People frequently believe that businessmen and entrepreneurs have similar roles in commerce. The former and latter, however, have distinct responsibilities. This week’s post compares a businessman and an entrepreneur, showing both individuals’ various business paths. By the end of our lesson this week, we hope you will be able to distinguish between these people’s roles and contributions to customers and the business sector.
A Comparison between Businessmen and Entrepreneurs
Let’s first look at the descriptions of the two terms listed above to understand how each benefits us. A businessman adopts a common notion for a business while simultaneously seeking big profit. An entrepreneur, on the other hand, is a person who has fresh, original ideas for starting a new venture. The latter does not operate according to the conventional business model but instead consistently announces unique initiatives to bring change to the world.
Listed below are five contrasting differences between a businessman and an entrepreneur. Have a look and wonder!
|1. Creates a place in an existing market
|1. Creates a brand-new market
|2. Conventional and does not bear any risks
|2. Visionary and comparatively takes all financial risks
|3. Focuses on smoothing every day’s business progress
|3. Focuses on expanding the business to change the world
|4. Low competition level
|4. Very high competition level
Examples of Businessmen and Entrepreneurs
Let’s break it down more for you. You might have encountered an uncle who sets up a small grocery store down the road. Or the food hawkers along the route of Pantai Teluk Ketapang. These people are considered businessmen, contemplating their small, conventional, less risky business model. They operate in a static progression, unlike entrepreneurs who keep evolving and growing. Talking about entrepreneurs, do you recall high-profile names like Bill Gates, Mark Zuckerberg, or Steve Jobs? These are the entrepreneurs who are known worldwide. In Malaysia, we have Tan Sri Vincent Tan, the founder of Berjaya Corporation Berhad and Tan Sri SM Nasimuddin SM Amin, a conglomerate involved in many fields of business, ranging from motoring to education. Next, let’s try a Malaysian celebrity who has become an entrepreneur— Neelofa! Neelofa is engaged in various business fields like hijab, food, and cosmetics. It does not stop there, as more of her new ventures are in progress and will be established in the upcoming years.
Now that you have learned about businessmen and entrepreneurs, I hope you can tell the differences between these terms! One good way to practice this new knowledge is by walking outside and starting to wonder! Look at every possible seller and think— are they exhibiting businessmen models or entrepreneurs’ features?
Good luck, and don’t forget to stay in touch at TD1303 Blog to learn more about business and its sub-issues. New articles are coming every week. For now, see you soon!