To the entrepreneurial novice, being an entrepreneur or a small business owner is interchangeable. However, they are not the same. Sure, they are both self-employed, and are working for some sort of profit. But the difference is in the the following factors:
- Entrepreneurs never want things to stay as they are. They are always looking to change things, have more action, more energy. Small business owners are often happy with how things are, content to make a profit.
- Entrepreneurs invent things and are often technically minded. Small business owners are more likely to do something others are doing.
- Entrepreneurs are often looking for the next big thing, ready to move on once their company is good enough. Small business owners are often more sentimental, and see their business as part of the community.
- Entrepreneurs will do things more often than not because of passion or opportunity rather than strictly profit.
- Entrepreneurs want to change the world. Small business owners want to make a living, and often serve their local community first and foremost.
In the Quick MBA article, there are 3 main ways in which the small business owner and entrepreneur are different: amount and speed of wealth creation, risk tolerance, and innovation.
So which are you? Different mindsets, different passions, different ways of doing things. But all making a difference.