Entrepreneurs are masters of economic art. They are most often resourceful and able to turn ideas into successful products or services. Business owners are more of a capitalist mentality. They are calculating when it comes to risk, focusing on the real objective rather than the creative idea. To transition, from one to the other, you must be able to do both. To put it simply, a successful business owner must approach the development of their business and their strategies with an entrepreneurial mindset. Otherwise they might not see their idea come to fruition.
Having a diverse set of skills could be considered textbook when it comes to being a well-rounded business person. However, it becomes vital to overall success during the growth and transition. Not only must you have the desire to take things to the next level, you must have the attitude and the discipline. There is a point in every business journey, where things start to become a bit grey, in terms of direction and decision-making. This is usually where you start to see the separation of the businesses that might be successful in the end and those that end up failing. This is where the risky entrepreneurial side has to trump the stable, small business side. In order to experience a continuation of growth, you must continuously take on certain amounts of risk. When there is an unwillingness to do so, there is an almost certain guarantee that you have stifled your business’s opportunity for success.
Source: Huffington Post
Some experts say that you must choose to be one or the other, answering the question: “are you a business owner or an entrepreneur?” Others will say it is the individual who inevitably decide that one path defines them better than the other. Their passion for new ideas, versus their desire to nurture just one and be a part of its growth and day-to-day, could be their answer. But then there are those who have taken an idea, built a plan, made the investment and sacrifice, took the risks and in the end, had the most rewarding experience of surviving the transition from entrepreneurial idea to successful business owner. These are the people who were able to submit to and endure the mindset change that is required to go from creating the idea to building the business and then ultimately maintaining it successfully.
There are a number of entrepreneurs who have survived. They have seen their innovative idea successfully evolve into a self-sustaining business. These business owners completed the journey from entrepreneur and are either happy to stay where they are or eager to pass the baton and start down the path to their next big idea.
Advisor Abbate 