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An is someone who locates the need of society and tries to meet the same, with his/her innovative idea. On the other hand, ' entrepreneurship' which refers to the process of establishing a business entity, intending to get profit, as a return in the future.

You might have heard the names like Bill Gates, Jeff Bezos, Steve Jobs, Mark Zuckerberg, Larry Page, Jack Ma and many more, for their innovative and unique products given by them to the society. They are not businessmen, rather they are entrepreneurs as they have established a business, to offer an innovative product and took the risk in the hope of getting profit, as a return in future.

In this article, you will get to know the differences between entrepreneur and entrepreneurship, in an elaborated way.

Content: Entrepreneur Vs Entrepreneurship

Comparison Chart

Basis for Comparison

Entrepreneur

Entrepreneurship

Meaning

An entrepreneur is an individual or a team thereof, having an innovative idea, and takes every step to turn the idea into reality, while bearing the risks.

Entrepreneurship is a risky activity of commencing a business usually a start up company, offering distinct products and services to the target customers, which may or may not get success.

What is it?

Person who has an idea and gives shape to it.

Process which gives shape to the idea.

Represents

An innovator, who chased the dream, till it becomes true.

A procedure through which an innovation is done.

Business Venture

He/She is the one who sets up the business venture, to turn a concept into reality.

It is the activity, which an entrepreneur undertakes to set up the business venture.

Definition of Entrepreneur

Entrepreneur refers to a person who conceives a creative idea and takes all the necessary steps required to convert the idea into reality, such as taking initiative to sets up a new business enterprise by supplying sufficient capital, land, labour and all the essential resources to produce the product, he/she has in his/her mind and bearing all risks so as to gain profits in future. The qualities of an entrepreneur are:

The company formed by an entrepreneur is usually a startup enterprise, which can be understood as the live manifestation of his/her idea. So, an entrepreneur is:

A beginner in the market, who has something new to offer to society and starts right from scratch to establish and run the enterprise.

An innovator, who has a thought-provoking idea or concept in his/her mind, that has the capability to lead the marketplace.

A developer, who develops a business model, to give shape to the idea.

A leader, who provides guidance and support to his/her men, to work in a specific direction or change the same (if required) so as to achieve the target.

An incharge who is accountable and responsible for the success or failure of the venture, for the decisions made by him/her.

A promoter, who takes all the relevant steps to turn the dream into reality.

A forecaster, who foresees, future opportunities and threats which can affect the venture, positively or negatively.

A risk-taker, who has the ability to anticipate the risk in the future moves, and take the risk, if they are beneficial to the enterprise.

Definition of Entrepreneurship

Entrepreneurship is the process or activity, of initiating, developing, managing and operating a startup company, while taking all the risks involved, so as to make profits. It is one of the four factors of production, the other being land, labour, capital. Now, we have discussed the entrepreneurial process as under:
Characteristics of Entrepreneurship

Process: Entrepreneurship is a systematic, purposeful, creative and continuous process, which an entrepreneur undertakes to run the business smoothly.

Innovation: Innovation is the key feature of the entrepreneurship, which creates a difference in the market place. Indeed, it helps the enterprise to introduce the product quickly, as there is hardly any company which is selling the product in the market.

Development of network: Developing strong connections with the parties such as suppliers, distributors, banks, debtors, creditors and many more, which are directly or indirectly related with the business process, to have a good worth, in the market.

Profit potential: Profit is something, that keeps the organization going, in fact, it acts as a motivation for the entrepreneur, to do better than before. So, before taking any decision regarding the enterprise, priority is given to the profit potential, i.e. while taking any step further, the entrepreneur identifies whether it is profitable or not.

Forecasting of Market Trends and future possibilities: The entrepreneur has to keep a close watch on the market trends and future demands so that the enterprise could continuously work to improve the products or services offered, and grow further.

Risk Assumption: You might have heard the famous saying "no risk, no gain", which means that the profit of business depends on the risk factor. So, risks and rewards are inherent to the enterprise; in fact, there is hardly any business which survives without taking any risks.

Video: What is Entrepreneurship?

