The second question on my mind was Am I a businessman or an entrepreneur?

What is the difference between entrepreneur and businessman?

We often associate the terms “businessman” and “entrepreneur” interchangeably, they describe quite distinct personal approaches to business. We can characterize the businessman as merely copying the actions taken by someone else with a similar notion. Entrepreneurs are those who, using novel ideas, forge a route that others haven’t already taken.

 Ownership of a Business: Most businessmen concentrate on running and expanding already-existing companies. They might inherit or buy enterprises. Their main goal is to maximize these well-established businesses’ performance.

Entrepreneur: On the other hand, entrepreneurs are driven to create new companies from the ground up. Their goal is to turn an invention or idea into a successful business that can grow.

For example, a businessman might purchase a tiny manufacturing company. Next, focus on increasing the company’s market share while optimizing its operations. Their primary goal is to increase profitability. Alternatively, a businessperson might identify an unexplored market niche. They produce a unique good or service. then start a business to close that market gap.

The key factor of difference between entrepreneur and businessman can be the “Tolerance of Risk”:

Businessman: Generally speaking, businessmen choose lower-risk endeavors. Their main objectives are to reduce risks, maintain stability, and protect current assets. They may be more risk-conservative and place a higher priority on preserving a consistent revenue stream.

Entrepreneur: Higher-risk undertakings are undertaken by entrepreneurs. They are willing to take calculated chances to realize their ambitious goals and creative notions. Entrepreneurs understand that greater risks can sometimes result in greater benefits and have grown accustomed to taking risks.

Example: A businessman lowers the likelihood of failing. They might put their money into industries or businesses with a proven track record. It’s only sometimes evident if an entrepreneur’s business will succeed or fail. An entrepreneur could go into an unexplored market. They either create a game-changing product or bring disruptive technologies.

These are only a few of the many facts about entrepreneurs, intrapreneurs, and businessmen. Believe me, there are a lot of many aspects to talk about but definitely in a new blog with a new perspective of knowledge sharing. Until then, set your mind to various tasks, allow your thoughts to flow, and let me know what topics you would like me to write about in my next blog.