Difference between Entrepreneur and Entrepreneurship

Entrepreneur is the individual, while entrepreneurship is the individual's action and process. An entrepreneur is a person who initiates, operates, and assumes the risk of a business venture. In contrast, entrepreneurship refers to designing, launching, and running a new business. It comprises the entire journey and the methodologies involved.

Imagine you have a friend named Sarah who loves designing and creating unique jewellery. One day, she decides to turn her passion into a business. Sarah, a person, became an entrepreneur by starting her own jewellery company called “Sparkling Gems.” She takes on the role of an entrepreneur by designing jewellery, sourcing materials, and selling her creations to customers.

On the other hand, Entrepreneurship is the whole process of Sarah starting and running her jewellery business. It includes her creative ideas, the risks she takes, and the actions she takes to turn her passion into a successful venture. 

Explore Entrepreneurship Courses 

From the above example, we can clearly see entrepreneur and entrepreneurship difference. Sarah is the Entrepreneur (person) who starts and manages her jewellery business. While Entrepreneurship (process) encompasses the entire process of Sarah bringing her passion for jewellery to life and running her own successful company.

Let’s dive deeper into meaning along with the difference between entrepreneurship and entrepreneur.

Table of Content

• Comparative Table: Entrepreneur and Entrepreneurship
• Who is Entrepreneur?
• What is Entrepreneurship?
• 5 Entrepreneurs and Their Successful Global Ventures
• Difference Between Entrepreneur and Entrepreneurship 

Comparative Table: Entrepreneur and Entrepreneurship

Who is Entrepreneur?

An entrepreneur is an individual who initiates, creates, and manages a business venture, taking on significant financial risks in the pursuit of profit. This role involves identifying market opportunities, devising innovative solutions, and steering the business through its growth stages. Entrepreneurs are key drivers of economic development, often bringing new products and services to market, creating jobs, and contributing to economic growth through their entrepreneurial ventures. Their journey combines vision, innovation, and the willingness to tackle challenges head-on.

Explore career-oriented courses after 12th. Also, uncover how online degree programs can shape your professional trajectory.

What is Entrepreneurship?

Entrepreneurship is the dynamic process of creating, launching, and running a new business venture. It involves not just the act of establishing a business, but also innovating, taking calculated risks, and continuously managing and growing the business. Entrepreneurship encompasses the identification of market opportunities, resource mobilization, and the ability to withstand market challenges, aiming at generating profit and growth. It's a journey that balances innovation, strategy, and risk management, often leading to job creation and significant contributions to the economy.

5 Entrepreneurs and Their Successful Global Ventures

Difference Between Entrepreneur and Entrepreneurship 

Individual vs. Concept: An entrepreneur is an individual who takes the initiative to start and operate a business venture. Entrepreneurship represents the broader concept, mindset, and process of creating and managing a business.

Focus: Entrepreneurs focus on their specific business venture, bringing their personal vision, ideas, and passion to life. On the other hand, entrepreneurship focuses on the overall ecosystem of innovation, opportunity, and business creation.

Role and Action: Entrepreneurs play an active role in their business. They assume leadership, make decisions and take calculated risks to pursue opportunities. Entrepreneurship, however, represents entrepreneurs’ collective qualities, characteristics, and actions.

Scope: An entrepreneur’s scope is limited to their business venture. They take direct responsibility for their venture’s success or failure. Entrepreneurship has a broader scope. It encompasses the development of an entrepreneurial ecosystem, fostering creativity, and driving economic growth.

Personal vs. Collective: An entrepreneur is driven by personal ambition and passion. On the other hand, entrepreneurship represents the collective efforts, mindset, and culture of innovation, resilience, and adaptability that enable entrepreneurial endeavours.

Impact: Although entrepreneurs primarily focus on their own business ventures, entrepreneurship has a wider impact on industries, economies, and societal progress by creating jobs, innovations, and economic growth.

Conclusion

The difference between entrepreneurs and entrepreneurs lies in their focus, scope, and impact. An entrepreneur is an individual who takes the initiative to start and operate a business venture. They bring their personal vision, ideas, and passion to life. They play an active role in their venture, assuming leadership, making decisions, and taking calculated risks. 

On the other hand, entrepreneurship encompasses the broader concept, mindset, and process of creating and managing a business. It represents entrepreneurs’ collective qualities, characteristics, and actions. It is about fostering a culture of innovation, resilience, and adaptability. Entrepreneurship goes beyond the actions of a single entrepreneur and has a wider impact on industries, economies, and societal progress. 

Recommended Articles: