Article by Director of Leadership and Executive Coach, Stan Peake. Originally published in Entrepreneur Magazine on Aug 17, 2017
Navigating the business world often presents a pivotal question: Are you a business owner or an entrepreneur? While “business owner” serves as a job title, “entrepreneur” embodies a mindset. This distinction, subtle yet significant, is a cornerstone of leadership and executive coaching at FSQ Consulting.
Defining the two roles, Merriam-Webster views ownership through possession and entrepreneurship through the spectrum of managing and running a business. Through my journey of co-owning four enterprises and coaching numerous leaders at FSQ Consulting, this difference has become even more pronounced.
Business owners often plunge into ventures seeking opportunity, progression, or independence, focusing on daily operations and immediate challenges. Contrastingly, entrepreneurs perceive gaps in the industry, aiming to instigate change, innovate, and leave a lasting legacy.
The divergence in approach is evident in daily operations. Business owners tend to be reactive, handling immediate challenges and envisioning a smoother operational world. Entrepreneurs, however, like the founders of Airbnb, identify and address industry gaps and needs, questioning the status quo and innovating for a better future.
This dichotomy extends to structural decisions and business models. Business owners may inadvertently create a full-time job for themselves, trading time for operational revenue. Entrepreneurs, with a long-term vision, often build a business with residual income streams, creating solutions that can run independently of them.
The fundamental question remains: Are you cultivating a job or creating impactful solutions? At FSQ Consulting, we guide individuals in exploring this question, fostering entrepreneurial mindsets, and developing leadership skills for lasting success and meaningful impact.