Yesterday, while showing Victoria Dickerson from Startup Junkie around our space at Small Bay Solutions, we delved into the topic of entrepreneurs versus business owners and how each term draws a certain type of audience and connotation. This conversation sparked some deeper thoughts that I wanted to share with you today.
Why "Business Owner" Feels Safer Than "Entrepreneur"
For many small business owners, the word “entrepreneur” conjures images of high-risk ventures, wild innovation, and uncertainty. Saying you're an "entrepreneur" can feel like you're admitting to taking chances or doing something untested and risky. In contrast, calling yourself a "business owner" implies stability, a proven model, and a sense of security—qualities that are appealing when trying to establish trust with clients, investors, and even yourself.
The Psychological and Generational Impact
The distinction between these terms isn’t just semantic; it impacts how business owners see themselves and their companies. A "business owner" might focus on maintaining steady growth, managing day-to-day operations, and ensuring long-term sustainability. On the other hand, "entrepreneur" suggests someone who is always seeking new opportunities, pushing boundaries, and not afraid of the potential for failure.
Interestingly, this distinction might also be generational. Younger generations may find the term "entrepreneur" more exciting and engaging, associating it with innovation and forward-thinking. They might prefer to partner with or invest in someone who embraces this title, viewing it as a sign of creativity and dynamism. On the flip side, "business owner" may resonate more with those who value stability and established practices.
The Problem With This Dichotomy
The problem with this mindset is that it can limit the potential of small businesses. By shying away from the entrepreneurial spirit, business owners might miss opportunities for innovation and growth. Conversely, those who fully embrace the "entrepreneur" label might take on too much risk, destabilizing their business.
Can You Be Both?
You don’t have to choose between being an entrepreneur and a business owner. In fact, the most successful businesses strike a balance between the innovative drive of an entrepreneur and the stability of a business owner. This blend allows you to explore new opportunities while maintaining a solid foundation, leading to sustainable growth. By embracing both identities, you position your business not just to survive but to excel, combining the best of both worlds—innovation with a strong, reliable foundation.
How Do You Identify Your Business Now?
Here’s to all the business owners and entrepreneurs out there! Maybe we should start calling ourselves “entrepreneurs of business” or something equally as grand. After all, balancing innovation with stability is no small feat—it’s the sweet spot where success truly thrives. Keep embracing both sides, and who knows what incredible things your business will achieve!
Next time you call someone an entrepreneur or a business owner—or identify yourself as one—consider what that label signifies to different audiences. Neither is right or better; it’s just a matter of perspective.