Key Differences Between Entrepreneur and Entrepreneurship

The difference between entrepreneur and entrepreneurship are discussed in the points given below:

1. An entrepreneur is a person, or a team of individuals, having a vision, which not just generates money, but can also ease the way in which things are done, by providing such products and services that has value to the customer, while taking all the risks, which comes in the way. Conversely, entrepreneurship is an art of turning an idea into reality, which is not only about arranging the resources to give shape to the idea but constantly making efforts in that direction, to earn profit in future and bearing all the risks or rewards.

2. An entrepreneur is just a person having a unique and practical idea in his/her mind. As against, entrepreneurship is the process of starting and running a business of providing creative products and services.

3. An entrepreneur is an innovator, as he/she conceives an innovative idea, which is not yet introduced by anyone else in the market. On the contrary, entrepreneurship is the way through which one can make innovations.

4. An entrepreneur establishes the business venture, in order to convert the idea, into a product or service, which can help many by easing the way work is performed previously. In contrast, entrepreneurship is all about undertaking the business and bearing all the risks that come in the way, to give a proper shape to the entrepreneur's vision.

Conclusion

With the above discussion, it might be clear that that entrepreneur is just a person with a billion dollar idea, who has the ability and willingness to give shape to that idea, by going through the entrepreneurship process. An entrepreneur is known for their decisions, which decides the destiny of the enterprise.

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Difference Between Entrepreneur and Entrepreneurship (with Comparison Chart) - Key Differences

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The primary difference between entrepreneur and entrepreneurship is that an entrepreneur is someone who locates the need of society and tries to meet the same, with his/her innovative idea. On the other hand, 'entrepreneurship' which refers to the process of establishing a business entity, intending to get profit, as a return in future.

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We are your allies so that your entrepreneurial dream becomes a reality, is sustainable, generates shared values, and we can achieve a prosperous Bogotá-Region with much more and better companies.

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Develop as a leader, connect with peers across the region, and be the change you're looking for.

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Young Leaders of the Americas Initiative

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By Jewelle Saunders "Everyone deserves to have equal opportunities, rights, and benefits," says Marí​a Suriano, 2018 YLAI Fellow. "It is time for everyone to fight for what is right and fair." María, who was born and raised in El Salvador, is the founder of Masshii. She dedicates herself to creating wearable art and ethical jewelry ... Read More "

By Jewelle Saunders Having an inclusive, equitable, and diverse workplace has many benefits. Some of the common best practices to keep in mind when building an inclusive workplace, according to Ideal, include fair treatment and equal access to opportunities; a focus on teamwork and collaboration; representation at all levels; diversity, equity and inclusion training, and ... Read More "

The YLAI Alumni Advisory Board is excited to invite you to an upcoming virtual event entitled "Challenging Gender Bias in Entrepreneurship."

The words "equality" and "equity" look similar, sound similar, and even point to the same concept of fairness. So it is understandable if, at first, you think they mean the same thing. Understanding the difference between equality and equity is a great way to start thinking about treatment of others in your community and in ... Read More "

Comprender la diferencia entre igualdad y equidad es una forma maravillosa de empezar a pensar sobre el trato que reciben otras personas en tu comunidad y en tu negocio.

By Jewelle Saunders "Everyone deserves to have equal opportunities, rights, and benefits," says Marí​a Suriano, 2018 YLAI Fellow. "It is time for everyone to fight for what is right and fair." María, who was born and raised in El Salvador, is the founder of Masshii. She dedicates herself to creating wearable art and ethical jewelry ... Read More "

By Jewelle Saunders Having an inclusive, equitable, and diverse workplace has many benefits. Some of the common best practices to keep in mind when building an inclusive workplace, according to Ideal, include fair treatment and equal access to opportunities; a focus on teamwork and collaboration; representation at all levels; diversity, equity and inclusion training, and ... Read More "

The YLAI Alumni Advisory Board is excited to invite you to an upcoming virtual event entitled "Challenging Gender Bias in Entrepreneurship."

The words "equality" and "equity" look similar, sound similar, and even point to the same concept of fairness. So it is understandable if, at first, you think they mean the same thing. Understanding the difference between equality and equity is a great way to start thinking about treatment of others in your community and in ... Read More "

Comprender la diferencia entre igualdad y equidad es una forma maravillosa de empezar a pensar sobre el trato que reciben otras personas en tu comunidad y en tu negocio.

