The world today is, generally, more ripe with opportunities than in the past.. The advent of technology has led to the formation of more industries, companies, and the like than ever before.. As a result, many individuals who never thought they could do business have found themselves in the world of business, perhaps making a great deal of income as well. In addition, the increasing rate of unemployment due to COVID-19 has motivated many people into starting their own businesses.
Many people have happened to stumble upon opportunities and made great businesses out of them, but only a small percentage have the proper orientation and mindset that result in a successful business.
What then differentiates a business owner from an entrepreneur?
What serves as the motivation for starting a business goes a long way in deciding whether the owner is just that- a business owner or not. It is not uncommon to find that people start Businesses because a single opportunity opened up and they were available while there are others who first notice a need no one else sees and therefore seize the opportunity to create goods and/or services that meet such needs. The one with the visionary mind that notices what other people don’t, or even when they do, goes a step further to create a solution.
Entrepreneurs tend to listen more to their customers, which is the way things should be, according to an expert, Alan Safahi, a fintech CEO.
Both the business owner and the entrepreneur have passion. This passion is just placed differently. The major concern of a business owner is usually to make profit for the company, and eventually its shareholders. This mindset goes a long way in determining the way they handle the business, relate with customers, handle feedback and so on. On the other hand, an entrepreneur is first interested in the industry. They go into business because they love that sector of the economy. For instance, an individual discovers they love fashion and enjoy anything that goes along that path. For that reason, they start a business in that line to explore their love for fashion, and share it with others.
It is important to follow your passion while starting a company, Alan Safahi opines. Of course, entrepreneurs would want to make a profit in their business but it wouldn’t be the only reason they start the business.
Business expert Alan Safahi also says that while you may make a lot of money from business, it should not be the goals.
3. Mode of business building:
Many business owners would rather build the business around themselves, concentrating on working in the business and becoming an indispensable part of the business. The entrepreneur is entirely different. They work on the business as much as they work in it and build it in a way that it can run without them. An entrepreneur creates an exit option in the business, so that if they want to leave to pursue other ideas or ventures, they can leave and the business will still be standing.