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•  More risk, more profit: Entrepreneurship involves the risk of failure, but successful entrepreneurs are often
                   courageous and ready to take risks. Taking risks can lead to greater financial success, as it allows entrepreneurs
                   access to more resources.


                         Difference between Businessman and Entrepreneur

                 It is generally assumed that an entrepreneur and a businessman are the same people but both of them have a
                 different approach for their business. A businessman uses traditional ways of doing business but an entrepreneur
                 goes for innovative ways of doing a business.
                 Let us see the main differences between the two:

                      Factors                     Businessman                               Entrepreneur


                                    A businessman is a person who starts a    An entrepreneur is a person who starts an
                                    business based on an idea already existing   enterprise with a new idea or concept. For
                  Meaning
                                    in a society. For example, opening a      example, selling products through online
                                    grocery shop, mobile shop, etc.           services.

                                    Market Player who creates his own place in
                  Market Status                                               Market Leader who creates his own market.
                                    the existing market.

                  Risk Factor       Risk factor is less.                      Risk factor is high.

                                    Businessman follows traditional           Entrepreneur follows unconventional
                  Procedures
                                    procedures.                               procedures.

                  Competition       High.                                     Low.

                  Focus             Profits.                                  Customers, employees, profits and society.






                           At a Glance

                       • A business is a state of being busy as an individual or as an organisation in a profit earning economic activity.
                       • The main objectives of a business are to meet economic, social, employee and national goals.
                       • There are three types of businesses: Product, Services, and Hybrid.
                       • An Entrepreneur is a person who invests his time, energy and money to initiate an exclusive idea for a new venture.
                       • Entrepreneurship is the act of executing an innovative idea in a business.
                       • The output of the innovative process of setting up a business is called an enterprise.
                       • The main elements of entrepreneurship are: Innovation, Organisation, Risk Bearing, and Perception.
                       • Entrepreneurs help in increasing foreign exchange reserves of the country, thereby increasing economic development.
                       • An entrepreneur should have good social skills to build his network of potential investors, suppliers, customers, and
                       creditors.
                       • Feeling a large responsibility for the business may sometimes be scary and brings a lot of mental instability. Funds
                       management, unpredictable market, employees' reactions and sometimes less time for family may lead to emotional
                       setback for an entrepreneur.
                       • An entrepreneur lives his own dreams. He can pursue what he is passionate about in his life.





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