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The Difference Between An Industrialist, Businessman And An Entrepreneur

The Difference Between An Industrialist, Businessman And An Entrepreneur

It can be tricky to identify the differences especially when people seem to use the words interchangeably. However, there are major differences between these roles. An Industrialist is the one owning or engaged in the management of an industry. Originally, it meant someone who manufactured goods that were not from agriculture, craft(i.e. skill), or commerce. The modern term is a business magnate.

Businessman or business person is one who works in commerce. Commerce is the exchange of goods or service often on a large scale. An entrepreneur is one who sets up a business or businesses, taking on financial risks in the hope of profit.

An overlap in meaning is sometimes observed, for example, an entrepreneur may be a businessman, an industrialist may be a businessman and an industrialist is a very influential entrepreneur. However, each is different and they are not mutually exclusive but they can overlap.

A businessman is a construct meaning it is comprised of many different interpretations that can only be understood when examined and compared. A businessman is a man who works in business so this could be a manager or it could be a CEO/entrepreneur. Or, an aspiring entrepreneur might earn extra income working in a business setting and call himself a businessman, but then he is not an industrialist.

Differences Between The Terms

The differences are found with the individual and the context because these roles are often intertwined, involving one another and often overlapping depending on the stage of an individual’s journey and their motives.

Vision

  • Businessmen want to earn profits.
  • Entrepreneurs want to invent something unique that is a game-changer.
  • Business magnates and industrialists want to create a large and influential industry, often through goods/services in a particular field.

Risks

  • Businessmen usually take on existing ideas and make calculated risks.
  • Entrepreneurs are involved in innovation – either a new good/service or a new way of making existing good/services – they gamble.
  • Business magnates are usually somewhere between businessmen and entrepreneurs.

Purpose

  • Businessmen exist to make money.
  • Entrepreneurs exist to change the world.
  • Business magnates/ Industrialists exist to influence and shape markets for a long time.

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