If you’re a business owner, your goal is to make money by providing goods or services consistently and dependably. Entrepreneurs, on the other hand, are all about innovation. They are motivated by their passion for the products they sell and their drive to get things done–and they don’t care what’s in place already. A small business owner is more likely to use tried-and-true methods, while an entrepreneur will be trying new things every day.
Differences Between Small Business Owner VS Entrepreneurs
1. The way you make money.
While small businesses profit by selling products or services, entrepreneurs generate profit from ideas and inventions. They believe that it can be improved with hard work, so they often focus on creating new products and services rather than just selling the existing ones.
2. The way you start your business
Small business owners are more likely to incorporate their business into a giant corporation or do it themselves because they already have experience running multiple small businesses before starting their newest venture. On the other hand, entrepreneurs will start their businesses independently with little to no experience running a previous company.
3. Your work ethic
As an entrepreneur, you have no problem putting in 60+ hours per week to get your business. After all, you spend most of your waking hours thinking about your business and how it can be improved upon or made more successful. On the other hand, small business owners are most likely to work a few hours each day before going home for the evening. They will probably spend more time working on their business and taking care of family responsibilities.
4. Your money-making methods
As an entrepreneur, you constantly try new ideas to develop new products and services to sell. You think outside the box and use whatever resources are available to put your plan into motion. Entrepreneurs often get a lot of criticism for not being practical, but even if people aren’t interested in their idea, they don’t give up easily and will keep working on it until it’s done right. Small businesses such as carpet cleaners in Kansas City, believe in doing what works best and rely on tried and true methods.
5. Your risk-taking ability
You are an entrepreneur, and you live for risk. You can take a risk without having a panic attack, and if your plan doesn’t work out, you move on to the next one. Small business owners are more concerned with losing money than they are with losing sleep, which means they’re going to be careful about every decision they make before making it, so there’s no room for error.
As you can see, entrepreneurs and small business owners are two very different people with different mindsets and motives for their work. This article has provided insight into the differences between the two to help you better understand their motivations to figure out what kind of person you are.