🔵 Watch the video so you know what it is the main DIFFERENCE BETWEEN BUSINESS AND ENTREPRENEURSHIP. Discover in just 12 minutes, 20 d...
🔵 Watch the video so you know what it is the main DIFFERENCE BETWEEN BUSINESS AND ENTREPRENEURSHIP. Discover in just 12 minutes, 20 difference between entrepreneurship and business.
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⭕ As the great Robert Kiyosaki mentions, one of the important characteristics for the ENTREPRENEUR is: Talk less and do more.
In other words, the ENTREPRENEUR must take action immediately and be persistent.
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Hello dear reader and cybernaut.
We continue with the dissemination of information on finance and personal development. On this occasion we will know the DIFFERENCE BETWEEN BUSINESS AND ENTREPRENEURSHIP, both terms are similar but have their differences within the financial world.
The differences between the two terms are based on the fact that the first is an asset or a material thing, and the second is a discipline that is closely related to the way of thinking.
Next we will describe 20 DIFFERENCES BETWEEN BUSINESS AND ENTREPRENEURSHIP, trying to cover all the angles and perspectives for both fields of personal development.
And stay until the end of the video, as we will describe what discipline is best for those in the world of BUSINESS AND FINANCE, and give our opinion on how to focus.
When you look for the differences between ENTREPRENEURSHIP and the BUSINESS field, it is possible that most people have difficulty discovering the difference between these two terms and, more importantly, which one is right for you.
Below, we provide brief general descriptions of both terms and highlight some major differences between the two to help the NEGOTIANTS and ENTREPRENEURS to define these terms.
The difference between BUSINESS AND ENTREPRENEURSHIP.
It can be quite difficult to clearly explain the difference between a BUSINESS and an entrepreneurial attitude, but it is an issue that we must investigate and try to clearly define what is the difference between the two terms.
BUSINESS.
In the BUSINESS world, BUSINESS MEN or BUSINESS owners must have an overview of the fundamental skills and concepts necessary to succeed in business management.
This field works by breaking down BUSINESS operations with an almost scientific perspective for the appropriate techniques, skills and concepts necessary to successfully manage a group of people within a BUSINESS and help direct a BUSINESS towards success.
NEGOTIANTS must possess a deep understanding of concepts that include economics, accounting, finance, marketing, administration, organizational leadership and much more.
NEGOTIANTS may have ENTREPRENEURSHIP skills, but do not focus on it.
In our opinion one of the characteristics or major differences of what distinguishes a BUSINESS MAN from an ENTREPRENEUR is the mental model (way of thinking), a BUSINESS MAN is more an "analytical thinker", while an ENTREPRENEUR is more a "thinker of possibilities".
This means that, for example, the main focus of a BUSINESSMAN is not innovation, but rather to ensure that a BUSINESS is making a profit.
ENTREPRENEURSHIP
ENTREPRENEURSHIP, on the other hand, focuses on generating new value, and this value could be social, emotional, aesthetic and / or financial.
Since the terms business and business man are closely related, from now on we will refer to business man as business in general
We continue:
The field of business requires a more "scientific" knowledge, but entrepreneurship is more "creative."
In Entrepreneurship, the purpose is to develop concepts and ideas for new businesses and also need to know the skills needed to start a new business and the common pitfalls faced by new businesses.
In entrepreneurship, entrepreneurs mainly focus on what is needed to start a new business. Entrepreneurs must establish contacts, obtain funds for their new idea, sell their idea and establish their business in the market.
Value for an entrepreneur is not necessarily a profit, but it can also be something less tangible but considered more rewarding for the person who runs a business.
In addition, while a businessman focuses more on small improvements to an existing situation, an Entrepreneur tries to imagine what things will be like in the future and work to make that idea a reality (this attitude, by pushing the limits of what we know, entails more risks but also greater rewards when successful).
A businessman walks the defined path, but an entrepreneur believes in making his own path, to the point that he becomes a guide for other businessmen.
Most people have the misconception that the terms businessman and entrepreneur have the same meaning, because they use them interchangeably.
A businessman is a person who runs the business, embarking on an unusual business idea.
On the contrary, an entrepreneur is someone who first starts a product or business idea and, therefore, is the leader of that type in the market.
In the long run, an entrepreneur becomes a businessman, but there is a difference. Even the terms will sound the same for most people, but there is a very fine line between the two, in the sense that an ENTREPRENEUR is always a market leader, while a businessman is a market player.
Whether in the field of business or entrepreneurship, people must be prepared with the knowledge necessary to enter the business industry.
The main difference between the two terms lies in the ambitions of the people who venture into these fields, whether they wish to start their own business or if they are interested in specializing in a particular aspect of business and providing that level of experience to an organization.
So what is the difference?
The most important question that people should answer themselves is to decide exactly what their professional goals are.
The entrepreneur must be prepared with the necessary knowledge to start his own business from scratch and become a potential businessman when the time comes to run his business.
In the business world, the trader must acquire a more scientific approach to understand the internal functioning of large companies, to learn how they can function better and achieve change within a large company.
Next we will detail the main differences BETWEEN BUSINESS AND ENTREPRENEURSHIP.
Number 1. MEANING.
