Entrepreneur or Business Owner

This might sound like a strange question. Some people would say, “What’s the difference?” 

Others, including me, might think there is a difference. 

The key distinction lies in your mindset and what you’ve come to believe from how our culture now uses these terms, particularly social media. 

Historically, being a business owner was seen as a risky endeavor. Starting a retail business, buying a franchise, or starting a simple service business, and not looking to grow beyond a storefront or office. This person prioritizes consistency and is motivated to provide for their family independently.

Entrepreneurs start new businesses that innovate and disrupt. They are motivated by the excitement of new ideas, are willing to take risks and have a vision motivated by their passion. 

Everybody seems to start as a business owner, irrespective of the title they choose or are given. 

The exceptions are “serial entrepreneurs,” who continually launch, exit, and start another business. Their passion is simply being entrepreneurs, and the challenge of success is irresistible. 

That’s not inherently a bad thing. These men and women are incredibly innovative and creative in their abilities with boundless energy. Yes, the idea of wealth plays a part, but mostly, they are passionate about building something that impacts large segments of the population or an entire industry segment. Moreover, those people and businesses tend to get a lot of press, adding to the misperception that that’s what being an entrepreneur is all about.   Most entrepreneurs don’t make the headlines.

Does a label matter? I think so. Your identity label can impact your mindset. I’ve encountered hundreds of hopeful business owners who never jumped in because they were intimidated by the oft-overused term “entrepreneur” and were afraid of failure. 

Usually, they never get out of the gate. They read and hear dire statistics about failure rates and putting their personal assets at risk—hardly an environment to pursue independence and stability.

My suggestion is not to be afraid to pull that trigger - cautiously. Be a business owner first. Take the time to learn what it takes to understand the process, mitigate risks, take baby steps, and don’t quit your day job yet. Doing so will put you in the role of a business owner and, if you succumb to the challenge of being successful, perhaps an entrepreneur.

The old saying, every journey begins with the first step, is fitting. You

Learn, Think, and Execute to your success – in business and in life.

Tom

P.S. Do you have a question or issue you want me to write about? Let me know in an email to [email protected].

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