Difference between entrepreneur and business person
It has been a debatable and quite contested topic for assorted setups to understand if there is any difference between an entrepreneur and a business person. Many people in the business fraternity don’t think there is much or rather any difference between the two terms widely popular across the globe. Business connect brings the finding of its research, according to which, there is a huge difference between the two. The points are mentioned below.
First of all, a business man is known by his or her trait of following the defined path, but an entrepreneur is believed to make his or her own path, which becomes a guideline for other businessman. A businessman is a person who runs the business, endeavors to run business on an already established business idea. Contrarily, an entrepreneur is someone who first initiates a product or business idea and thus becomes the leader of that in the market. In the long run, an entrepreneur becomes a businessman. An entrepreneur is always a market leader whereas a businessman is a market player.
A person who is engaged in carrying out an activity, pertaining to commercial and industrial purposes is known as Businessman. He or she establishes his or her business as a new entrant in the market. When it comes to originality of ideas, most of the businessmen go for a business which is highly in demand or which can make huge profits from them irrespective of its peculiarity. A businessman faces tough competition because there are hundreds of rivals already existing in the market with insight of the same business. Although the risk factor is low as he walks on a path that is already tested by the rivals. The chances of failures for business persons are comparatively low than the entrepreneurs. The main objective of a businessman for conducting the economic activities is to generate revenue by employing the human, financial and intellectual resources. By virtue of this, customers are treated as the king of business by the businessman.
An entrepreneur is a person who conceives a unique idea or concept to start an enterprise and brings it into reality. He is the person who bears risks and uncertainties of the business. The venture established by the entrepreneur is known as Startup Company, which is formed for the very first time regarding the idea, innovation or business process. He is the one who lead the market always no matter how many competitors will come later, but their position will remain untouched.
In economics, the entrepreneur is considered as the most important factor of production, which assembles and mobilizes the other three factors of production i.e. land, labor and production. In long run, these entrepreneurs become businessmen. Entrepreneurs are known for their creative approach by bringing innovative ideas. They offer such products and services which bring about a change in the world.
Apart from these subtle differences, there are many more which one can come to know by means of his or understanding of daily life.