A businessman is someone who establishes a business with an existing idea that offers products and services to customers. Instead an entrepreneur is a person who starts a company with a new idea or concept, undertaking business activities.
Number 2. FIELD OF ACTION.
A businessman deals with the administration of his company and for this he has generally had to study at the university business administration, although this is not generalized for all businesses, when it is required to manage a company it is important to know financial, accounting terms , market terms, tax laws, etc.
On the other hand in entrepreneurship, the entrepreneur focuses on business invention and for this it has not been necessary for the entrepreneur to have taken knowledge in the university, although the knowledge acquired in the university can help, the most important thing is to develop mental ability of innovation
Number 3. MENTAL FOCUS.
In a business the businessman focuses on the search for truth in the short term, and does not go beyond or does not project to the future.
In ENTREPRENEURSHIP, the entrepreneur's approach is to look for what is interesting, intuitive, and projected in the long term.
Number 4. RISK.
The businessman looks for minimal risks, foreseeable risks, this is usually related to the mentality.
The entrepreneur assumes more risk, and in his projects there is more uncertainty.
Number 5. REWARDS.
The rewards are smaller for the businessman, this is related to the risk that is assumed at the time of making the investments.
On the other hand, the rewards are potentially high for the entrepreneur, equivalent to the risk.
Number 6. GOALS.
In the field of business, the businessman seeks Profits, due to the mental pattern established by the businessman.
The entrepreneur seeks to create new values for the market and achieve potential profits.
Number 7. MARKET POSITION.
The businessman is a market player, looks for established markets and enters to compete in it.
The entrepreneur is a market leader, his product or value that he has established in the market attracts businessmen who decide to enter to play the same.
Number 8. NATURE.
The businessman has a calculating mentality and likes to predict or estimate the risks or profits of his business.
The entrepreneur has an intuitive nature and in his mind projects the results or gains he can obtain.
Number 9. MARKET.
The businessman must find his place in the existing markets.
The entrepreneur creates a new market, this is achieved because it creates a new value for the market and generates a new ecosystem in the market with the entry of its product.
Number 10. METHODS APPLIED TO DO THINGS.
Generally the businessman uses conventional methods to carry out the activities of his business.
The entrepreneur always looks for new methods to start a new business or take your business to the next scale.
Number 11. FOCUS.
The focus of the businessman is generally to cover many things or many fields.
The approach of the entrepreneur is more particular and focuses on a discipline or field that usually dominates or is his passion.
Number 12. ORIENTATION.
The businessman is oriented to seek a profit.
The entrepreneur is oriented to fulfill the People.
Number 13. COMPETITION.
Since you have to enter established markets, the competition for the businessman you find is generally very high.
The competition of the entrepreneur in the market is low, since it is he who creates a new value for the market, it has been the same entrepreneur who has created his new product based on his imagination and for this reason he finds in the market a low competition.
Number 14. INCOME MENTALITY.
The businessman makes the forecasts of obtaining profits in the short term and focuses on meeting them, and they are generally not potential.
The entrepreneur is bold and ambitious in terms of obtaining potential income, but this is generally not his main focus.
Number 15. OBTAINING THE BUSINESS.
In the case of the businessman the business can be bought, donated or inherited.
In the case of the entrepreneur, he creates his own idea and realizes it as a business.
Number 16. WHO DOES IT WORK FOR?
THE BUSINESSMAN Works for your company or your business.
Instead, the entrepreneur makes the company or business work for him.
Number 17. TIME WITH THE FAMILY.
Usually, the businessman does not have time for their families and their loved ones.
The entrepreneur Share enough time with their families and loved ones, although this is achieved after having established a new value in the market and having a firm business of your new product.
Number 18. EXTRA TIME.
Generally the businessman experiences sleepless nights, although this also applies to the entrepreneur, the difference is that over time the entrepreneur will not have to work overtime in his business.
The entrepreneur who has already established his first business with his innovative idea is always a happy and enthusiastic businessman.
Number 19. CONTRACT PEOPLE.
Generally the businessman hires people so that they contribute profits.
The entrepreneur hires people to improve their lives.
Number 20. VISION OF TAXES.
Commonly the businessman commits tax evasion to save taxes and increase profits.
The entrepreneur avoids taxes in practice to save taxes and increase profits.
Which is better BUSINESS OR ENTREPRENEURSHIP?
As we promised at the beginning of the video, we are going to express our opinion on which discipline is the best one at our discretion.
We have already seen the concepts for BUSINESS and the concepts for ENTREPRENEURSHIP and we have also listed the main differences between the two.
In our opinion, the best option between both disciplines is ENTREPRENEURSHIP. This for the following reasons:
An ENTREPRENEUR is a potential BUSINESSMAN, a market leader of the value he has created and with that he obtains more benefits in all aspects.
On the other hand, the mere fact of being a BUSINESS MAN and not having created a product will have to adapt to the conditions of the existing market.
And the market conditions that the BUSINESSMAN finds in the market that he decides to enter, have generally been established by some entrepreneur.
Finally, if you are a BUSINESSMAN, we recommend acquiring ENTREPRENEUR skills and focusing on innovation.
In other words, the recommendation for BUSINESS MEN is to become ENTREPRENEUR BUSINESS MEN.
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