and investments like stock exchanges, Cryptocurrency, Casinos, Betting sites are all established for profit-making, if you check out these businesses don’t satisfy or solve a problem, instead they reach the innermost desires of a man, to make money. But entrepreneurship has a different approach.
Entrepreneurship is built on passion; it makes a business and stands by it even when things are not going well. Nicole Faith, founder of 10 Carat Creations breaks entrepreneurship down by saying
“Being an entrepreneur means having a plan and vision but still succeeding or trying to succeed when the plan falls apart and you are left with only your vision. It also means knowing when to give up, especially if your idea isn’t working due to forces outside of yourself”
With this beautiful quote, you get to see that entrepreneurship deals with passion, but it also deals with fortitude, persevering when things are tough. Great entrepreneurs today started with passion, but perseverance kept them going.
5. Entrepreneurship Solves Problems, While Business Creates Problems
Im sure you will be wondering why I wrote what I wrote, but if you check out the statistics, you will see that what im saying is not entirely wrong. I will always emphasize the fact that business is aimed at profit and when a business is aimed at making money and more money, it loses out on the bigger picture, and what is the bigger picture? Giving value to what you are doing. A lot of businesspeople can explain what they do analytically but its never from the heart and they also do not know what happens to their products when things are going wrong, because all they think about is making profits and looking at the better days.
Founder and CEO of NeuroFlow, Christopher Molaro says,
“Entrepreneurship means being the one that is willing to take a leap, work hard enough to sacrifice everything else around you, all in the name of solving problems because no one else is capable or possesses the desire”
Reading this quote, you will see that entrepreneurship also aims to solve problems and do things most human beings will never think possible. For instance, take a look at Michael Jordan, he owns a footwear company called Jordans, when he started this business in the 1980s, a lot of comments were passed around that how will a black man own footwear, it just wasn’t possible, but he did it and today his footwear company is worth billions and he also owns his basketball team. He started the footwear company solely for basketballers, for these basketballers to have shoes that fit their ability to run and jump on the basketball court.
Reading this literature, you may be thinking that entrepreneurship isn’t all that bad after all, but you should know that entrepreneurship is also hard, very hard. You will also see that business in its light can be very beautiful.
There will always be arguments on business and entrepreneurship, which is better, their similarities, differences, and so on. You may not agree with most or maybe all the points listed above, and it’s fine. You can use this literature to find out more differences between business and entrepreneurship for your understanding.
Can entrepreneurs be businessmen?
Yes, entrepreneurs can be businessmen, some if not most entrepreneurs are also businessmen. They invest in other businesses to make extra profit.
What is the difference between entrepreneurs and business tycoons?
A business tycoon is an entrepreneur, a serial entrepreneur, and an investor. An entrepreneur is in a lot of cases the boss of himself or leading a person in a company.
What is an example of an entrepreneur?
An entrepreneur is a person who starts a new business and usually risks his own money to start the venture. Examples are Bill Gates, Steve Jobs, and Pierre Omidyar.
What is the meaning of a business tycoon?
A business person is someone with exceptional wealth, power, and influence.
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