Difference between Entrepreneur and Wantrepreneur
After reading many articles by wannabe-reporters, taking too much liberty in explaining the difference between entrepreneur and wantrepreneur. I decided to write the definition of wantrepreneur. Now i am also writing this article to clarify once and for all the difference between entrepreneur and wantrepreneur.
Content creation should be based on facts. Content is not what you feel or what you think, unless mentioned clearly… Not every article or content you find on the internet is worth the time you spend reading it.
1- Understanding Entrepreneurship
Entrepreneurship requires a specific mindset; it is a mindset of taking risks. This risk taking requirement means that most often, an entrepreneur should be ready to invest his own money in his business, before being able to make any money. (With some exceptions, like tech startups).
This also implies that a starting capital is often needed. A starting capital requirement would vary from one country to another, from one city to another, from one industry to another, and from one project to another.
Entrepreneurs are those who take the risk on their projects.
– Launching the project, then persevering.
– Investing the necessary capital needed to launch and operate the project. (Including renting a space for the business or hiring employees if need be.) Entrepreneurs also sometimes bootstrap, keeping costs to a minimum but still focusing on providing the product or service they set out to provide.
An entrepreneur can be a noob entrepreneur just launching his first business. Or a seasoned entrepreneur with a lot of previous experience.
An entrepreneur can be an internet entrepreneur focusing on internet ventures. Or a brick and mortar entrepreneur focusing on real life ventures.
There are many ways an individual can be an entrepreneur. There are many reasons that can motivate an entrepreneur.
One thing that characterizes all these different entrepreneurs, is that they take action. An entrepreneur is a doer, who takes action, or at least a first step towards achieving the idea (aka starting a company).
2- Wanting to be an Entrepreneur, aka Wantrepreneur.
Let’s first check the definition of wantrepreneur. A wantrepreneur, is someone who aspires to be an entrepreneur, especially one who never realizes this ambition.
This can be the result of different factors, some within the person’s control and some aren’t.
Factors that aren’t within the wantrepreneur control:
– Lack of enough capital to execute the idea, and the absence of the possibility to resolve this issue.
– No time, due to the need of working multiple jobs to pay the bills.
– Lack of advanced technical skills, to start the idea (this concerns mostly tech projects).
Factors that are within the wantrepreneur control:
– Lack of self-confidence.
– Fear of taking the risk. Putting own money or losing paycheck.
– Hesitation and too much calculations.
– Trying to launch perfectly, and never achieving it.
Comparison table between entrepreneur and wantrepreneur:
|Launched at least 1 business||Never launched any business|
|Risk taker||Risk averse|
|Chases the opportunity||Chases the perfect moment|
|Registered a company legally||Never registered a company|
|Takes a leap of faith||Needs to see to believe|
|Understand the value of now||Undervalues time|
I think the best way to end this article is by sharing some great quotes on this subject:
The secret of getting ahead is getting started –Mark Twain
Dreams are a dime a dozen. It’s their execution that counts – Theodore Roosevelt
All our dreams can come true, if we have the courage to pursue them. – Walt Disney
The true entrepreneur is a doer, not a dreamer – Nolan Bushnell
The best way to succeed in business, is to be in business.