Small Business Owner vs. Entrepreneur: Whatâ€™s the Difference?
- February 26, 2020
- Written by : REIL Capital
Small business owners and entrepreneurs are highly important in the business world.Â However, some people tend to confuse the two. Arenâ€™t small business owners and entrepreneurs the same thing?Â The truth is, they can be. However, there are also various ways to distinguish the two. Both can have small businesses, but they can have different styles of leadership.Â One is certainly not better than the other, they are just different. REIL is going to elaborate on some differences below.
Small business owners solve problemsÂ
Many business owners open a business to solve a problem in their community.Â They are confident in their business and their target audience. It is because they know exactly what will please and make their customers happy.Â They are of service to their customers and their community. Every problem needs a solution, doesnâ€™t it?Â
Entrepreneurs have big ideasÂ
Entrepreneurs go further than solving a problem for a community or target audience.Â They think and dream big. They are encouraged to come up with ideas that no one has ever thought of before.Â Sometimes, their ideas and prototypes may not even be possible to come to fruition. Regardless, this excites them anyways.Â
Small business owners crave stability
Like any business owner, small business owners love stability.Â They like to know whatâ€™s coming next, what challenges they can face, and who/where they are coming from.Â Small business owners make calculated decisions. They want the outcome to be clear.Â
Entrepreneurs seek risksÂ
Entrepreneurs live life on the ledge.Â They put a lot of time, money, and effort into whatever they are doing, knowing the risk of being unsuccessful.Â However, the risk of being successful is worth it to them. They typically jump with both feet in and never look back.Â
Small business owners live and die by their business
Small business owners treat their business like their child.Â There is something sentimental with the asset. They never want to give it up or hand it off to someone else.Â They love to make the decisions and run the day-to-day tasks it entails. The business is their baby and their everything.Â
Entrepreneurs make a product or service to ultimately sell.Â They want to set their product/service up so that it can ultimately run without them one day.Â The idea is to profit off of another company/business buying their idea or product/service. Ultimately, they are the driver behind their own product and profit off of the idea itself.Â
So, are you a small business owner or an entrepreneur?Â Again, one isnâ€™t better than the other. There are just definitely some differences that people tend to overlook.Â Regardless of which one you are, REIL is here to help. If you are seeking or in need of funding, fill out our commitment free application today!Â