Although both term Entrepreneur and Entrepreneurship are understood similar, however, there are some key differences when it comes to the difference between entrepreneur and entrepreneurship. But how would you differentiate an entrepreneur from entrepreneurship?
Therefore, for more clarity on the term Entrepreneur and Entrepreneurship, let us derive a formula.
Entrepreneur (Person) + Entrepreneurship (Process) = Enterprise (Outcome)
In short, the above formula states that “A person follows certain processes to set up and establish an enterprise, hence, that person will be an entrepreneur, the process is entrepreneurship and the outcome would be enterprise/ organisation.“
Thus we can conclude from the above formula that “Entrepreneurs are the individuals or group of person who are willing or having the capability to develop/invent products or services and have the ability to take risks as well that would be beneficial for society as well as will be able to make a profit by providing such innovative products or services.”
On the other hand, Entrepreneurship is several process or mechanism or procedure followed by an entrepreneur to establish an enterprise or business empire to provide such products or services to the society.
Entrepreneur vs Entrepreneurship:
The following comparison table will facilitate you to understand head to head the distinction between entrepreneur and entrepreneurship quickly.
|Risk Bearer||Risk bearing Practices|
Difference between Entrepreneur and Entrepreneurship:
To dig down more on the key differences between entrepreneur and entrepreneurship, we should go through the following pointwise comparison on the basis of different angles and terms.
- An Entrepreneur is often the founder of the business enterprise whereas Entrepreneurship ranges from single projects to multiple projects to generate various employment opportunities in society.
- If an individual wish to set up a company of one Million $, then this vision is entrepreneurship whereas the individual who visualizes it is an entrepreneur.
- Entrepreneur innovates/develop some unique products or services or technology whereas the processes/ measures to innovate or discover that products or services are Entrepreneurship.
- An entrepreneur is a leader, motivator or director who leads the organisation towards its vision whereas the tactics or practices through which an entrepreneur leads the organisation is entrepreneurship.
- Entrepreneurs are risk-takers who always ready to take risks to make their company profitable and to serve society, on the other hand, there are several segments in which an entrepreneur has to bear risks, hence these risk-taking practices are Entrepreneurship.
- An entrepreneur is a coordinator who establishes coordination among different essential requirements of the organisation whereas the process of coordination is entrepreneurship.
- An entrepreneur is an initiator who initiates different initiatives for the sake of betterment in the organisation, on the other hand, those taken initiatives are the entrepreneurship.
- Entrepreneurs are the person who plans certain activities regarding marketing, finance, sales, techniques whereas entrepreneurship is planning.
- Entrepreneurs typically not only initiates and operates a new venture but at the same time they are also accountable for risks associated in business whereas entrepreneurship is the procedure of starting new businesses or enterprises which is responsible for identifying opportunities.
- An entrepreneur is an administrator whereas entrepreneurship is administration.
- An entrepreneur is creator and entrepreneurship is creation.
- An entrepreneur is a technician whereas entrepreneurship is technology.
For more details follow the link below.
Hope you have cleared the key differences between entrepreneur and entrepreneurship. In a nutshell, entrepreneurs are those people who innovate a unique product or services or discover a solution for a major problem in society to facilitate the people and to make a reasonable profit for their organisation as well.
Simultaneously, Entrepreneurship is the processes through which an entrepreneur innovate products or services, set up a new venture, operates the enterprise successfully and encounters numerous hurdle during the entrepreneurial journey.