It is a common assumption that businessman and entrepreneur are the same, but both the words refer to a different individual having a distinct approach to business. In simple term, a businessman follows a set path engraved by some other person with an unoriginal idea, whereas an entrepreneur thinks and believes in making his own path with new ideas.
In the future, an entrepreneur can become a businessman. However, between businessman and entrepreneur their is a thin line difference businessman is a market player, whereas, entrepreneur is a market leader. In the below article, we will help you understand the key differences between businessman and entrepreneur.
Who is a Businessman?
A businessman is an individual who operates or starts a business with the same old business idea. The businessman chooses to do business that is high in demand or give him maximum profits in return. The firm faces stiff competition because many companies already exist in the market having the same business ideas. However, the risk factor is very less as the concept has been tried and tested by other existing companies, so the chance of failure is low.
Who is an Entrepreneur?
An entrepreneur is an individual who has an exclusive idea to initiate and establish a new venture and bring a change in the world. An entrepreneur is highly creative and innovative, takes a risk and endures the unpredictability of business. The business started by entrepreneurs with a new concept for the first time is known as Start-up. The entrepreneur is an integral part of the operation, who builds and deploys the other functions of the operations i.e. labor, land, and capital. Later in the future, the entrepreneur becomes a businessman.
This article is ready to reckoner for all the students to learn the difference between Businessman and Entrepreneur.
|Meaning||A businessman is an individual who operates or starts a business with the same old business idea.||An entrepreneur is an individual with an exclusive idea to initiate and establish a new venture|
|Market state||Market player||Market leader|
|Market||Makes his place in the market||Creates a market|
|Risk factor||Less||Approximately high|
|Focus||Profit||Employee, customer, and public|
The above mentioned is the concept, that is elucidated in detail about ‘Difference between Businessman and Entrepreneur’ for the Commerce students. To know more, stay tuned to BYJU’S.
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