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Definition of Entrepreneur
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 / She is the ones 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 capital. In the long run, these entrepreneurs become a businessman.
Entrepreneurs are known for their creative approach. They introduce innovation and coordinate the resources. They offer such products and services which bring about a change in the world.
Some real life examples of such entrepreneurs are Bill Gates (founder of Microsoft), Mark Zuckerberg (co-founder of Facebook), Larry Page (co-founder of Google), Steve Jobs (co-founder of Apple) etc.
Key Differences Between Businessman and Entrepreneur
The following are the differences between businessman and entrepreneur
- A person who brings his unique idea to run a startup company is known as an entrepreneur. A businessman is a person who starts a business on an old concept or idea.
- A businessman makes his place in the market with his efforts and dedication, whereas an entrepreneur creates the market for his own business.
- The businessman is a market player while Entrepreneur is a market leader because he is the first to start such a kind of enterprise.
- The nature of a businessman is calculative, but an entrepreneur is intuitive.
- As the businessman follows the footsteps of other businessmen, the possibility of failure is very less which is just opposite in the case of the entrepreneur.
- A businessman uses traditional methods to run the business. Conversely, an entrepreneur applies unconventional methods for the same.
- A businessman is oriented towards profit, however, an entrepreneur is a people focused in essence, he gives more importance to its employees, customers, and the public.
- The businessman faces extreme competition because it is very difficult to gain a competitive position in an already existing market, which is not in the case of an entrepreneur.
