Are you a Business Owner, Small Business Owner or Entrepreneur?
The terms are often used interchangeably. While the difference between business owner and small business owner could be based on something tangible, such as the number of employees, the term entrepreneur often reflects a distinctly different state of mind.
In a recent Forbes article, Gene Marks compares his “business owner” mentality to that of his “entrepreneurial” father. Marks highlights differences between the two mindsets at follows:
Entrepreneur Business Owner
Risk taker Risk adverse (relatively speaking)
Thrives on the chaos Prefers order and predictability
The company is an asset The company is part of the owner’s identity
In December we asked our Survey Panel which term they most frequently use to identify themselves. More than 75% of panelists identify as either a business owner or small business owner, while only 11% think of themselves as entrepreneurs.
Once each quarter we ask our panelists to share their expectations of both their business, as well as of the business community at large. Overall expectations were up markedly from September with two notable exceptions:
- Slight increase in expectations for layoffs
- More panelists expect a decrease in sales
All other indicators improved from the previous quarter.