One might think that being an entrepreneur and a business owner are interchangeable roles. Both titles describe a person who started their own business and built it from the ground up. This might be true but there are many surprisingly different traits that the two differ on.
An entrepreneur is somewhat of a new title and career path. The job has become very trendy with the rise in websites and online platforms that have made it easier, in recent years, to start your own business. These types of websites include Etsy, Ebay. Other tools that have made starting a small business easier are digital payment options like Paypal and Stripe.
An entrepreneur is someone who started their own business, an undertaking that has some financial risk involved. This could include putting up your own capital when starting your own business. An entrepreneur is someone who could have also started multiple businesses, but might only be in the first stages of the creation of their business.
These small businesses can be side ventures or haven't started gaining revenue quite yet. This also means that an entrepreneur doesn’t have employees yet because they aren’t making enough money to pay multiple salaries including their own.
A business owner is someone that not only started their own business, but is a business that is in the stages of making revenue and money. Enough money to be able to support their own salary along with employees and office space. This is one of the main differences between the two roles. It shows both the successfulness of a business along with the size and scale of the company. A business owner has a lot more financial stress because their employees are relying on them for their next paycheck.
Being a business owner is something to be proud of, creating a company that you can make a livelihood on and also have employees that do the same. However it can be financially stressful because there are more working parts and other people that need your company to succeed. The financial stability of your employees depends on the success of your business.
Whether you want to be an entrepreneur or a business owner, the most important goal is your start-up capital. If you have enough initial finances for your first three years with employees, you can become a business owner. However, if you are unsure, opt for entrepreneurship until you are financially stable.
As an entrepreneur, you can always work with freelancers, agencies and partner with companies to expand your business and increase your revenue.
At KODD Group, we support you in the development of your business by focusing on growth marketing. We are a new generation Media and Agency that promotes the know-how of people from the fields of fashion, beauty and culture. Our motto is Discovery!