|1||An entrepreneur is a person||Entrepreneurship is a process|
|2||Entrepreneur organizes||It is an organization|
|3||Has an idea||Process that gives shape to the idea|
|4||Is an innovator, chases the dreams and make it till the end||Procedure through which an innovation is done|
|5||Turns a concept into reality||Activity, handle to set up the business journey.|
I’m quite excited to answer this question. Because this is the question is often overlooked, and many of you might not be aware of it.
Entrepreneurship is, and entrepreneur is somehow similar. The only difference between entrepreneurs and entrepreneurship is, one is the person, and other is the person’s activity. In simple terms, entrepreneurs initiate a business with a unique idea and build the company as per the aims and objectives.
An Entrepreneurship is defined as the procedure of beginning, executing the company activities with different divisions from the company is known as entrepreneurship.
Whereas, an entrepreneur is a person who manages and operates several companies with various targets and requires financial risks too. Research in entrepreneurship or business management with specialization can allow you to become an entrepreneur.
Ok, let’s get deeper into it!
Difference between Entrepreneur and Entrepreneurship:
Entrepreneurship is the process of coming up with new means or methods of achieving some set aims. Mostly it will entail the production of products and services. It takes some creativity coupled with a lot of time and effort. There are risks involved in this process, and all of them have to be assumed. With the dangers come rewards that are derived from the person who has produced the new process.
An entrepreneur, on the other hand, means somebody who devises a new method of looking at things and producing output out of the original concept. Given an existing technology or some innovation, the entrepreneur will think of a process which will utilize the available tools and techniques to produce a good or a service which will add value to the economy and benefit him and the society. He’s one who takes the risk of the success or failure of the new venture and will also stand in to reap the benefits.
also read: Are you a businessman or an entrepreneur?
Entrepreneurs are people who undertake the business of a new company along with the risks and benefits that come with this.
Entrepreneurs are generally categorized as individuals who choose on high-growth, high-risk creations while small business owners manage an established company with a proven product and client base.
Successful entrepreneurs are regarded as a driving force in today’s economy.
Misconception about Entrepreneurs
Most of the people think that entrepreneurs are very lucky or they have been inherited the money from their ancestors. Here are a few misconceptions that you need to know about entrepreneurs.
Entrepreneurs take unknown and uncalculated risks without any plans. Yes, entrepreneurs do take risks, but they take calculated risks. They keep resources, and plan as much as they can for dealing with the unknown, right?
Entrepreneurs initiate a business with a complete innovation. It is not true; not all startups are a revolution.
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Getting confused? Ok, let’s take an example!
McDonald’s did not create the cheeseburger, Starbucks did not create coffee for the first time, Google did not invent the internet, It is the capitalization and the identification of the idea and fast growth rate that makes the them entrepreneurial.
Most entrepreneurs need to gain a significant unit of experience and a considerable amount of money in the industry. The fact is, most entrepreneurs are young, without any relevant experience. Many follow their passion ti make it happen until the end.
Entrepreneurs have to take thorough research before taking the first step. Realy? No, this is wrong. No one in the world has to research like scientists to take the first step. Do kids research before stepping their foot to the mother earth? Of course, no! So, why would entrepreneurs research a lot?
Unless a present company is establishing a new company line onto a new concept, entrepreneurs begin with hardly any or no study. But they do have high awareness about the potential of the offering, which provides them the confidence to assume the danger.
Do you know that entrepreneurs start with sufficient capital (not BIG)? Yes, the money is indeed the foremost requirement of any startup. But, we are lucky enough that we live in the internet world. Anything can be started in a jiffy with the help of the internet.
Let’s take an example of OYO- the world’s fastest-growing hotel chain. It is an online platform for hotel booking in India. The objective of these startups is to change the way people stay away from home. Oyo was not the inventor of hotels. But, it did change something for the good.
What Does It take to be a Successful Entrepreneur?
As it is said, one size does not fit all!
Entrepreneurship either starts from burning desire or from recognizing appropriate business opportunities.
An individual may not have the business thoughts in mind, but his burning desire powers him. If he does not listen to anyone, goes with his heart and one day develops a highly-end product or a service that gives high returns. He then would fit into the first genre of passionate entrepreneurs.
In a nutshell, an entrepreneurial idea, if well cherished and driven correctly, can be transformed into an advantageous business.