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By Luanne Teoh on 06-03-2011

Luanne Teoh

June 3, 2011

What is the difference between an entrepreneur and a small business owner?

SmallBusinessOwnerEntrepreneur

From speaking and working with thousands of entrepreneurs and small business owners over the past 4 years, we have found distinct differences in the mindset and motivations of both entrepreneurs and small business owners.

Objectives  & Views

Small Business Owner Entrepreneur
1. Primary Motivation To Make a Living To Make a Change and Impact
2. Personal Financial Goal Regular Income Exit Value of Company
3. Career Objective Self-Employment Financial Freedom
4. Financing Strategy SBA or Bank Loans Investors
5. Business Strategy Creating More Sales Providing Value
6. View of Assets Real Estate and Inventory Employees & Customers
7. Risk Taking Profile Stability Willing To Fail
8. Employee Compensation Market Rate or Below Will Pay for Top Talent
9. Work Environment Extension of Owner’s Home Fast Paced and Growth Focused
10. Investment Profile Main Investor/Owner of Company Investor/Involvement in Different Businesses
11. Daily Actions Day to Day Manager Strategy, Growth and Collaboration
12. Work Style Long-Term and Enjoys Repetitive Tasks Short-Term and a Serial Innovator/Inventor

Here are some well known brands and the people behind the history of the brand who had the mindset of either an entrepreneur or a small business owner.

Ray Kroc (McDonalds) – Ray Kroc was a kitchen wares salesmen who bought out the McDonald brothers concept of a limited menu, fast service and low prices. He then proceeded to take the concept nationally.

Charles Hollis “Chuck” Taylor (Converse Chuck Taylor Evangelist) – Chuck Taylor was a basketball player turned shoe salesman who was hired by Converse. While he consulted on the design and concept of the Converse Chuck Taylor All-Stars shoe, Chuck only received a salary from Converse. He did not receive any commission for over 800 million pairs of shoes that were sold bearing his name.

Asa Candler (Coca-Cola) – Dr John Pemberton invented Coca-Cola in 1886 and sold it as a tonic. The recipe and company was eventually sold in 1888 to Asa Candler for $2,300.

Are your customers small business owners or entrepreneurs? Are your marketing messages targeted to these communities?


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