Do you what’s the difference between an entrepreneur
and a business owner? –

Now, that’s a good question. Is there a difference between an entrepreneur, and a business owner?

Hell, yes, there’s a big difference.Most people confuse the two.

Here’s the difference. An entrepreneur, by my definition, is someone who orchestrates other people’s money, time, talent and resources to make his or her vision real.

A business owner is
just someone who manages and runs a business. So you look at most business owners, you look at all these stores,
they could be a shopkeeper. They’re running a business, if you talk to a typical
business owner today,

five years later, you talk to them again, chances are they pretty
much do the same thing. They’re still running the business, they kind of do the same thing, make the same kind of money,
haven’t grown that much, maybe if they’re good, the sales have increased
just by little incrementally. When you talk to an entrepreneur today, five years later, you talk to them again, completely different thing. Maybe they have expanded, maybe now they have built a
business within a business. Maybe now they have
invested in other companies. Maybe they have acquired some companies. Maybe they’re in one industry, now they’re leveraging
to another industry. So you see an entrepreneur, a true entrepreneur, is
opportunity-oriented. They pursue different opportunities. Usually, they are not linear. Usually they get involved
with different businesses in different sectors, and they have the ability to
make one business successful in one category, and they
would apply the same mindset, the same skill set, the
same team, the same system, to make other businesses work. That’s the difference. Not that because they have
shiny-object syndrome, but because they have the ability to go into different industries because they know the infrastructure, they understand the system of
what makes a business work, they already have those skill sets. I’m going to give you an insight that no one else could give
to you except me Dan Lok. When you think of business, I want you to think of it
this way, input and output, input and output. A business owner, you
give them certain input meaning certain time,
resources, money, talent, the output is very very small. If someone is running a business, a shop, something like that, it could be they are self employed, right? They’re using their manual
labor to make money, let’s say a plumber, right? Or a landscaper, they are doing that work. Input, output, not much. Input one, output one or 1.2, 1.3. Not a whole lot. This is why those
businesses as an investor, we don’t invest in those businesses, because the input and
output ratio is not good. You look at those businesses,
why they can’t raise money, why we don’t invest in those businesses, because the damn thing can’t grow. It’s all depending and
counting on that one person, that one business owner, that’s not good. There’s no team, even if they have a team, it’s a very small team. As a true entrepreneur, what
they’re very good at is, they know how to maximize that output. They can take an input of one, and they can multiply it by two, three, four, five, 10, 20. That unit of one they could maximize it. And this is why investors love
to invest in those companies. You look at Warren Buffett,
you look at Elon Musk, you look at Jeff Bezos, why people in the public market, why they are willing to buy their shares? Because they know how
to multiply that output with their skills. For every dollar that they utilize, for every single piece of
resources that they have, they can use it better
than almost everybody else, over a long period of time. They have good judgment skills. They make the correct decisions, doesn’t mean they don’t make mistakes, but overall, long term, they make better decisions than most. That’s the difference. Business owner doesn’t have the ability. An entrepreneur could raise money, an entrepreneur could attract investor, an entrepreneur can scale and put together the team, the resources to keep multiplying that. And people line-up to invest with them, because they know how
to maximize the dollar, beyond the dollar, but really, we’re talking about the output. If you truly want to be more
valuable as an entrepreneur, as a founder, you must know
how to take the input of one and then maximize it to create
more value in the marketplace to maximize your output
and you don’t learn that from business school, by the way, you learn that from experience, you learn that from a mentor, you learn that from School of
Hard Knocks, from experience, and that’s what you want to do.

As found on Youtube