Both entrepreneurs and business owners have unique idiosyncrasies, which differentiate them – as explored over the last two weeks. Indeed, John and Judy have provided an in depth analyses of their contrasting characteristics. However, as acknowledged by both of them, a successful business is not without a brilliant entrepreneur and an equally brilliant business owner. Together, they make an unstoppable pair. Today, we hear from John and Judy; how they perceive the ‘dance’ between entrepreneur and business owner. Let’s examine and define the terminology both use John and Judy use…
JOHN
Entrepreneurs and business owners are undeniably different and as such, they play different roles within the business environment. This is why both persons’ skills are required to manage and sustain ongoing business success.
Business owners work off trends and patterns. As John explains, they are able to use past and current financial trends, to predict future business pathways. They work toward long-term maintenance, and use research-based information for profit. Whilst the business owner maintains logistics, entrepreneurs flourish when given new challenges. Their roles change and develop over time – from the conception of an idea, to the development of new products, marketing strategies and brand extensions. In other words, the entrepreneur is always striving to make a business bigger and better, and the business owner enables them to do it.
Both business owners and entrepreneurs have their strengths and weaknesses. In turn, they need to balance out each other’s weaknesses, with each other’s strengths, in order to co-exist and present a united front. Indeed, such partnership will enable the successful creation of an enterprise, and its continual growth and prosperity. Through understanding – of both roles and personality nuances- business unity becomes plural, and business viability increases.
Every business needs a level of risk and risk-adversity. Through a harmonised and equal working environment, the perfect balance between energy and function will be procured – fostering unyielding work ethic and unfathomable success.
JUDY
Business owners and entrepreneurs are particularly different in their mode of operation. Indeed, by nature the business owner will stress and worry about the day-to-day logistics of the business, whilst the entrepreneur is forever thinking of new ideas. In turn, synergy (or unity) is created between the two; they feed off each other in order to expand and grow the business.
As Judy explains, due to this synergy and differing roles of both the entrepreneur and business owner, you could perceive business as a ‘baby.’ You are the parents helping it to grow, feeding it, nurturing it and hopefully with your help, seeing it grow into a strong and beautiful adult.
A business owner can see the little picture. They do most of the grunt work and are focused on profit. Their main drivers are their family and friends. Improving the livelihoods of family and friends, also drives the entrepreneur, however they can see the big picture – opposed to the little one. Because of this, there is a balanced work environment, each side is always questioned, examined and defined. Without a business owner and entrepreneur, a business would either be utter chaos or static. As noted, this will not allow the business to be successful, as a level of risk and risk adversity always needs to occur.
Every business needs two motivated and united people – an entrepreneur and business owner – working together to propagate success. This does not mean they will not argue or have confrontation. What it means is: it will be exciting, energetic, and at times very hard, but if success is managed, all the hard work instantly pays off.
We’ve heard from both John and Judy today about he dance between entrepreneur and business owner. Next week I will interpret ‘the four golden rules of business.’ Until then, keep on keeping on!
Ida, out