Businessman and entrepreneur are the same terms… there is no difference. Most of the people have misconception that both of these terms carry same meaning. But the reality tells a different story. A businessman is a person who sets a business around an unoriginal idea. On the other hand, entrepreneur is a person who conceive an idea/product/service and thus become the leader of that in the market. There is a fine line between these terms. Let’s identify the differences the two on the basis of following parameters-
Businessman wants to make their living and earn profit while entrepreneur just want to bring change with his inventions.
Businessman is a market player and does not really bother about the creator of the idea. He just grabs the business opportunity and works to succeed. While entrepreneur is considered the market leader and he is a true inventor. Entrepreneurs are the first ones to start such kind of enterprises.
Risk taking abilities
Entrepreneurs are used to taking risks and they are quite comfortable with it. Entrepreneurs create the market for his own business. While businessmen are risk averse and has the ability to take only calculated risk. Their efforts and hard work create place for them in the market.
For businessmen, time is money that’s why they hate wasting time. While entrepreneurs do not worry about the time spent in producing the best idea possible.
Businessmen act as managers/leaders and they take full control of their actions with a sense of accountability while entrepreneurs are hired to grow their businesses. They are invited to be a part of their growth journey.
Businessmen are doers and they are generally impulsive in nature. They are also considered opportunity seekers. On the contrary, entrepreneurs are thinkers, they put lots of efforts and time in developing an idea.
Businessmen do not like competition. They consider competition as threats and they take every endeavor to mitigate them. A businessman has to face extreme competition because he has to make a place for his product in already existing market. On the other hand, entrepreneurs’ welcome threats, they feel like competition will enable them to innovate and refine their ideas. Entrepreneur does not worry about how to establish his idea in the competitive market.
Entrepreneurs do not run after money. They know they can always start afresh. While businessmen’s biggest fear is losing money.
For businessmen, success is measured by profit. The more profitable the businessman is, the more successful he is. While entrepreneurs are judged by two important parameters-history and prosperity.
Entrepreneurs are true adventures. For them business is like an experiment and treat it like so. On the other hand, businessmen believe in reality. They are not interested in adventures. For them, profit means everything.
A businessman is a businessman but an entrepreneur plays multiple roles such as organizer, a risk taker, leader and a manager at the same time. A businessman focuses on the competition whereas latter focuses on cooperation and coordination of all resources.