Whenever someone asks “I want to be an entrepreneur, what kind of business should I start?” I always scratch my head with confusion. An entrepreneur would never ask “What kind of business should I start?”
People tend to use “entrepreneur” and “business owner” interchangeably, but in reality these terms mean completely different things.
Entrepreneurs are creative thinkers and innovators. They come up with ideas and almost instantly have a plan to profit from them. They love challenges and they aren’t afraid of risks.
Business owners play it safe. They have a primary vision and that is what they stick to. Business owners generally look at what has been done, and use that as their model.
Entrepreneurs understand that they don’t have to be knowledgeable in all areas. They believe that you don’t have to know everything; you just have to know where to find the information when you need it.
Business owners are more likely to rely on what they were taught in school. They tend to believe that formal education is the key to success.
Entrepreneurs enter endeavors that are high risk high reward. They tend to create passive income and work smarter instead of working harder.
Business owners start businesses that are low risk low reward. An example would be opening a scrapbook shop that requires the owner to work 60 hours a week, take no vacations, and pay for their own health care. They’ll make a “safe” and comfortable amount of money, but if you consider the time it took to make that money they’d be better off getting a job.
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