What do the self-employed have in common with entrepreneurs? Many things. Both groups have a high percentage of extremely confident people about their abilities to run their businesses. There are also similarities in their backgrounds and in how they came to own their businesses. Many entrepreneurs were once laid off or had to give up their careers to afford them.
However, there are also differences. They have very different goals. While both entrepreneurs create businesses around their strengths and passions, they also have very different goals. Here’s an exact definition of the two terms:
The Difference Between Successful Entrepreneurs and Unsuccessful Business Owners Entrepreneurs work on creating something that can be profitable. They focus on building an actual product or service that can be successful. They work on being creative, coming up with new ideas, overcoming obstacles, and the idea that great success does not happen overnight.
Entrepreneurship and Passion Entrepreneurs believe strongly in their vision and are extremely passionate about it. This drives their character traits. Entrepreneurs work on building a company around their strengths and passions. However, unlike entrepreneurs who work only with their technical skills, a passionate entrepreneur will also have an entrepreneurial skillset that includes marketing, operations, distribution, and customer service. The key differences between these two types of entrepreneurs include:
The Differences Between Successful Entrepreneurs and Unsuccessful Business Owners Successful entrepreneurs include technical skills, business savvy, creativity, and passion. They are generally very detail-oriented. But although they focus on detail, they still manage to put some of their personality into their work. Entrepreneurs who lack a skill set that includes all the above characteristics are generally unsuccessful.
Lifestyle Entrepreneurs who belong to the third group are what are known as lifestyle entrepreneurs. These entrepreneurs are obsessed with their careers but also live a pretty relaxed, balanced lifestyle. They do not necessarily have extravagant lifestyles, but they are not obsessed with working hours and staying up late. These entrepreneurs are not necessarily concerned with making money quickly or owning multiple businesses. Rather, they possess a vision for their future, and they are willing to strike out on their own and live the life they dream of living.
The Lifestyle Entrepreneurs Successful lifestyle entrepreneurs enjoy various businesses, including art and craft businesses, restaurants, bars, boutiques, spa franchises, and other businesses. However, these entrepreneurs also enjoy spending time with their families. They spend money on travel and hobbies. They do not spend much time thinking about the long-term business plans for their businesses. As a result, their businesses tend not to be successful in the long term. In many ways, the lifestyle entrepreneur is much like Jack Vettriano, who started his clothing company in a small booth at the flea market on his first day of business, selling sweaters and jeans, and later worked his way up becoming a multimillionaire.
Successful lifestyle entrepreneurs possess one thing in common: they are passionate about what they do. To succeed, a lifestyle entrepreneur must have a passion for building sustainable businesses that offer people the services or products they need. And they must understand that passion can be the difference between success and failure.
But passion alone won’t bring a business into the light of success. Lifestyle entrepreneurs must put in the effort to build solid businesses. They must develop strategic plans, seek out new opportunities, and expand their businesses when necessary. When a small business owner understands that building sustainable businesses takes long-term planning, action, and persistence, he or she may soon find the path to financial freedom has become a lot easier to achieve.
But if you’re a small business owner who hasn’t yet discovered the unique characteristics of successful entrepreneurs, then you might feel like you don’t really understand what makes a lifestyle entrepreneur successful. As you continue your search for the traits of an entrepreneur, it’s important to remember to search for more than one definition or description of the word. The truth is, there are so many different types of entrepreneurs. So, instead of searching for only one description of what an entrepreneur does or only one definition of an entrepreneur, consider researching different types of entrepreneurs to understand better what they do.
Small entrepreneurs venture into new businesses in many different areas. Some choose to invest in new technology gadgets or software. Others decide to open gyms and beauty parlours. Yet others look to invest in travel and tourism. And there are even entrepreneurial investors who fund academic researchers and write books about economic growth and development. No matter which area of entrepreneurial endeavour you choose, it’s important to remember that entrepreneurialism is all about finding new ideas to create long-term sustainability and prosperity.