By Jewelle Saunders Having an inclusive, equitable, and diverse workplace has many benefits. Some of the common best practices to keep in mind when building an inclusive workplace, according to Ideal, include fair treatment and equal access to opportunities; a focus on teamwork and collaboration; representation at all levels; diversity, equity and inclusion training, and ... Read More "

The YLAI Alumni Advisory Board is excited to invite you to an upcoming virtual event entitled "Challenging Gender Bias in Entrepreneurship."

The words "equality" and "equity" look similar, sound similar, and even point to the same concept of fairness. So it is understandable if, at first, you think they mean the same thing. Understanding the difference between equality and equity is a great way to start thinking about treatment of others in your community and in ... Read More "

Comprender la diferencia entre igualdad y equidad es una forma maravillosa de empezar a pensar sobre el trato que reciben otras personas en tu comunidad y en tu negocio.

The YLAI Alumni Advisory Board is excited to invite you to an upcoming virtual event entitled "Challenging Gender Bias in Entrepreneurship."

The words "equality" and "equity" look similar, sound similar, and even point to the same concept of fairness. So it is understandable if, at first, you think they mean the same thing. Understanding the difference between equality and equity is a great way to start thinking about treatment of others in your community and in ... Read More "

Comprender la diferencia entre igualdad y equidad es una forma maravillosa de empezar a pensar sobre el trato que reciben otras personas en tu comunidad y en tu negocio.

The best way you can help end exclusion and isolation for marginalized groups is to work on being a strong ally. Here's where to start.

The words "equality" and "equity" look similar, sound similar, and even point to the same concept of fairness. So it is understandable if, at first, you think they mean the same thing. Understanding the difference between equality and equity is a great way to start thinking about treatment of others in your community and in ... Read More "

Comprender la diferencia entre igualdad y equidad es una forma maravillosa de empezar a pensar sobre el trato que reciben otras personas en tu comunidad y en tu negocio.

The best way you can help end exclusion and isolation for marginalized groups is to work on being a strong ally. Here's where to start.

Comprender la diferencia entre igualdad y equidad es una forma maravillosa de empezar a pensar sobre el trato que reciben otras personas en tu comunidad y en tu negocio.

The best way you can help end exclusion and isolation for marginalized groups is to work on being a strong ally. Here's where to start.

The best way you can help end exclusion and isolation for marginalized groups is to work on being a strong ally. Here's where to start.

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Young Leaders of the Americas Initiative | YLAI

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By Jewelle Saunders "Everyone deserves to have equal opportunities, rights, and benefits," says Marí​a Suriano, 2018 YLAI Fellow. "It is time for everyone to fight for what is right and fair." María, who was born and raised in El Salvador, is the founder of Masshii.

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What to avoid and what to do in order to create a successful pitch.

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What to avoid and what to do in order to create a successful pitch.

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KFC stands for 'Kentucky Fried Chicken' and was started by a budding entrepreneur by the name Harland Sanders. It is currently a subsidiary of Yum! Brands. While the first franchise was started way back in 1952 in Utah. Today KFC boasts of nearly 18,000 outlets in 120 countries. In 2011 it had a revenue in excess of $10 billion.

Founder

The success of KFC is the story of one man's dream of cooking that has catapulted into making his company one of the biggest franchises in the whole world. This story starts with Harland Sanders who was born in the small town of Henryville, Indiana in the year 1890. He left his home at the age of 12 to find some job to support his poverty stricken family after his father passed away and he was in charge of the family.

The only skill he possessed was the cooking his mother had taught him from the age of seven. He tried his hand at many odd jobs but couldn't stay at any place for long.

Finally in the 1930 he settled into a permanent job at the Shell filling Station just outside a small city called North Corbin. In the meantime he use to cook dishes his mother had taught him and serve them in his storehouse which he had converted into a small eatery. Soon his steak and country ham recipes were a big hit with the travellers who would regularly stop by to eat at his place.

KFC History and Background

Next Sanders bought a larger place nearby to accommodate the ever increasing customers. He increased the number of dishes and included the legendary fried chicken recipe for the first time in 1936. By the year 1937 he again expanded the hotel which now accommodated up to 150 people at the same time. He was happy that he had become successful at his new business but was always looking for improving his production process and expand his customer base.

