8 Differences Between Traditional Businessmen and Entrepreneurs
The difference between traditional businessmen and entrepreneurs is not huge - it could be a thin line yet a defining one. If checked deeply, there is a difference between traditional businessmen and entrepreneurs. In this article, we will discuss these differences point-wise.
1. Entrepreneurs love to innovate while traditional business owners love to stick to tested services and solutions.
2. Entrepreneurs are on a look out to create something new-a product, solution, strategy, application, service or even a whole new concept. Whereas, businessmen stick to traditionally popular products and services and try to recycle it.
3. Entrepreneurs tend to pick up niches that are not over-crowded. In fact, they create new niche and market segments. Traditional businessmen, as the name suggest, like to stick to crowded markets.
4. Entrepreneurs have to brace with initial blockage in terms of finance, support and resources. Traditional businessmen often enjoy support because there is not much of speculation over the feasibility of their venture.
5. Entrepreneurs tend to tread a risky path, though the rewards are also pretty rich.
6. Entrepreneurs could innovate at any scale. At the same time, they may face problems in scaling up.
7. More often than not, entrepreneurs need a team to support their idea and take their venture to the next stage. This is where collaboration and networking comes into play. Entrepreneurs do and need to use social media as a potent networking medium whereby they connect with fellow entrepreneurs, investors, target audience and auxiliary service providers.
8. Entrepreneurs have to face failures at many stages. In fact, due to poor execution of their ideas, entrepreneurs' failure percentage is pretty high. Though there are lot of executive and management course that tend to teach how to be a successful entrepreneur, the percentage has not come down as desired in India or in the entire world.