Are you a Business Owner or an Entrepreneur? The word 'Entrepreneur' is thrown around all over the place in the business world today. The word is synonymous with million dollar fortunes, Mercedes Maybachs and extravagant lifestyles. In an effort to make themselves sound more important, successful and interesting, people often use this term when describing themselves. Lord Sugar has noted this trend and has quite rightly said that the word entrepreneur should only be applied in reference to someone other than yourself in observation of their accomplishments. An entrepreneur is someone who creates innovative products and services that captivate the marketplace. Sir James Dyson is known for making a fortune by pioneering bagless vacuum cleaning systems which have revolutionized the domestic market. Mark Zuckerberg has changed the way people socialise. Alan Sugar brought affordable PCs to the domestic market for the first time in UK. The three examples mentioned all embody the definition of an entrepreneur. All three have thought, 'outside the box' and brought and sold original ideas to consumers. The two key properties of an entrepreneur are firstly their ability to create groundbreaking products or services and secondly that they have made large sums of money and have turned their ideas into profits. A lot of people that have average ideas or run mundane ubiquitous businesses are 'Business Owners' not entrepreneurs as many of them erroneously label themselves. Self- employed people that run laundrettes, cafes, florists, hairdressers, bookmakers, etc are not innovators and are engaging in widely available business models that have been around for years and years. Having said that I am a big fan of Business Owners as they form the basis of economies and present self-employed opportunities to all people from any backgrounds. Many people make big money in conventional, tried and tested industries and full credit to them.
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