Updated: July 8, 2020
The terms, businessman and entrepreneur, are often interchanged in use today. Anyone who owns a business and makes money passively is often referred by any of these names.
But there are subtle, but important differences between the two. And knowing them can significantly change how one will start and eventually run their business.
Below are ten ways entrepreneurs think differently, and why they are more likely to succeed than those who simply have a businessman mindset.
A businessman is motivated by profit. They want to, above all else, make money. An entrepreneur, on the other hand, is primarily motivated on being able to satisfy a need. They want to provide a solution to a problem.
A businessman is profit-oriented, while an entrepreneur is service-oriented. A businessman will sell a low-quality product as long as people buy it. But an entrepreneur will continuously find ways to improve his product, so he can satisfy the needs of his customers better through time.
A businessman doesn’t trust anyone. He is self-reliant and believes that he can succeed on his own. But an entrepreneur believes in the power of creating a team. To succeed, he must learn to trust and rely on others.
A businessman is competitive. He sees competition as the enemy that he must destroy. But an entrepreneur is collaborative. He looks at his competition and tries to find ways that he can work with them.
A businessman prefers strict compliance to his orders and agreement to his ideas. But an entrepreneur will empower his people to share their thoughts and ideas with him, and is not afraid to take action on their advice.
A businessman often decides on their own. But an entrepreneur prefers a team-oriented approach to decision-making. He consults with his people, his peers, and even his mentors, whenever faced with difficult choices in the business.
A businessman likes to only pursue opportunities that offer minimal risk and good potential income. But an entrepreneur will pursue opportunities regardless of the risk and income potential, as long as it’s aligned with his passion.
A businessman prefers offering products and services that have already proven itself profitable in the market. Meanwhile, an entrepreneur is not afraid to innovate, create new products, and offer new services that can offer a better solution to what already exists in the market.
A businessman just wants to make money, and make more of it year after year. An entrepreneur, beyond profit, wants to excel and become the best in his industry. He is driven by his own passion to become better year after year.
When starting a business, a businessman simply wants a quick return of their money, and make good profit until he finds a new opportunity to pursue. But an entrepreneur always creates a vision for each business he pursues. He is in it for the long-term, even if it means passing off other good opportunities that could come along his way.
Success is achievable for both the businessman and the entrepreneur. Yes, it is possible to succeed with either of the two mindsets.
However, success will always feel lonely for a businessman. But an entrepreneur will have peers, colleagues, and friends whom he can share his success with at the top.