Soon he experimented on his fried chicken recipe and was able to perfect it with the Original Recipe of 11 herbs in 1940. Soon he sold his restaurant and went on to sell his secret Fried Chicken recipe across America.He went to many restaurateurs before his recipe was accepted. His recipe was first franchised to Pete Harman in South Salt Lake, Utah in 1952. To market the recipe the restaurant came up with the name 'Kentucky Fried Chicken'. And thus, the legendary brand of KFC was founded.

Early years ( 1952 onwards)

From the first year itself results began to show and sales were exceeding expectations. Soon more restaurants were waiting to sell this new recipe of Fried Chicken in their restaurants. By 1960 nearly 200 restaurants were selling the recipe and by 1963 it had reached 600. In 1964, Sanders sold the recipe and the contract to a group of investors for $2 million. Soon they implemented stand alone stores which specialised in the take home model. By the year 1967, KFC had gone on to become the sixth largest restaurant chain by sales volume in the U.S.

KFC started off by starting stores in Canada and soon spread itself into more than 40 countries with 3000 outlets by the year 1970. KFC changed many hands before it came under the ownership of 'Yum! Brands' in 1997. Soon it added many more recipes into their menu like desserts, sandwiches and drinks that would complement its bestselling Fried Chicken recipe. In 1991, their sales had doubled and reached an estimated $6.2 billion with a total of 8,500 outlets around the world.

Today KFC is the second largest restaurant chain in the World. It has faced many ups and downs but has remained a crowd favourite ever since its launch. The success of KFC is the result of endless trials and experiments that have worked in their favour.

CEO

After completing his graduation at the Indian Institute of Technology in Kanpur, in India, Muktesh Pant worked in the marketing department of Hindustan Lever.

Subsequently, Pant worked for PepsiCo and then Reebok, where he helped found Reebok India - Pant was employee number 1 for them.

He joined Yum! brands as their COO after his time at Reebok. And as of 2016, he is the CEO of KFC.

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KFC Story - Profile, CEO, Founder, History, Founded | Famous Companies | Success Story

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KFC stands for 'Kentucky Fried Chicken' and was started by a budding entrepreneur by the name Harland Sanders. It is currently a subsidiary of Yum! Brands. While the first franchise was started way back in 1952 in Utah. Today KFC boasts of nearly 18,000 outlets in 120 countries.

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5 tips for reducing stress as an Entrepreneur

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GT Marketing And Consulting

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Reduce stress as an Entrepreneur | Stress, Stress free, Strong relationship

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Sep 17, 2020 - 5 tips for reducing stress as an Entrepreneur.

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Meet the teenage entrepreneurs making millions - BBC News

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In our dictionary of entrepreneurial terms, you'll find a list of entrepreneur-related words, phrases, acronyms, and other vocabulary defined in a plain-English manner.

Whether your a wantrepreneur or an established startup founder, this entrepreneurship glossary has all the jargon and industry-speak words you oughta know.

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Here are 25+ entrepreneur dictionary terms you should know:
Accelerator - An accelerator is a program to help newer startup businesses improve their growth. Accelerators are different from incubators in that they usually only work with startups which already have a business plan and basic strategy in place.

Acquisition - An acquisition is when one company takes ownership of another, usually smaller, company.

Angel - An angel is a type of investor, often a wealthy individual, who provides capital and financial support to a fledgling startup in return for an ownership percentage.

Business Model - A business model is a description of how an existing business or business idea plans to achieve success, make a profit, and create value. Michael Lewis in his book, The New, New Thing, puts it succinctly as "how you planned to make money."

Business Model Canvas - A business model canvas (BMC) is a template meant to concisely identify the main points of a business model in one simple diagram. There are usually 9 key components of a business model canvas, which are:

Key Partners

Key Activities

Primary Resources

Customer Segments

Client Relationships

Value Propositions

Cost Structure

Channels

Revenue Streams

Crowdfunding - Crowdfunding is the practice of raising money online through many small donations from regular people, rather than one larger amount from an investor. The popular website Kickstarter is a crowdfunding platform.

Earlyvangelist - An earlyvangelist is a portmanteau neologism, short for "early evangelist," meaning an early adopter of a product or service.

