When people talk about the words “innovators” and “entrepreneurs”, they take up the words synonymously. The challenge in each activity is different and most people confuse between those two.
But why all innovators are not entrepreneurs?
Both innovators and entrepreneurs are “risk” takers. They think apart from the crowd. They make things happen and drive the world ahead towards progress. But what differentiates the entrepreneurs from innovators is the ability of the entrepreneurs to successfully design a “business” plan from the product idea.
Have you ever come across a splendid idea that that change the world? If yes, you may be an innovator. But can you successfully bring up the idea into the market and make it profitable?
Every business has a common goal, that is to make a profit to survive in the market and bring up more changes into the world. The successful entrepreneur has the ability to turn that idea into a profitable venture. A successful entrepreneur has the ability to understand the people’s mind and travel into it and change it.
Take the iPhone scenario. It is one of the most innovative products of the 21st century. But yet still during its release, it had too many weak points in it. First, it was way too costly than its counterparts. It didn’t have many features including the ability to record a video from its camera or a selfie camera to make a 3G video call.
Yet still, iPhone sold on millions in the market. All thanks to the brilliant marketing of the icon Steven Paul Jobs, Apple’s Co-Founder and CEO.
Steve Jobs had the ability to understand what people needed and deliver the product people expected.
Consider Uber for example. An application that gave the people the ability to book a taxi from their smartphones, Anytime, Anywhere. But how do you convert the idea into a profitable venture?
This is what separates Innovators and Entrepreneurs.