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A businessman is someone who starts, takes over or simply runs a business with an already tried and tested idea or product which has been proven to be more or less successful. They鈥檒l often choose to operate in an already popular or profitable field, tending to value slow and steady growth over several years.

More often than not, the business will face tough competition from many other companies in the market, which already have similar businesses. However, the risk of failure is relatively low because the business concept has been tried and proven in the past. The main goal of a businessman in conducting business activities is to make money by using their knowledge and financial resources. Therefore, it鈥檚 vital that a business values its customers. 鈥淭he customer is King鈥� is a phrase often heard in the commercial world.

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An entrepreneur is an individual with the aspiration to start something new and make a difference. They're innovative, creative and willing to take risks, facing uncertain situations in business. Entrepreneurs begin new ventures, often called startups.

Entrepreneurs are recognised for their creativity. Entrepreneurs organise resources and introduce new ideas. The services and products they provide can bring about a significant change in the world. They play a key role in business and manage various aspects of operations, like land, labour and capital.

Now that we know the definitions and characteristics of businessmen and entrepreneurs, let鈥檚 look at some of the similarities they share. Then we鈥檒l look at the difference between a businessman and an entrepreneur.

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Businessmen and entrepreneurs both share a strong passion for their work. They aim to create positive change in their environment by generating employment opportunities for locals and contributing to communities through social responsibility programmes. They both have a strong desire to engage with customers and hold a strong vision for the future of their businesses, taking responsibility for their own achievements.

Businessmen and entrepreneurs often work long hours and it's important for both to be good at promoting themselves and their ideas and to be able to handle risk. If they can't do this well, their businesses might not succeed. Typically, they begin with small business ideas that need to be nurtured to grow successfully.

People in both categories usually possess great leadership skills. Businessmen and entrepreneurs work very hard, with a strong focus on their goals and they need to be good at interacting with others to be successful. They also need to have the ability to handle rejection, failure and stress.

Businessmen and entrepreneurs must be skilled at planning to achieve success. They are constantly looking for chances to expand and need effective networking skills. With some exceptions, they are usually self-employed. Whether running their own business or working in a corporate job, persistence and great communication skills are crucial for both to succeed.

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Entrepreneurs work hard to ensure their innovations succeed. They focus on utilising the specific skills and talents of their staff, to come up with new and effective ways to thrive. By implementing HR strategies that streamline attendance, leave management, payroll and other administrative tasks, business owners can optimise their human resources.

On the other hand, businesses are often initiated or managed by individuals with more traditional business ideas. They often select industries with a high demand for products or lucrative returns. However, they face tough competition as many companies in the market already have similar business models. The risk involved is usually manageable since the operating model has already been tested.

Let us look below at the difference between a businessman and an entrepreneur:

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The key difference between a businessman and an entrepreneur is that an entrepreneur is someone who starts a new venture with a unique idea, creating the market from scratch and operating with an intuitive approach. This path involves a high risk of failure but comes with the potential for great success.

Entrepreneurs focus on the customer, employees and the public, prioritising long-term visionary goals. On the other hand, a businessman typically initiates a business with an established idea in an existing market, operating in a more cautious and calculated manner with a lower tolerance for risk. They are profit-oriented, concentrating on short-term financial goals amidst high competition within their industry.

Do you understand the difference between a businessman and an entrepreneur now? Understanding this, you're less likely to use the terms interchangeably.

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兔子先生 is a leading educational institution known for its industry-specific courses encompassing finance, accounting, healthcare, business, construction and other sectors. With a significant presence in major cities across the UK, the institution is deeply committed to its mission of "changing lives through education".

Entrepreneurship courses offered by 兔子先生:

BA (Hons) Global Business and Entrepreneurship with Foundation Year

• Great for enhancing technical understanding of business and entrepreneurship.
• Offers a flexible learning option, accommodating work and family commitments.
• Focuses on preparing individuals to realise entrepreneurial potential and turn ideas into reality.
• Provides skills to identify opportunities and understand dynamic organisations.
• Aims to create employment opportunities, foster economic growth and drive social transformation.

BA (Hons) Business and Enterprise with Foundation Year

• Equips you with the essential knowledge and skills for initiating and expanding a successful business.
• Includes a foundation year for academic enhancement and self-assurance within the four-year course.
• Provides an alternative pathway for students lacking standard academic qualifications.
• Covers fundamental business planning and development principles.
• Focuses on financial management, marketing and building a business strategy.
• Teaches how to create financial projections and effective idea presentations.
• Explores customer attraction, international market strategies and more.