Success comes to those who know and remain true to themselves.
I have frequently stated the most important relationship is the one you have with yourself. Knowing who you are and what you stand for is prerequisite to fully experiencing success.
From there, the logical next step is to understand your relationship to your business. Are you a business owner or an entrepreneur? Or a combination of both? Here are the top 12 differences between the two to help you figure this out.
| Objectives and Views | Small Business Owner |
Entrepreneur |
| Primary Motivation | To make a living | To make a change and impact |
| Personal Financial Goal | Regular income | Exit value of a company |
| Career Objective | Self-employment | Financial freedom |
| Financing Strategy | SBA or bank loans, other credit | Investors |
| Business Strategy | Creating more sales | Providing value |
| View of Assets | Real estate and inventory | Employees and customers |
| Risk-Taking Profile | Stability | Willing to fail |
| Employee Compensation | Market rate or below | Will pay for top talent |
| Work Environment | Extension of owner’s home | Fast-paced and growth-focused |
| Investment Profile | Main investor/owner of company | Investor/involvement in different businesses |
| Daily Actions | Day-to-day manager | Strategy, growth and collaboration |
| Work Style | Long-term; enjoys repetitive tasks | Short-term; a serial innovator/inventor |
| Credit: BizTechDay – Luanne Teoh |