Hi Rob. Firstly congrats on completing your PhD. As for the question I guess it takes one to know one. As you have said, there are both similarities and significant differences. For those wishing to get a feel for entrepreneurship, I recommend: The Little Black Book of Entrepreneurship (A Contrarian’s Guide to Succeeding Where Others Have Failed) authored by Prof. Fernando Trias De Bes. He puts it better and simpler than most. Should be prescribed reading for all those looking at giving it a go or who believe their existing training packages have value. When done they will know the answers to the question.
In a way I agree with you. Small business managers focus on generating an income. Entrepreneurs focus on creating wealth. I think that is a good way of differentiating them.
Jay Soobramoney said:
My definition of a business owner is one who chooses business to provide his/her source of revenue, in other words , he/she is primarily concerned about personal financial survival,thus in most cases these businesses remain small and contained so that risks are minimized business stability ensured.
The entrepreneur on the other hand, identifies gaps and opportunites in the marketplace and his primary focus is to address these needs.In this process , value and satisfaction is added to others.The entrepreneur is always monitoring the markets needs and constantly changes, modifies, updates and improves his products to provide customer satisfaction.
The risks are greater , however by adding value to others brings greater vvalue to the entrepreneur and his/her organisation and very soon the organisation becomes recognised and branded.