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Friday, September 18, 2020

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What is the difference between Business and Entrepreneurship?

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The two words, Business and Entrepreneurship, are frequently used. Even people tend to use them interchangeably. But there is a subtle difference which makes one distinguishable from another one.

A person who starts a business is called a businessman. The businessman’s motive is to generate revenue and make profits. He/she comes into the market by starting a new business and will stay as a market player amongst others who are already present in the market. To be precise, a businessman is a person who comes up with the existing idea in the market in the context of making profits.

On the other hand, entrepreneurship focuses on the idea which is new to the market. And who comes with the unique concept are called Entrepreneurs. Entrepreneurs are considered as “market leaders” rather than “market players”. Entrepreneurs create their own market rather than depending on the existing market. In the long run, an entrepreneur may become a businessman.

Businessmen are exposed to low risk since they are starting a new business which is already proven successful in the market. But they attract heavy competition with the existing businesses. On the contrary, entrepreneurship will face less competition and high risk since the idea/concept is new to the market.

For example, starting a boutique or grocery store is a business. But, the idea of an online grocery store and door delivery of the items will make someone an entrepreneur. When other people start the same online grocery store, the initial entrepreneur starts becoming a business person as he/she witnesses new market players.

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