The Difference between an Entrepreneur and a Business Owner
Across several platforms and in several conversations with different people around the world, the word “entrepreneur” is generally used to describe anyone who starts a business. It’s everywhere.
I think about it differently.
To me, an entrepreneur grows a business with an objective to exit from management or even ownership at some point to start something else. A business owner on the other hand also starts and grows a business but the difference is that the business owner is really not interested in doing it all over again.
The same way a gardener grows gardens, an entrepreneur grows businesses. He is easily bored with the day to day operations of just one business. After setting the business up, the entrepreneur quickly moves on to the next big idea. A business owner on the other hand derives pleasure from the operations of his singular business.
In my view, the entrepreneur’s joy comes from engaging the process of doing something new either as a startup or as an investor in an existing enterprise while the business owner is often focused on that one business that has perhaps served him so well. A business owner would most likely do just one business in his or her lifetime as long as that one thing is successful while the entrepreneur gets the kick from doing multiple things and adding significant value in each one. If a business owner moves from one business to another, it is often because the first business was not successful and so he is searching for that one or two successful businesses. Once he finds it, the search is over. Now it’s time to work that business until retirement.
Perhaps the business owner’s favorite mantra is FOCUS: Follow One Course Until Successful. The entrepreneur actually agrees with this mantra. The difference is that he’s not the one doing the focus. He gets someone else who is smarter than him to FOCUS! The entrepreneur’s mantra will probably be to ensure he’s not POOR: Passing Over Opportunities Repeatedly.
Now someone might ask, which is superior to the other? In my opinion, none. I’ve seen people achieve tremendous success on both sides of the divide. Some are successful at multiple things and others are successful at just one thing. What you decide to do depends on your definition of success: your objective!
Stay inspired my friend!