A business owner is a individual who runs the business, taking an unoriginal business idea and uses an already existing business model.
On the other hand, an entrepreneur is someone who first initiates a new innovative product or Startup idea and thus becomes the leading figure in that market. They research new ways to implement innovation, solve problems and positive change to society.
Consequently, an entrepreneur becomes a business owner, but there is a slight difference in comparison.
Even though the terms will sound same for the ordinary person, there is a fine line between the two, in the sense that an entrepreneur will always be a Market Leader, whilst a business owner is a Market Player.
For example, an Entrepreneur is the creator of the Chess board where you play chess, whilst a businessperson is the Chess Player that plays the game on the chess board that the Entrepreneur created
The table below will help you learn the difference between business owner and entrepreneur.
| BASIS FOR Differences | BUSINESS OWNER | ENTREPRENEUR |
|---|---|---|
| Meaning | A businessman is someone who sets up a business with an existing idea offering products and services to the customers. | An entrepreneur is a person who starts an enterprise with a new idea or concept, undertaking commercial activities. |
| Market Position | Market Player | Market Leader |
| Nature | Calculative | Intuitive |
| Market | Creates a place in existing markets | Creates new market |
| Risk factor | Less | Comparatively high |
| Methods applied for doing things | Conventional | Unconventional |
| Approach | Holistic | Atomistic |
| Orientation | Profit | People |
| Competition | Very high | Low |
As you can see, a businessperson sets up his business as a newly participant in the market as for the existing business.
When it comes to originality & uniqueness of ideas, most of the business people go for a venture which is highly in demand or which can make huge profits for them irrespective of uniqueness.
The main aim of a businessperson for conducting these economic activities is to generate & capturing revenue by employing the human, financial and intellectual property resources. By virtue of this, customers are treated as the king of business by the businesspeople
An entrepreneur is a person who conceives a unique idea or concept to start an enterprise and brings it into reality. They are the person who carries the risks and uncertainties of the startup. 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 as long as they consistently innovate and keep their loyal customers appeased.
Entrepreneurs are known for their creative approach. They introduce innovation and coordinate the resources. They offer such products and services which bring about a positive or societal change in the world.
Some real life examples of 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.
Introducing Modern Day Chief and our mission
However, the Entrepreneurs mentioned above are predominantly white males, what Modern Day Chief strives to achieve, is to showcase & uplift underrepresented leaders in their respective careers, businesses, startups and success stories that may have been overlooked due to being a female or being part of a ethnic minority group that do not have the same access to opportunities as their counterparts.
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