Small Business Owner Or Entrepreneur?

When I was completing a webinar for small business owners the other night, one of them asked me to clarify the difference between a small business owner and an entrepreneur.  I gladly answered the question because I believe there is a lot of confusion about these two terms and in my mind, there are important distinctions between the two words.

An entrepreneur can also be a small business owner, however, there is a different mindset and a different set of skills that a business owner has versus an entrepreneur.  Let me share my opinion here. A business owner has a product or service that makes a difference for their customers and clearly understands who their target market is and is in business to serve their customers and make a profit.

An entrepreneur has an idea or a concept and doesn’t know if there is any proof that their idea for their product or service is needed by their audience and yet is excited and passionate about bringing their untested idea to market.  They don’t make a lot of calculated decisions based on an understanding of their exact outcome.

On the other hand, a business owner is making decisions based upon proof and results and proven strategy and techniques and with knowledge of their target audience’s wants and needs. The entrepreneur is more of a risk-taker who wants to push their idea forward and is willing to bring it to market not necessarily knowing if their market will buy what they are offering.

The business owner is busy working on tasks that will grow their business and operate their business while managing the business and helping with sales and marketing and even customer service. Entrepreneurs are more free-flying working on what they need to when they need to.  They are excited by their ideas and getting their business moving and often have more ideas than they can ever put into place.

Which one are you?

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