Differences between a Businessman and an Entrepreneur

Often the words “entrepreneur” and “businessman” are used interchangeably. But the fact is that the meaning they signify is as different from each other as it can possibly be. In course of ignorance, many businessmen label themselves as entrepreneurs.

Entrepreneurs are directly involved in the dynamic, and very complex, interrelationship between financial management and business strategy. This is the significant difference that sets entrepreneurial management apart from all business management practices

A businessman  is any person that engages in a series of economic activities to earn a profit. An entrepreneur, on the other hand, is someone who conceives an idea or a solution to a current problem that the society is facing, finds investors and sets up an enterprise to offer his expertise to the general public.

There are many differences in the way both think, operate, and do business.

I.        On the originality of idea

A businessman can make a business out of an unoriginal business or product idea. He enters into existing businesses, such as franchising and retailing. He chooses a hot and profitable business idea regardless of whether it is his original idea or borrowed from someone else.

An entrepreneur is an inventor and the first creator of a product. He invests time, energy and money on his own idea. He doesn’t start a business from an unoriginal idea. That is why he starts on a startup while a businessman starts on a business.

 

II.        On the purpose of doing

Most businessmen are doing business for profit, livelihood, for reaching their financial goals, and for becoming their own boss. Though, there are some business people who are not profit-oriented but people-oriented, that is, they are more concerned on the welfare of their workers and the satisfaction of their customers. Entrepreneurs are more concerned on changing the world. They want to pursue their passion and achieve an ultimate goal. They are not keen on financial returns, rather they are focused on what they can offer to the world. Their purpose for entrepreneurship is simply to make a difference in this world.

 

III.        On the degree of risks taken

Businessmen take calculated and managed risks. They cannot afford to lose money and suffer from bankruptcy. That is why they always do the Math when it comes to business. Entrepreneurs are like sky divers. They take crazy risks. They often don’t care of losing time and money just to pursue their passion. But since they do it with love, joy and passion, they often gain extraordinary rewards. Entrepreneurs, since they do the things they love the most, they do it with the best of themselves, resulting to greater success.

IV.        On how he treats employees

A business owner is an employer and a manager. He hires employees and workers to help his business grow. An entrepreneur is a friend and a leader. He finds peers and PEOPLE, whom he will never treat as machines. He invites them to help them grow.

V.        On how he treats customers

A business owner usually sees customers as his source of sales and revenues. For him, customers are the lifeblood of his business. An entrepreneur sees customers as his source of duty and fulfillment. For him, customers are his own life blood.

VI.        On how he sees the competition

A business owner tries hard to beat his competitors and win the competition. He also considers cooperation rather than competition to achieve certain goals. An entrepreneur tries hard to beat his worst competitor – himself.

#excerpt from our book “Basic Entrepreneurship” coming out soon#

 

EYE Africa Signs MoU with African Agribusiness Incubators Network (AAIN)

On Thursday, August 10, the African Agribusiness Incubators Network (AAIN) hosted leaders of the Emerging Young Entrepreneur Initiative (EYE) at its headquarters in Accra, Ghana.

Representing EYE at the meeting were the Founders, Dr. Hauwa Lamino Abubakar, Isaiah Bulus and Abubakar Abdullahi while the AAIN team was led by Chief Executive Officer, Dr. Alex Ariho and Director of Business Development and Partnerships, Peter Kuria Githinji…. read more https://eyeafrica.org/2017/08/15/eye-africa-signs-mou-with-african-agribusiness-incubators-network-aain/

The NEXT TITAN

THE NEXT TITAN is back for the 4th season scouting for ambitious entrepreneurs seeking to demonstrate their entrepreneurial acumens with unbeatable business ideas, commercial insight and business savvy to stay out of eviction to win N 5,000,000 and a brand new car for the support of their business.

After regional auditions in Abuja, PH and Lagos, and the subsequent Top 50 Boot camp, the 16 finalists, who will live together for 10 weeks in the same house, will battle one another over 10 tough business tasks, and the 16 candidates will be gradually eliminated until one winner remains.

The 16 finalists will have very real street smarts in order to make it through the challenges, and the contestants will prove their entrepreneurial acumens through various businesses challenges on the 10-week show.

The TV Reality Show which is in its fourth season gives an opportunity to young talented Nigerians who have great…read more http://thenexttitan.com/season-4-registration-begins/