You probably have heard about the word entrepreneur, but not a lot of people really understand what the term actually means. You may even be surprised to find out that the definition of an entrepreneur is not all that different from the definition of leadership. So just in case you are a budding entrepreneur, you should know the difference between the two terms.
The True Meaning of “Entrepreneur” There is no doubt that leadership and entrepreneurialism are definitely the buzz words of the day. It kind of makes sense because they go hand in hand; entrepreneurs start companies and leaders lead them. That is what used to be considered normal. What we are seeing now is an emerging class of Entrepreneurs who are redefining the role of an entrepreneur and how they are perceived.
For a company owner, the biggest difference between leadership and entrepreneur is the level of investment they make in their business. Whereas leaders spend years growing their business and learning the ins and outs, entrepreneurs usually jump right into it with an idea, some money, and the drive to build a successful business. Most entrepreneurs choose a business that provides a good return on investment (ROI). They also choose businesses that are in line with their personality traits. If they are creative and passionate, they choose a business that allows them to express their talents. If they are determined they choose a business that will help them build their self-esteem.
Because the definition of “Entrepreneur” is very broad and open-ended many people get the wrong impression that it applies to every small business owner. Unfortunately this is not the case. While some entrepreneurs may try to take advantage of any situation they can find, others are very methodical and meticulous about running their business. In fact, a business like a dentist office or a computer shop would be considered an entrepreneur because they are business owners. However, you cannot label someone as an entrepreneur unless they are willing to put in the time and effort to run the business. As a business owner your time and effort are precious and you should always consider your company as a full time job. as opposed to a part-time job that you do for pleasure.
How Can Entrepreneurism Benefit You? If you want to use the term entrepreneur to describe you as a leader and you are already a leader, then you can reap the benefits of being an entrepreneur. Being an entrepreneur gives you a lot of freedom and control over your life and business. As a leader you are in charge of what goes on your business and you can set the direction for it. Entrepreneur gives you the luxury of working on your own terms and making decisions about your company. Just think of the power you have in a family business, and the freedom you have as an Entrepreneur.
How Can Entrepreneurism Help Your Small Business? An entrepreneur is very important to all businesses especially the small ones. Because they give you a lot of latitude as an entrepreneur, you are able to invest in and grow your business and work your way up in the market. Entrepreneur also gives you a great deal of freedom to change your business and expand it. Since an entrepreneur has a lot of freedom to manage their business as well as make their own rules, you are in control of your business and the people who work for you.