When we talk of businessmen, industrialists, and entrepreneurs, we’re talking about three people who sell services or products to make a profit. However, this is what we believe to be true.
There is a fine line that differentiates the three people from each other. It is easy to blur that line and often look at them in the same light, but that would not be entirely true.
In this article, we shall take a look at the key differences between an industrialist, businessman, and an entrepreneur. Take a look:
To understand the basic difference, let us break down the categories and first see the differences between an Industrialist and a businessman. To begin with, businessmen often choose to take up a pre-existing idea and establish a business that is bound to give results and profits. Industrialists, on the other hand, can be seen as people who create an idea and more than that, fuel the entire thought to shape up markets and industries. Businessmen don’t take many risks as the intent of their business is to earn profits. Industrialists, on the other hand, wish to achieve a bigger goal than just making profits. They want to create something meaningful with a vision to behold a substantial cause.
Apart from that, there is also a difference in the scale of operations between the two. Even a small shop owner can be a businessman. But to be an industrialist, you either need to create an entirely new industry or head operations of an industry with a larger reach. In short, every industrialist is a businessman, but the opposite of that is not true.
Businessmen and entrepreneurs differ on the same lines as a businessman differs from an industrialist. We know the aim of a businessman is to make profits, but most entrepreneurs don’t care about money. Entrepreneurs want to change the world with their vision and passion. They want to find new answers to pre-existing problems, while businessmen often stick to pre-existing norms of doing business.
(Image Courtesy: Business Tips)
Businessmen see the world as an opportunity to make money. On the other hand, an entrepreneur’s major pursuit is to act as an inventor or creator to the world and develop a path-breaking or game-changing business model. An entrepreneur views the world as his duty. Businessmen and entrepreneurs also have different ideas when it comes to taking risks. The former generally take calculated risks in order to maximize profits. Entrepreneurs can take risks like skydivers. It is because if they fail, they can start from the scratch. Just like the previous comparison, every entrepreneur can be a businessman, but the opposite of that is not always true.
From the examples above, we can infer that the three categories differ on three major aspects: vision, risks, and purpose. A businessman doesn’t have a ground breaking vision or idea. He/she wants to be in business in order to make money while taking as little risks as possible, i.e., their major purpose is to make money.
As for an industrialist, we would like to quote Henry Ford, who famously said, “There is one rule for an industrialist, and that is: make the best quality of goods possible at the lowest cost possible, paying the highest wages possible."
Entrepreneurs are visionaries who wish to change the world. Money making is not necessarily their priority.
Do you think all businessmen are entrepreneurs? Let us know in the comments below.