What is the Difference Between Enterprising Person and Entrepreneur

The main difference between enterprising person and entrepreneur is that an enterprising person is someone who shows initiative and resourcefulness while an entrepreneur is someone who sets up a business or businesses, taking on financial risks with the aim to make profits.

Entrepreneurs are certainly enterprising people, but this does not mean all enterprising people are entrepreneurs. Moreover, the adjective enterprising describes the personality of some people. Enterprising people are strong, confident, and willing to take initiative and risks. Therefore, we can describe most entrepreneurs as enterprising people.

Key Areas Covered

1. Who is an Enterprising Person
     – Definition, Qualities
2. Who is an Entrepreneur
     – Definition, Features
3.What is the Relationship Between Enterprising Person and Entrepreneur
     – Outline of Common Features
4. What is the Difference Between Enterprising Person and Entrepreneur
    – Comparison of Key Differences

Key Terms

Enterprising Person, Entrepreneur, Business

Who is an Enterprising Person

An enterprising person is someone who shows initiative and resourcefulness. Enterprising people are assertive, determined, driven, passionate, and ready to embark on new ventures. Furthermore, they see new opportunities in all areas of life and take advantage of these opportunities. In other words, they don’t wait for opportunities to come to them; they just go after the opportunities. Moreover, enterprising people are creative and confident.

Given below are some qualities you can notice in an enterprising person:

• Courageous,
• Risk-taking
• Assertive
• Creative
• Innovative
• Resourceful
• Takes initiative
• Strong and confident
• Active

Enterprising people also prefer to work with people; they are often good at influencing, persuading, leading or managing others for organizational goals or economic gain. Therefore, a leader who is good at organizing, persuading and managing can be described as an enterprising individual. Furthermore, a person this type of personality often enjoys power, money, status and being in charge.

Who is an Entrepreneur

An entrepreneur is someone who creates a new business, facing most of the risks and enjoying most of the rewards. An entrepreneur is also an innovator, a source of new ideas, products and services, as well as a leader. Furthermore, entrepreneurs play a major role in any economy, using initiative and skills necessary to anticipate the needs of people and bring new ideas to market. Economists consider entrepreneurship as a resource essential to production. Moreover, entrepreneurs have a positive impact on society.

Entrepreneurs use natural resources/land, labour as well as capital to manufacture products or provide a service. First, they would create a business plan, then go on to hire labour, acquire resources and financing. Then they will provide leadership and management for the business. However, they may face many problems when building their businesses. Most challenging of them may include obtaining financing, hiring talent, as well as, overcoming bureaucracy. 

Relationship Between Enterprising Person and Entrepreneur

• Entrepreneurs are certainly enterprising people, but this does not mean all enterprising people are entrepreneurs

Difference Between Enterprising Person and Entrepreneur

Definition

An enterprising person is someone who shows initiative and resourcefulness while an entrepreneur is someone who sets up a business, taking on financial risks with the aim to make profits.

Business

Moreover, entrepreneurs are involved in businesses while not all enterprising people are involved in the business.

Conclusion

The main difference between enterprising person and entrepreneur is that an enterprising person is someone who shows initiative and resourcefulness while an entrepreneur is someone who sets up a business or businesses, taking on financial risks with the aim to make profits. Entrepreneurs are certainly enterprising people, but this does not mean all enterprising people are entrepreneurs.

Reference:

1. “What Does It Mean to Be Enterprising?” Enterprising Oxford, Available here.
2. Hayes, Adam. “What You Should Know About Entrepreneurs.” Investopedia, 16 Sept. 2020, Available here.

Image Courtesy:

1. “5218084” (CC0) via Pixabay
2. “Download Entrepreneur Stock Exchange Pay Free Photo Also” (CC0) via Needpix