I am often asked what exactly is an entrepreneur and how does it differ from a business owner? The answer is very interesting and understanding the difference can help you increase your sales and profitability and improved your work-life balance.
For context purposes I like to start with what my definition of a business is;
“A business solves a persons problem, or satisfies a want or need at a profit” and the key point which I would emphasis here is at a profit!
Secondly I would like to provide a definition of an entrepreneur which is found in my book “Profit is not a dirty word” (which can be purchased on amazon).
“An entrepreneur is a person who sets up a business and takes on the financial risk in the hope of making a significant profit.”
In other words an entrepreneur sees the potential or opportunity in the market to make a profit. Again I would like to emphasis the importance of profit, and what makes the difference between a successful entrepreneur or business owner and an unsuccessful one, is the ability to generate acceptable profits from your business venture.
In reality, by definition, every business owner starts as an entrepreneur however over time they become a business owner as the start up characteristics disappear over time and the business enters the maturity phase. I believe to be a successful business owner long term you need to continually reinvent your business and yourself which means you must reignite your entrepreneurial spirit.
To do this I believe a business has to review its business model and evaluate the market potential or opportunity you are perusing. My observation is that every business and market changes over time and the original potential or opportunity is often no longer there or may have shifted. The result is usually stagnation and reduced profitability over time, which is where many businesses stay because they haven't adapted or changed in response to a rapidly changing business environment.
If you are suffering from a lack of mojo, reducing sales and or profits, start by re igniting your entrepreneurial spirit by revisiting your business model and evaluation of the market potential. The purpose of this exercise is to identify where the opportunities are today and reposition yourself and your business accordingly to capitalize on the new or changed opportunities.
The benefits will be increased sales and profitability, improved work-life balance and the joy of having your mojo back.
If you would like some help to review your business model and reignite your entrepreneurial spirit simply contact;
m 0419 834 678