Elevator Pitch - An elevator pitch is a short, to-the-point message from one person to another to propose an idea, often business-related. A startup founder might deliver an elevator pitch to a potential investor seeking funding, for example. Read more on our guide on how to make an elevator pitch.

Entrepreneurship - Entrepreneurship is the process of business creation, from ideation and design through to execution and managing it. A person who starts their own business is called an entrepreneur, and they can be described as entrepreneurial.

Fintech - Fintech is a portmanteau word meaning "financial technology," referring to businesses and startups in the financial sector who use modern technology to facilitate their business. Think Robinhood, Revolut, or Betterment.

Fledgling - Fledgling refers to a company or startup that is young, lacking experience, and still struggling with their business ideas, business model, market, and products or services.

Incubator - An incubator is a program to assist the newest startup businesses take ideas and create viable business models, strategies, and profit plans for them. Incubators differ from accelerators in that many people often seek incubators simply with little more than just a powerful idea.

Innovation - Innovation means new, creative, unique ideas and a way to turn those ideas into actionable solutions.

Related Read: Everything You Need to Know About Internships

Launch - Launch is the event where a product or service is released to the public market.

Merger - A merger is when two companies join together to become one company. Usually, a merger happens when both companies dissolve and form a brand new entity, although they could also just rename one company to include both.

Minimum Viable Product - A minimum viable product (MVP) is a version of a product or service with just enough features and value to be released to the public.

Pivot - A pivot is a recalibration or shift in business focus or the business model based on innovation, customer feedback, or to seek better return on investment.

Proof of Concept - A proof of concept (POC) is an understanding about whether or not the an idea, product, or service is feasible and has potential.

Scale - To scale means to grow a company while maintaining or improving upon its performance, effectiveness, or efficiency as it grows.

Startup - According to Steve Blank, entrepreneur and developer of the customer development method, "a startup is a temporary organization in search of a scalable, repeatable, profitable business model." According to Quantic, this means that "startups are adaptable organizations whose primary goal is to find a business model, not execute one."

Unicorn - A unicorn is a startup company, usually privately-held, which reaches a valuation of over $1 billion.

Unique Selling Point - A unique selling point, or USP, is a thing that stands out about your product or service over that of another company.

USP - See "Unique Selling Point."

Value Proposition - A value proposition is a statement or promise of value of a given product or service, including features and benefits.

Venture Capital - Venture capital, or VC, is a type of financing where the startup offers up a partial ownership stake in the company for money. In some cases, the company may also relinquish control to executives the VC chooses, though often only for a limited period of time.

Video Pitch - See "Virtual Elevator Pitch."

Virtual Elevator Pitch - A virtual elevator pitch is a 30- to 60-second video alternative to the traditional elevator pitch, used to pitch ideas, whether to business investors or a community like Goodwall to find climate change solutions. Read our guide on why to use one and how to make your own virtual elevator pitch.

Wantrepreneur - A wantrepreneur is someone aspiring to become an entrepreneur, perhaps with ideas or a general goal but without having started yet. A portmanteau of "want" and "entrepreneur," some might negatively use it to mean a "wannabe entrepreneur."

Workshop - A workshop is an event where multiple people gather to receive training and education on a particular topic. A workshop can be anywhere from a few hours to weeks in length. Often, one or more instructors lead a workshopping event to guide the participants.

Well, there you have it, all the important vocabulary entrepreneurs need to know to survive and thrive.

Got any entrepreneurship terms we missed? Let us know in the comments below, and we'll add it to our glossary of entrepreneur words. Thanks for reading!

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Entrepreneur Glossary: 25+ Entrepreneurship Vocabulary Terms Defined

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In our dictionary of entrepreneurial terms, you'll find a list of entrepreneur-related words, phrases, acronyms, and other vocabulary defined in a plain-English manner. Whether your a wantrepreneur or an established startup founder, this entrepreneurship glossary has all the jargon and industry-speak words you oughta know. Are You an Aspiring Entrepreneur?

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Fair= feria o justo
Entrepreneurs' Hub= eje o centro del emprendimiento
Elevator Pitch: charla promocional
publicidad: publicity
cliente:client or customer
modelo de negocios
contabilidad
administración