An entrepreneur is commonly defined as an individual who starts his or her own business. There must be more to the definition, knowing that this definition does not differ with the term business man in anyway. So, what is the difference of an entrepreneur and a business man?.
The significant differences of an entrepreneur and a business man is the amount of wealth creation, the speed of wealth creation, risk, and innovation. Anyone can be as business man. Rather than simply generating income that takes the place of traditional employment, an entrepreneur creates substantial wealth, mostly in excess of several million dollars profit. The wealth creation of an entrepreneur is often rapid compared to a regular business owner who can profit several millions of dollars over a lifetime. The venture of an entrepreneur must be high risk. If not, with the incentive of sure profits, many other entrepreneurs would be taking the same idea and the opportunity would no longer exist. It should not just be high risk alone. An entrepreneur is an educated high risk taker. An entrepreneur is innovative. With this, he or she has competitive advantage that results in wealth creation. He or she often involves himself or herself in substantial innovation beyond what a regular business owner might exhibit. The most emphasis is on innovation: new products, new production methods, new markets, and new forms of organization. Most certainly, anyone can be a business man. Any man could sell a product and profit. But not everyone could do business the way an entrepreneur would. A concrete example would be Ray Kroc, the founder of McDonald's. I'm sure millions of people around the world could make better hamburgers than McDonald's hamburger. Then how come these millions of people are not richer than Ray Kroc? It is not just about talent in making burgers. It is all about how you sell your burgers.