Entrepreneurship vs Entrepreneur
The difference between Entrepreneurship and an Entrepreneur is their meanings, the former is the process of establishing a venture, or an organization, while on the other hand, an Entrepreneur is the person is working on the process of the establishing a venture, or an organization.
It is rightly said that Entrepreneurship is the new engine of global collaboration. By Entrepreneurship, we mean the process of starting or building an organization, or company to earn profits, or to serve the needs of the society, the objective depends upon the company. The emerging importance of entrepreneurship has proved to be both a boon and a bane i.e. it has served many advantages, as well as disadvantages.
On the other hand, Entrepreneur is the person who starts an organization, or a venture, hires human resources, and needs physical resources to operationalize his or her objectives, or goals. Moreover, it is held responsible for the success or failure of the organization.
Comparison Table Between Entrepreneurship and Entrepreneur (in Tabular Form)
|Parameter of Comparison||Entrepreneurship||Entrepreneur|
|Meaning||Entrepreneurship is the process of kick-starting a business, or a company, that offers a product, or a service, or both.||Entrepreneur is the person, or several persons, coming up with an innovative idea of business, and are ready to take the risk of commencing a business.|
|Purpose||The main purpose of Entrepreneurship is to establish an organization or a business.||The main purpose of an Entrepreneur is to commence a business to earn a profit, or to fulfill the needs of the society.|
|Represents||Entrepreneurship represents a procedure through which an idea is converted into reality.||On the other hand, an Entrepreneur is the innovator.|
|Business Venture||It is the activity that takes place by an entrepreneur to reach the goal.||Entrepreneur is the one who sets up the venture to turn an idea into reality.|
|Natural, or legal entity||Entrepreneurship is merely a process that is undertaken by an entrepreneur.||Whereas on the other hand, an Entrepreneur is a natural entity.|
What is Entrepreneurship?
Entrepreneurship is the process of creating value. Inboard terms, it is the ability to develop, organize, as well as, run a business with risk-bearing factors. The most common example of Entrepreneurship is, starting a business. It is a risk-bearing process, whereas, an Entrepreneur is the risk-bearer.
There are four types of entrepreneurship organizations such as small businesses, scalable startups, large companies, and lastly, social entrepreneurs. The emerging importance of Entrepreneurship is mainly due to the factor that it creates job opportunities, innovation, and fulfills the needs, as well as, demands of the society, thus, improving it.
The following are the nine prominent factors of Entrepreneurship:
- Growth of Entrepreneurship
- It comes up with innovative products, or services to fulfill the needs of the society
- It creates job opportunities among people
- It has been improving the society
- The development of the country
- It enhances the standards of living
- It promotes R&D i.e Research and development
- It helps in increasing the GDP of the country
Who is Entrepreneur?
An Entrepreneur is the businessman, or businesswoman who is also the creator of an innovation idea/a visualizer, who is willing to take the risks attached to the business for the motive of earning profits, or fulfilling the needs of the society.
There are several characteristics of an Entrepreneur:
- Self-motivator: He, or she should be self-motivator as in the world of businesses, there are various ups and downs, which a businessman/businesswoman has to go through.
- Risk-Bearer: An Entrepreneur should be ready to bear the risks attached to the business, as no business can exist without any risk.
- Leadership: An entrepreneur must possess a leadership skill as he/she is the one who has to lead, as well as motivate his/her employees, or team of employees.
- An Entrepreneur must have a basic knowledge of money management skills and knowledge.
- Passion: An Entrepreneur should be passionate about his, or her business, without passion, or interest no business, or company can flourish.
- Knows the art of networking: He, or she should know the art of networking with people, as it plays an important role in the corporate world.
- Friendly: He, or she should be friendly to work with, his employees should not feel like they cannot share their ideas with the owner.
- Hard-working: An Entrepreneur must be hard-working as for a business to flourish it needs dedication, time, as well as efforts.
Main Differences Between Entrepreneurship and Entrepreneur
- Entrepreneurship is the dynamic process of creating innovative products, or services with the idea of an entrepreneur, on the other hand, it is the Entrepreneur who is the innovator of ideas.
- Entrepreneurship is the risk-bearing process, while an Entrepreneur is a person, he/she is the risk bearer.
- Entrepreneurship is the process of bringing resources together, on the other hand, an Entrepreneur is the person who creates an idea, and gathers the necessary resources like physical resources, or materials, etc.
- Entrepreneurship is the second step, whereas, an Entrepreneur creating an idea, visualizing it, remains the first step, which is then followed by its conversion which takes place under Entrepreneurship.
- Entrepreneurship is the vision, on the other hand, an Entrepreneur is the visualizer.
Entrepreneur and Entrepreneurship are two sides of the same coin, where one denotes the physical existence of a person who is an innovator of ideas, the other is the procedure of converting that innovative idea into reality to earn a profit, or serving the society.
Although both have distinct meanings, as well as applications but they are interrelated, and interdependent, which means one cannot survive without the other, or one has no existence without the other. An Entrepreneur is the one who identifies the opportunity, as well as the needs of the society, and tries to fulfill them, in a way that it benefits the entrepreneur, whereas, Entrepreneurship is the process, or procedure that helps him/her perform such activity.
Word Cloud for Difference Between Entrepreneurship and Entrepreneur
The following is a collection of the most used terms in this article on Entrepreneurship and Entrepreneur. This should help in recalling related terms as used in this article at a later stage for you.