The $500 Millionaire wanted me to discuss one thing that he has seen many bloggers try to answer the question: What is an entrepreneur? Many people think an entrepreneur is someone who owns their own business but is that all it takes to be a true entrepreneur? Does having a business license make you a true entrepreneur? Well according to Webster’s that is pretty much all you need but according to the $500 Millionaire, you need a little more. Webster’s says the deffinition of an entrepreneur is one who organizes, operates, and assumes the risk in a business venture in expectation of gaining the profit.
With all due respect to Webster’s, the $500 Millionaire strongly disagrees. He has met many people who assume the risk in a business venture expecting to gain the profits but the $500 Millionaire feels there is a bit more to it. According to the $500 Millionaire, there are two different types of business owners. There is the Entrepreneur and the Want-trepreneur. Both own the business but only one has true freedom. In the book E-Myth, Michael E. Gerber does a great job explaining the difference between of a true entrepreneur who owns their own business and someone whose business owns them. There are a ton of these Want-trepreneur who call them self an entrepreneur just because they legally own their business. The question we ask Want- trepreneurs is; Do you own the business or does the business own you?
A Want-trepreneur wakes up and goes to a job in which he has all the risk of he business on his shoulder with very little reward where a true Entrepreneur wakes up and goes to work, still carrying all the risk but gains a lifetime of rewards.
A Want-trepreneur will make up excuses as to why their business is not thriving where a true Entrepreneur will solve the problem and fix it.
A Want-trepreneur will blame a lack of funding or capitol as to why a concept isn’t working where a true Entrepreneur will find the funding no matter what.
A Want-trepreneur thinks his employees works for him where a true entrepreneur realizes his main jobis to work for his employees.
A Want-treprenure HAS to do everything and anything to keep the business going where a true Entreprenure is willing to do everything and anything to keep the business going.
A Want-Treprenure leads by title/position where a true Entrepreneur Leads by Example.
A Want-treprenure doesn’t want to learn anything where a true Entreprenure wants to learn everything.
A Want-treprenure is the smartest and best in the company where a true Entrepreneur surrounds himself with the smartest and best in the industry.
A Want-trepreneur has to be diligently working on ever aspects of their business where a true entrepreneur diligently works to help others grow in their roll in the business.
A Want-treprenure avoids challenges where a true Entrepreneur embraces challenges.
A Want-trepreneur works Monday-Friday where a true Entrepreneur works whenever it is necessary
A Want-trepreneur works hard where a true Entrepreneur works smart.
A Want-trepreneur is surprised by his success where a true Entrepreneur is ready for it.
A Want-trepreneur manages others where a true Entrepreneur leads others.
A Want-trepreneur assumes they are the boss of the team where a true Entrepreneur assumes they are a member of the team.
A Want-trepreneur lives Pay Check to Pay Check where a true Entrepreneur lives Moment to Moment
As you can see there are a ton of differences between a Want-trepreneur and an Entrepreneur. The true success of a business is around two things…The Product/Service you are providing and the members on your team. If you do not have a good and solid grasp on those two concepts, any amount of money and marketing will just make a bad company crash faster. According to the $500 Millionaire, anyone can be a Want-trepreneur and that’s quite simple and you might have to change your work style. However, to become a true Entrepreneur you might need to change your lifestyle. Work is not a job for an entrepreneur, work is their life, their hobby, and their reason for living. Most people Work to survive where a true entrepreneur survives to work
With all of this being said, a Want-trepreneur and an entrepreneur tend to work just as long as each other but a true entrepreneur tends gain greater results for themselves and the people surrounding them. Take a look at yourself and which lifestyle would you rather have? Which lifestyle are you living now? What are you willing to do to change that?
You will hear the $500 Millionaire talk about Want-trepreneur through out some of these blogs so if you do not fully understand the difference, go out and try to search for both of these people. The $500 Millionaire’s definition of a Want-trepreneur is someone who talks, acts, and appears as an entreprenure but is not living life as an entrepreneur. Basically a Want-treprenure and an entrepreneur may look very similar on the surface but in reality have two totally different mindsets. A true Entrepreneur does not have the ability to separate himself from his work. This does not mean an entreprenure can not have a good work/life ballance but as said before, they survivce to work.
A True Entrepreneurs has a certain lifestyle and a Want-trepreneur basically just has a very expensive and stressful job. You will see that most of the Want-trepreneurs are more stressed, dreading work, and constantly complaining about business. You will see most true Entrepreneurs, are eager and excited for the next day and challenges to come.
The list of Entrepreneur VS Want-trepreneur can go on for days. Please put down your favorite differences between a Want-trepreneur and an Entrepreneur. Can You Think of Any??